The Maldives Industrial Fisheries Company Limited (MIFCO) has revealed that it is processing 1,390T of fish in a week and has disbursed USD1.4 million to fishermen during that period.
Chief Executive Officer (CEO) of MIFCO Ismail Fauzy said the fisheries sector in the Maldives has started to improve again after a decline in the past two days. He said some fishing boats are now catching 50T of fish. However, he noted that there are difficulties in processing the fish.
A total of 1,390T of fish was processed from March 5-11 and USD1.4 million were disbursed to fishermen, according to MIFCO. The state-owned company said that an average of 300-350T of fish is processed daily.
MIFCO noted that the number of fish caught by fishermen is increasing year by year. Therefore, MIFCO is working to solve the problems faced by the fishermen despite the challenges. As such, MIFCO is upgrading its fish processing factories and procuring more vessels to purchase fish.
MIFCO disbursed over USD65 million in 2022. It was the highest amount disbursed to fishermen in the company's 12-year history.