The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed more than USD6 million to fishermen since the raise in fish purchase price.
MIFCO has increased the purchase price to USD1.6 per kg on September 16, up from the previous rate of USD1.1 per kg. The change in prices comes as the fishing season has seen a significant decline compared to past years and the company aims to encourage fishermen.
According to the latest statistics released by MIFCO, 9,401MT of fish have been processed under the new pricing structure. As such, USD6 million has been disbursed to fishermen. Statistics also showed that a total of 54,502 tonnes of fish were processed so far this year, with a total disbursement of USD49 million to fishermen since raising the price of fish.
MIFCO has been solving the various challenges in processing fish by upgrading factories and procuring more vessels. As such, the Felivaru Fisheries Complex upgrade project includes the development of a 4000MT cold storage facility, a 200MT brine freezing facility, an 80MT refrigerated seawater facility, as well as a 100MT fish processing factory. The government has also decided to develop a 50MT ice plant and a 100MNT cold storage in Gemanafushi, Gaafu Alifu Atoll, increasing the cold storage capacity of MIFCO by 48% and freezing capacity by 37%.
MIFCO has stated that the fisheries sector has improved with the increase in the number of fish processing vessels. MIFCO has acquired two vessels for fish processing, with three more vessels in the process of being brought to the country.