Minister of Fisheries and Ocean Resources Ahmed Shiyam has stated that fishermen will receive their outstanding USD6.5 million before February 26. He disclosed this while answering questions at the Parliament.
Speaking at the Parliament, Minister Shiyam revealed that Maldives Industrial Fisheries Company Limited (MIFCO) had exported 18,907 tonnes of fish, generating USD26 million since November 17 last year. Of this, USD28 million has already been distributed among fishermen. Emphasising the government's commitment, he pledged to settle the remaining balance, aiming for the aforementioned deadline.
Additionally, Minister Shiyam underscored the imperative of enhancing the profitability of MIFCO, highlighting the necessity for upgrading its facilities. Despite current losses incurred in fish procurement, he stressed the ongoing efforts to incentivise fishing activities and ensure regular disbursements to fishermen.
The previous government increased the purchase price of fish from USD1.1 to USD1.6 per kg. Consequently, USD16 million remains unpaid to fishermen. Following a review and deliberations within the Economic Council, the decision was made to revise the fish purchase price to USD1.3 per kg, aiming to streamline operations and address financial discrepancies within MIFCO.