Ministry of Fisheries and Ocean Resources has stated it has issued a total of USD64.7 million to the fishermen so far. The government has been exerting several efforts to resolve the challenges faced by fishermen sustainably.
Although the previous administration owed fishermen a significant outstanding amount of funds to the fishermen, the government has now completed the provision of all the funds to the fishermen. The government has now decided to commit to submit payments within 48 hours of fish processing. The ministry disclosed USD 64.7 million has been paid to the fishermen, adding that this was the portion allocated to be paid by June 27.
Meanwhile, the Maldives Industrial Fisheries Company has been exerting several efforts and implementing measures to address the issue of delaying payments. As such, MIFCO has decided to purchase fish from fishermen at a weekly price based on the price of fish in the global markets and the cost of exporting the fish. The company stated it will be announcing the prices of the fish weekly. Additionally, efforts are underway by the company to strengthen the company's management, boost the revenue and reduce the expenditures.
Furthermore, MIFCO stated as the cost of buying, processing and selling fish are significantly higher than the income received after selling fish in the international market, additional funds required by the company are covered by loan schemes and the government's assistance.