The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed over USD65 million for 44,415 tonnes of fish purchased from fishermen since the government took over last November.
MIFCO has implemented a new pricing structure to expedite payments. The company has been purchasing fish at a weekly rate influenced by the international price of frozen skipjack tuna and the costs associated with purchasing and exporting the fish since July 1.
The latest data from MIFCO indicates that USD 4 million was disbursed to fishermen on July 1, and another USD 129,000 was paid on July 14, totalling USD 4.3 million for the month.
Currently, MIFCO has an outstanding balance of USD 20,730 to be paid to fishermen. Fish catch numbers have also notably decreased, with the latest USD 129,000 payment covering just 125 tonnes, marking the lowest catch of the year.
The fishermen attribute the decline in catches to climate change. Since the start of the year, weather patterns have shifted, with June and July experiencing unusually dry conditions. The rise in shark populations has further impacted fishing. Despite these challenges, fishermen are hopeful for an improvement in early August due to an anticipated increase in fish abundance. Most expect to catch around 60% of last year's totals. Experts also note that fishing yields typically decline every seven to eight years.