The Maldives Industrial Fisheries Company Limited (MIFCO) has revealed that the outstanding payments owed to fishermen will be settled by next week.
In a recent statement, MIFCO said that discussions had taken place between the Ministry of Fisheries and Ocean Resources, the Ministry of Finance, and the company regarding the pending payments. A temporary solution has been reached, with the government continuing to support MIFCO in ensuring that the full outstanding amount is paid by next week. Currently, MIFCO said that fishermen are owed USD 1.1 million.
MIFCO has already disbursed a significant amount to the fishermen, with the assistance of the government. The company is committed to ensuring regular payments for the fish being supplied. MIFCO has been purchasing fish from fishermen based on a weekly price determined by international frozen skipjack tuna prices since July last year, alongside the costs of purchasing and exporting the fish. The company also said it will continue to strengthen its operations, explore ways to boost revenue, and implement cost-reduction measures.