Maldives Industrial Fisheries Company Limited (MIFCO) has paid fishermen USD 3.22 million in July this year, a 339 percent increase compared to USD 732,815 in June.
The number of fishing vessels supplying MIFCO increased significantly, up from 517 vessels in June to 822 vessels in July. This is an increase of 59 percent.
Fish purchases by MIFCO also rose sharply, with 2,474 tonnes purchased in July. This is a 335.5 percent increase from 568 tonnes in June.
July purchase details:
- Skipjack tuna: 539 vessels, 2,400 tonnes, valued at USD 3.1 million
- Yellowfin tuna (over 10 kg): 98 vessels, 11.7 tonnes, valued at USD 15,180.
- Yellowfin tuna (over 15 kg): 185 vessels, 62.7 tonnes, valued at USD 97,230.
Although fishermen previously faced payment delays, the issue has now been resolved, with fishermen now being paid within 48 hours of delivering fish. Support measures implemented by the government include improved fish purchase prices, and subsidised fuel available nationwide.
The government considers fisheries a key sector and aims to further expand it into one of the country’s largest income-generating industries.