The government of Maldives has revealed it has granted over USD 9.1 million as capital to Maldives Industrial Fisheries Company Limited (MIFCO) to recover from financial challenges.
In a statement, Ministry of Finance and Treasury said until April this year, MIFCO was given over USD 21.5 million due to the financial crisis the company was in when State Trading Organisation (STO) took over. However, the ministry revealed the debt was paid off when STO took over MIFCO.
STO had announced its decision to transfer the debt loaded state fisheries company into one of its subsidiaries to a profit generating company.
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