MIFCO spends MVR 2.5 bln in three years for fish purchase

MIFCO has said the company spent MVR 2.5 billion over the past three years to purchase fish.

Official statistics publicized by MIFCO show the company purchased 48,494.6 metric tonnes of fish and exported 39,908 metric tonnes in 2019. They spent MVR 903.7 million in 2019 to purchase fish.

While the company purchased 49,392 metric tonnes of fish in 2020, spending MVR 879.4 million. They exported 33,212 metric tonnes last year.

MIFCO has spent MVR 698.5 million thus far this year to purchase 45,349.3 metric tonnes of fish. By the end of October, they exported 37,659 metric tonnes of fish.

The fish company is currently establishing fish freezing centers in M. Mulah and GDh. Thinadhoo, that can freeze up to 100 metric tonnes of fish. Fish storage facilities are also being developed on both islands - 550 metric tonne capacity in Mulah and 1,000 metric tonnes capacity in Thinadhoo.

MIFCO recently purchased a fish boat that can carry up to 378 tonnes of fish, under efforts to increase the amount of fish purchased by the company. Last July, the company purchased a boat that can store 2,500 tonnes of fish for export purposes.

The company owed MVR 39 million to fishermen when President Ibrahim Mohamed Solih came into power in 2018, and the current administration paid the outstanding amount to fishermen. The company said having arrangements in place to see fishermen paid at the earliest for their labor is the company's greatest pleasure.