MIFCO has announced that it will buy fish based on international market price effective Monday.
MIFCO said in a statement on Sunday that from Monday onwards, the company would base its purchasing price for fish on the it international market rate for frozen skipjack tuna and the cost of exporting the fish. The price will be fixed and announced weekly.
MIFCO said the change aims to ensure sustainable fish purchasing and processing, and paying local fishermen in a timely manner on a regular basis. The company is also committed to working with the government to enhance efficiency, boost revenue and implement strong cost-cutting measures, MIFCO said.
MIFCO’s decision comes while the company’s debt has risen over MVR 1.2 billion, putting the company on the brink of bankruptcy. MIFCO said its payments to local fishermen were delayed in recent months due to the previous government’s politically-motivated decision to buy fish at high prices without considering other factors, ahead of the 2023 presidential election.
