All pending payments to local fishermen for fish purchased by MIFCO has been deposited.
On Tuesday night, MVR 53 million was transferred to the accounts of fishing vessel owners, covering all payments due up to the previous Thursday. As a result, there are no outstanding payments as of now.
This payment also led to the end of a fishermen’s protest in Addu City over delayed payments.
Earlier, Fisheries Minister Ahmed Shiyam has said that from this Monday onwards, MIFCO will purchase fish based on the price of frozen skipjack tuna in the international market and export costs. The purchase price will be fixed and announced weekly.
President Dr. Muizzu had promised to pay fishermen within 48 hours of of fish purchase. However, the government now says this pledge cannot be fulfilled without making MIFCO a profitable company.
MIFCO’s decision to purchase fish based on international prices 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.
