The Government today passed to change the administration of MIFCO to STO. The Cabinet also passed to fully pay all fishermen from sate budgets.
Economic Council Co-Chair, Fisheries Minister Dr. Mohamed Shainee said that MIFCO was heavily reliant on oil and STO was the main supplier. Dr. Shainee added that integrating the two companies will yield benefits and greatly reduce cost of operations for MIFCO. He said due to MIFCO's financial crisis, they had to purchase fish from fishermen at credit and owed around MVR 2 million. As such, Dr. Shainee said the Government will offer compensation to these fishermen.
"We'll settle all payments today itself and give a fresh start to the company under STO management, completely restructured," Minister Shainee said.
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