The Maldives Industrial Fisheries Company Limited (MIFCO) has paid more than MVR 349,000 to fishing vessels for fish purchased last Saturday.

According to figures released by MIFCO, a total of MVR 349,555 was disbursed to nine fishing vessels. Of the total amount, MVR 341,380 was paid to eight vessels for skipjack tuna deliveries.

MIFCO also paid MVR 8,175 to one vessel for the supply of yellowfin tuna weighing more than 15 kilograms.

The company has continued its policy of settling payments to fishermen within 48 hours of fish deliveries. When the current Administration assumed office, outstanding payments to fishermen stood at approximately MVR 250 million, which the Government later cleared before introducing the current payment mechanism.

The fisheries sector has also seen several policy measures aimed at supporting fishermen, including an increase in the fish purchase price to MVR 16 per kilogram and a reduction in subsidised fuel prices to MVR 13 per litre.

Earlier this year, MIFCO expanded its yellowfin tuna purchasing programme. Since January, the company has been purchasing yellowfin tuna weighing more than 10 kilograms, while larger yellowfin tuna are currently bought at MVR 25 per kilogram.