The Maldives Industrial Fisheries Company (MIFCO) has disbursed more than MVR15.8 million to fishermen during the first half of July, continuing the Government’s policy of making payments within 48 hours of fish deliveries.

Statistics released by MIFCO show that MVR 15.89 million was paid to fishing vessels between 1 and 17 July. On 15 July alone, the company disbursed MVR2.11 million for fish procured from fishermen.

Of the total amount paid, MVR 15.52 million was for skipjack tuna. MIFCO also paid MVR 26,100 for yellowfin tuna weighing more than 10 kilogrammes and MVR 342,200 for yellowfin tuna weighing more than 15 kilogrammes.

The Government introduced the 48-hour payment system after clearing approximately MVR 250 million in outstanding payments owed to fishermen by the previous administration. Since its implementation, the fisheries sector has recorded increased fish landings and exports.

To further support the industry, the Government raised the price MIFCO pays for fish to MVR 20 per kilogramme and reduced the price of fuel supplied to fishermen to MVR 13 per litre.

Earlier this year, MIFCO also began purchasing yellowfin tuna, fulfilling a key pledge of President Dr Mohamed Muizzu. The company initially started buying yellowfin tuna weighing more than 15 kilogrammes on 11 January before expanding purchases on 21 January to include fish weighing between 10 and 15 kilogrammes. Yellowfin tuna is currently purchased at MVR 25 per kilogramme.