The Maldives Industrial Fisheries Company (MIFCO) has disbursed MVR 9.5 million to fishermen for last week’s catch, with 276 fishing vessels supplying fish to the State-owned company. 

Despite the rise of 17 per cent in number of boats compared to last week, total payouts to fishermen fell slightly by around 3 percent from the previous week’s MVR 9.8 million. The highest single-day disbursement was made on Saturday, when MVR 2.2 million was issued to 53 vessels.

According to the Maldives Monetary Authority, the country exported over 57,000 metric tonnes of fish in the first eight months of this year, almost doubling the volume recorded in the same period last year. Fresh and frozen fish made up the bulk of exports, showing a 107 per cent increase year-on-year, while processed fish exports rose by 65 per cent.

Fisheries remain the backbone of Maldivian exports, and the Government has pledged to scale up fish processing and storage capacity, aiming to expand output ninefold within the next three years.