MIFCO unsure on payment for fish since last month
MIFCO confirmed that it is working closely with the government to secure funds and settle the outstanding payments as soon as possible.
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Maldives Industrial Fisheries Company (MIFCO) announced Tuesday that it is currently unable to specify when it will pay fishermen for their catches since September 28.
This delay in payment is attributed to a decline in fisheries production and the company’s financial situation.
In a statement, MIFCO confirmed that it is working closely with the government to secure funds and settle the outstanding payments as soon as possible. However, due to the current challenges, the company could not provide a definitive date for when the fishermen will receive their dues.
MIFCO revealed that, as of now, 331 fishing boats have supplied 882.32 metric tons of fish that remain unpaid. The total outstanding amount owed to the fishermen stands at MVR 9.1 million.
The situation has raised concerns within the fishing community, as delays in payment have historically led to protests. In recent years, fishermen have voiced frustrations over delayed payments, highlighting the impact it has on their livelihoods.
MIFCO currently purchases fish from local fishermen based on the prevailing prices in international markets, as well as the costs associated with purchasing and exporting the catch. This pricing system, while aimed at reflecting market realities, can pose difficulties during times of fluctuating fish stocks or economic challenges.
