MIFCO says to settle dues to fishermen this week
MIFCO has yet to pay the fishermen for fish harvested since the 28th of last month.
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Maldives Industrial Fisheries Company (MIFCO) announced on Monday that efforts are underway to settle the outstanding payments to fishermen, with the goal of depositing the money by the end of this week.
MIFCO has yet to pay the fishermen for fish harvested since the 28th of last month. According to earlier figures released by the company, MIFCO owes MVR 9.1 million for fish caught between the 28th of last month and the 14th of this month.
MIFCO attributes the delay in payments to a decline in fisheries and challenges in the company’s financial situation. A MIFCO official stated, “We are working to recover the pending money as soon as possible and deposit it this week. The goal is to ensure that boat owners receive the payments within this time frame.”
The company has reported a notable decline in fish production this year compared to last year. Data released today shows reduced production across individual months. The monthly figures are as follows:
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January: 7,528 metric tonnes in 2023, 7,452 metric tonnes this year
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February: 9,035 metric tonnes in 2023, 5,860 metric tonnes this year
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March: 6,715 metric tonnes in 2023, 4,611 metric tonnes this year
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April: 7,054 metric tonnes in 2023, 2,322 metric tonnes this year
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May: 8,535 metric tonnes in 2023, 3,666 metric tonnes this year
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June: 1,794 metric tonnes in 2023, 1,272 metric tonnes this year
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July: 1,831 metric tonnes in 2023, 247 metric tonnes this year
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August: 3,204 metric tonnes in 2023, 1,157 metric tonnes this year
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September: 3,124 metric tonnes in 2023, 1,529 metric tonnes this year
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October: 8,660 metric tonnes in 2023, 836 metric tonnes this year
MIFCO’s efforts to address the delayed payments come amid ongoing challenges in the fisheries sector, which have impacted production levels throughout the year.
