The government and the Maldives Industrial Fisheries Company (MIFCO) have announced that payments owed to fishermen will be released on July 1st. MIFCO disclosed this information in a press release issued today, detailing the financial strategies employed to facilitate these payments.
MIFCO reported that it has secured additional funds through loans and government assistance. The payments for fish purchased from fishermen, as well as the costs associated with processing and selling the fish, have significantly exceeded the income generated from sales in the international market.
To date, the government has disbursed MVR 353 million to fishermen this year, including the forthcoming July 1st payment. Additionally, MIFCO has provided an extra MVR 389 million, bringing the total amount disbursed to fishing boats to MVR 831 million. This figure includes credits for essential supplies such as oil and ice.
In the press release, MIFCO highlighted the financial unsustainability of purchasing fish from fishermen without considering the market price. To address this issue and ensure regular payments, MIFCO will implement a new pricing strategy starting July 1st. Fish will be bought at a weekly price determined by the international market price of frozen tuna. MIFCO will announce this price weekly, ensuring transparency and alignment with market conditions. The price will be adjusted based on the quantity and costs involved in purchasing and exporting the fish.
Furthermore, MIFCO emphasized its commitment to increasing efficiency, boosting revenue, and reducing expenditure. The company plans to collaborate closely with relevant government ministries to achieve these goals and ensure the long-term sustainability of its operations.
MIFCO reported that it has secured additional funds through loans and government assistance. The payments for fish purchased from fishermen, as well as the costs associated with processing and selling the fish, have significantly exceeded the income generated from sales in the international market.
To date, the government has disbursed MVR 353 million to fishermen this year, including the forthcoming July 1st payment. Additionally, MIFCO has provided an extra MVR 389 million, bringing the total amount disbursed to fishing boats to MVR 831 million. This figure includes credits for essential supplies such as oil and ice.
In the press release, MIFCO highlighted the financial unsustainability of purchasing fish from fishermen without considering the market price. To address this issue and ensure regular payments, MIFCO will implement a new pricing strategy starting July 1st. Fish will be bought at a weekly price determined by the international market price of frozen tuna. MIFCO will announce this price weekly, ensuring transparency and alignment with market conditions. The price will be adjusted based on the quantity and costs involved in purchasing and exporting the fish.
Furthermore, MIFCO emphasized its commitment to increasing efficiency, boosting revenue, and reducing expenditure. The company plans to collaborate closely with relevant government ministries to achieve these goals and ensure the long-term sustainability of its operations.
