Govt disburses near MVR 1 bil to fishers so far

Maldives Industrial Fisheries Company (MIFCO) on Sunday, said that the current government since assuming power, has disbursed MVR 998.7 million to local fishers.

MIFCO said the amount was disbursed to fishers as of June 27, 2024.

Fishers launched protests earlier in Addu City and Dhaalu atoll Kudahuvadhoo owing to the payment delays, and called them off once MIFCO began depositing payments on July 01st.

After MIFCO announced to float fish purchase rates reflecting the prices in the global market, which the Minister of Fisheries Ahmed Shiyam said would allow MIFCO to pay fishers within two weeks for the fish they sell.

From Tuesday last week to last Friday, MIFCO was buying fish at MVR 16 per kilogram - as the highest price. The price is subject to revision on a weekly basis, MIFCO added.

President Dr. Mohamed Muizzu, during his presidential campaign, promised fish purchases rates will not drop below MVR 20 per kilogram.

However, MIFCO said continuing the practice of buying fish without refering to global market rates was not conducive for the company's long-term fiscal sustainability.

Previous government had inflated fish purchase rates from MVR 17 per kilogram to MVR 25 during the presidential election in last September.

However, the current government brought the price down to MVR 20 per kilogram in February this year.