MIFCO ‘unable to pay’ MVR 9 million in outstanding payments to fishermen

Maldives Industrial Fisheries Company (MIFCO) says that it has over MVR 9 million in outstanding payments to fishermen, adding that it has no way of clearing the payments at this time.

MIFCO said on Tuesday that it owes MVR 9,155,491.79 to 331 fishing boats.

This includes MVR 5,451,481.27 for fish purchased from the Kooddoo Fisheries Complex, MVR 3,590,838.62 for purchases from the Felivaru Fisheries Complex, and MVR 113,171.90 for purchases from the Addu Fisheries Complex.

MIFCO said that the company is suffering financial setbacks due to the low fishing season.

It said that it is unable to provide an exact date when it can settle the outstanding payments. MIFCO said that it is engaged in discussions with the government to find a way to clear the dues.

It said that it hopes to settle the dues as soon as possible.

The statistics released by MIFCO show it cleared MVR 862.3 million in outstanding payments between November 17, 2023 and September 30, 2024 – which had reduced the outstanding balance to MVR 6.1 million. But the balance has since increased to MVR 9.1 million.

MIFCO, which runs at a loss, is heavily dependent on funding from the government to manage its cashflow.