The Edition


MIFCO disburses MVR 80 million to local fishermen

Mariyam Malsa
24 September 2020, MVT 13:05
The Felivaru Fisheries Complex in Lhaviyani Atoll. PHOTO: HUSSAIN WAHEED / MIHAARU
Mariyam Malsa
24 September 2020, MVT 13:05

Maldives Industrial Fisheries Company (MIFCO), on Wednesday, announced that it had disbursed MVR 80 million to Maldivian fishermen across the archipelago.

MIFCO CEO Ismail Fauzee stated that pending payments of approximately MVR 83 million would be distributed shortly.

Fauzee noted that all the aforementioned payments to fishermen were deposited to their accounts or transferred through the 'Masveriyaa Card' and linked digital wallet.

He urged all fishermen to join the banking system for fishermen which was inaugurated jointly by the Bank of Maldives (BML) and Ministry of Fisheries and Agriculture in February 2020.

The fisheries company recently announced the decision to cancel the fixed rate of MVR 20 per kilogram set for fish. Following the implementation of the measure on September 24, MIFCO guaranteed that fishermen would be paid within a maximum of seven days after catches are weighed.

The MIFCO CEO had also highlighted that the new floating price mechanism would enable Maldivian fishermen to earn more profit during periods in which higher market rates are recorded globally.