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MIFCO received MVR 395 million while fishermen were paid MVR 435 million: Shiyam

Fisheries Minister stated today that MIFCO generated an income of MVR 395 million since Nov 17, 2023, with the trade of seven shipments. He shared that fishermen have been issued MVR 435 as payment, with an additional MVR 280 million that remains pending.

Aishath Shuba Solih
20 February 2024, MVT 17:02
MIFCO weighing fish on their newly received boats purchased for fish weighing -- Photo: Fayaz Moosa / Mihaaru
Aishath Shuba Solih
20 February 2024, MVT 17:02

Minister of Fisheries and Ocean Resources Ahmed Shiyam has stated this morning that Maldives Industrial Fisheries Company (MIFCO) received an income of MVR 395 million so far during this government's term in office and that fishermen have been reimbursed MVR 435 million to date.

Answering the questions by members of the parliament today, he revealed that MIFCO had exported seven shipments of fish since the President Dr, Mohamed Muizzu assumed his administration of the country (November 17, 2023) and that these shipments contained a sum total of 18,987 fish.

He added that these fish had generated an income MVR 395 million and that fishermen were reimbursed MVR 435 million inclusive of the oil and ice purchased on credit within this period.

Minister shared that the state is presently purchasing fish on a MVR 6 loss. Shiyam remarked that regardless of the determination to purchase fish from fishermen on a MVR 20 rate, MIFCO will see a break-even only once their management is firmly strengthened.

“MIFCO must incur significant changes if they are to efficiently run Kooddoo and Felivaru,” Shiyam said.

Although this government had settled a payment of MVR 435 with the fishermen, an amount of MVR 280 million still remains unsettled.

The state had determined to settle approximately one third of this payment, MVR 100 million before the 26th of this month. As stated by Shiyam, the remaining due will be settled before the 5th of the upcoming month.

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