Maldives Industrial Fisheries Company (MIFCO) has settled its hefty debt of MVR 2 million to fishermen in various regions of the Maldives, announced Minister of Fisheries and Agriculture Dr Mohamed Shainee late Tuesday.
The Maldives government had taken over the state fisheries firm in October, disclosing that the mismanaged company had amassed a staggering MVR 300 million in total debt. It has since been launched as a subsidiary of State Trading Organisation (STO).
Speaking at the ceremony held to mark Fishermen’s Day in the island of Gemanafushi in Gaafu Alif atoll, Minister Shainee declared that MIFCO Managing Director Adli Ismail has assured to enter discussions with STO to reach a solution for MIFCO’s issues next February. The minister added that he would look into the progress.