An agreement was signed today between MIFCO and Fuel Supplies Maldives (FSM) to arrange a mechanism for fishermen to obtain fuel on credit from MIFCO centers.

At a ceremony held at MIFCO's head office, the agreement was signed on behalf of MIFCO by the company's Chief Executive Officer and Managing Director, Mohamed Anas. Signing on behalf of FSM was the company's Managing Director, Fathimath Aashan.

MIFCO stated that under this agreement, vessels that weigh and sell fish to the company can obtain fuel on credit from MIFCO centers where FSM fuel sheds are established. As a result, MIFCO said credit fuel will be issued starting today from Felivaru Fisheries Complex, Kooddoo Fisheries Complex, and Addu Fisheries Complex.

According to MIFCO, arrangements will be made for vessels to refuel upon presenting the bill received after weighing fish.

Under these arrangements, the cost of the fuel pumped for vessels will be deducted from the money owed to that vessel for the fish weighed to MIFCO. The company stated that under this system, fuel payments will be deducted from the payment given to fishermen within 48 hours of weighing fish.

MIFCO stated that arranging access to fuel on credit was something fishermen had been strongly requesting. MIFCO mentioned that this was one of the most important issues raised by fishermen during meetings when the company's CEO, Anas, visited the company's centers after taking office.

MIFCO stated that this would bring significant relief to the financial difficulties fishermen face in purchasing fuel, and that this would also serve as an added encouragement for fishermen to set sail for fishing.