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Finance ministry to issue MVR25 mln to MIFCO

06 November 2018, MVT 14:25
Maldives Industrial Fisheries Company (MIFCO) Office
06 November 2018, MVT 14:25

The Ministry of Finance and Treasury, on Tuesday, announced their decision to issue MVR 25 million to the Maldives Industrial Fisheries Company (MIFCO) as financial aid.

This sum is part of a larger loan, amounting to a total MVR 50 million, and will be paid to MIFCO over the following three months.

The government arranged the loan last September as a contribution to MIFCO’s MVR 100,000 fund to buy raw materials.

The first half of the loan was handed over to the fish exporter in increments during the past two months, with MVR 15 million paid in September and MVR 10 million paid in October.

The government has provided more than MVR 140 million in financial aid to the debt-laden fisheries company since 2013. The state also contributed to the company’s effort to increase the daily quota of processed fish to 50 tonnes, and has been working to arrange a loan of USD 12 million to upgrade MIFCO goods to value-added products.

The statement highlighted the administration’s continued efforts to ensure the financial stability of MIFCO.

Fishing crews from the southern region of Maldives had earlier issued complaints of payment delays by MIFCO.

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