The Maldives Industrial Fisheries Company Limited (MIFCO) has reported a substantial surge in activity for the month of March, disbursing a total of USD 1.9 million to fishermen, a significant increase reflecting robust growth in the sector.
According to newly released statistics from the state-owned enterprise, this positive trend is attributed to a marked increase in the number of vessels supplying their catch.
The data shows that 591 boats landed fish at MIFCO facilities in March, representing a 14 percent increase from the 514 boats in February. This heightened engagement directly translated into a 37 percent rise in the volume of fish procured, with MIFCO purchasing 1,625 tonnes of fish compared to the previous month's 1,180 tonnes.
Consequently, the financial disbursements to fishermen saw an even more dramatic jump of 44 percent. The USD 1.9 million paid out in March far exceeded the USD 1.32 million issued in February. The bulk of the catch was skipjack tuna, supplied by 482 boats yielding 1,431 tons, for which fishermen were paid USD 1.74 million. Larger yellowfin tuna also contributed significantly to the overall figures.
Recent operational improvements has seen MIFCO successfully address previous payment delays, now ensuring fishermen receive payment for their catch within 48 hours. Additional support measures, including improved purchase prices and access to subsidised fuel across the nation, have made the sector more attractive and viable for fishermen.
The development of the fisheries industry is a special priority for the government, which aims to further expand the sector and solidify its role as one of the nation's largest income-generating industries.