The state-owned Maldives Industrial Fisheries Company (MIFCO) has significantly boosted its disbursements to fishermen this week, reflecting a thriving fishing industry and a surge in fish purchases.
According to figures released by MIFCO, a total of MVR 20.24 million has been disbursed to fishermen this month. This includes MVR 2.59 million paid to 80 fishing boats in the first week of the month, MVR 6.70 million to 165 boats in the second week, and MVR 10.1 million to 240 boats this past week.
This translates to a 50 percent increase in disbursements this past week compared to the week prior, with an additional MVR 3.4 million distributed to fishermen.
Furthermore, the number of boats selling fish also saw a notable increase this week. While 80 boats weighed in their catch in the first week and 165 in the second, 240 boats participated this week. MIFCO reported that a total of 529 boats have brought in fish so far this week, when compared to the first two days of this year.
The highest single-day disbursement by MIFCO to fishermen this month was MVR 2.791 million on Thursday. Saturday saw the second-highest amount, with MVR 2.006 million disbursed.
Addressing a long-standing concern among fishermen regarding payment delays, a policy of making payments within 24 hours was implemented last Fishermen’s Day.