The state-owned Maldives Industrial Fisheries Company (MIFCO) has decided to review its fish purchasing price weekly starting July 1.
In a press release, MIFCO said the change was made to address the financial challenges faced by the company and to ensure regular payment to fishermen.
"From July 1, MIFCO will purchase fish from fishermen at a weekly rate based on the price of frozen Skipjack tuna in the international market and the cost of purchasing and exporting the fish. The price will be announced publicly every week," the statement said.
Additionally, MIFCO stated that the fishermen will be paid tomorrow for the fish they have sold so far. The total payment to fishermen this year will reach MVR 353 million including tomorrow's payment, the statement added.
"MVR 831 million, including credit for oil and ice, has been disbursed to fishing boats this year. It is not financially sustainable to continue to buy fish from fishermen without taking into account the market price," MIFCO said.
When asked about the decision, MIFCO spokesperson Ibrahim Saeed told Adhadhu the maximum price at which MIFCO can buy fish is MVR 12. He said that if the price is higher than MVR 12, the government will subsidize it.
In addition to these measures, MIFCO said it is working to increase efficiency, increase revenue and reduce costs.
