MIFCO disburses MVR 41 million less in May as fishing slows and Eid suspends purchases

MIFCO disbursed over MVR 41 million less to fishermen in May than it did in April, according to the company’s latest figures.

The company on Tuesday released details of payments made to fishermen last month. The data shows that MIFCO disbursed MVR 31.1 million in May.

In comparison, more than MVR 78 million was released to fishermen in April, meaning May’s payout was over MVR 41 million lower.

When asked by Sun, MIFCO said the decline was due to reduced fishing activity and the temporary suspension of fish purchases during the Eid holidays.

According to the company’s statistics, 693 vessels landed 1,791 tonnes of fish in May. MIFCO paid out more than MVR 31 million for these purchases.

The largest payout was for 1,708.9 tonnes of skipjack tuna, for which MVR 29 million was disbursed. MIFCO also paid MVR 138,000 for yellowfin tuna above 10 kg, and more than MVR 1 million for yellowfin tuna above 15 kg.

These funds are released jointly by the government and MIFCO to ensure fishermen receive their payments regularly. The government has said it is prioritising timely payouts to support the fishing industry, one of the main pillars of the Maldivian economy.