Payments to fishermen drop 63% to MVR 11.33M in June

Maldives Industrial Fisheries Company (MIFCO) disbursed MVR 11.33 million in payments to fishing vessels in June – marking a sharp 63.54 percent decline compared to the previous month.

The latest statistics released by MIFCO on Sunday shows the company purchased 568 tons of fish from 517 fishing vessels in June.

It paid the vessels MVR 11,332,391 for the fish.

The figures show a sharp decline from May, when MIFCO purchased 1,791 tons of fish from 693 vessels, disbursing MVR 31,081,583 in payments.

މޭ 2026 ގެ މަސް ރިޕޯޓު pic.twitter.com/UtJUFft8wN

— MIFCO (@mifcomv) June 2, 2026

It marks a sharp 63.54 percent decline in disbursements.

The statistics for June show the highest disbursement went to skipjack tuna fishing vessels. As such, 196 skipjack tuna fishing vessels were paid MVR 9.33 million for 484 tons of skipjack tuna.

MIFCO also disbursed MVR 331,440 for 16.6 tons of yellowfin tuna weighing above 10 kilos, and MVR 1.67 million for 67 tons of yellowfin tuna weighing above 15 kilos.

ޖޫން 2026 ގެ މަސް ރިޕޯޓު pic.twitter.com/gCHx4QUGwM

— MIFCO (@mifcomv) July 5, 2026

The incumbent administration has promised to disburse payments to fishermen within 48 hours of sales, resolving the financial burden fishermen previously faced at having to wait long periods of time for payment.

In a June interview, President Dr. Mohamed Muizzu said his administration aims to maintain the purchase price for skipjack tuna above MVR 20 per kilo.

Fisheries Minister Ahmed Shiyam has said that the realization of this goal depends on the operationalization of new cold storage facilities currently being developed across the country.