MIFCO disburses outstanding MVR 53 mil to fishers

Maldives Industrial Fisheries Company (MIFCO) on Monday said it has begun disbursing a total of MVR 53 million in outstanding payments to local fishers.

In a message the company shared with local media, MIFCO said Monday's disbursement is the money it owed to local fishers as of Thursday last week.

On Sunday, MIFCO announced it would begin to float the fish purchase price - updated on a weekly basis - depending on global tuna rates and the cost of fish processing and exportation.

The highest purchase price for tuna per kilo until upcoming Friday is MVR 16, MIFCO announced.

Minister of Fisheries and Ocean Resources Ahmed Shiyam, reflecting the change said MIFCO can pay fishers within two weeks.

Owing to significant delays in settling payments, local fishers had protested in Addu City and Dh. Kudahuvadhoo last week.