The Maldives Industrial Fisheries Company (MIFCO) has disbursed an impressive USD 4.8 million to fishermen. This substantial disbursement comes after the company’s decision to raise its fish purchase price from USD1.1 to USD1.6 per kilogramme on 16 September.
The increase in price has been initiated against the backdrop of a diminished yield in this year’s fishing season compared to preceding years. MIFCO’s revised pricing aims to offer a much-needed boost to the fishermen amid these trying times. According to the updated pricing structure, frozen fish and tuna, each weighing over 1.5kg, will be sold at USD 1.6 per kilogramme, while their unfrozen counterparts will be priced at USD 1.4 per kilogramme. This decision has been primarily influenced by the feedback and concerns shared by the fishing community.
Recent data shared by MIFCO highlights that, under the new pricing scheme, 3,238 metric tonnes of fish have been processed. Furthermore, as of mid-September, the company had managed to process a total of 45,751 metric tonnes of fish, leading to an overall disbursement of USD49 million to fishermen.