The Maldives Industrial Fisheries Company (MIFCO) on Tuesday, February 27, 2024, announce disbursement of MVR 35 million to local fishers.
The disbursement is a portion of Maldives government’s pledge of completely settling outstanding debt owed to the fishers.
Earlier, the government committed to depositing the initial MVR 100 million from the MVR 300 million total owed to the fishers.
On Wednesday, last week, the Ministry of Fisheries and Ocean Resources reached an agreement with MIFCO to distribute MVR 70 million from the initial sum to fishers.
A total of MVR 105 million has been disbursed, including the MVR 35 million released on Monday.
The Maldives government has pledged to clear the entire backlog of outstanding payments owed to fishers by March 05, 2024. MIFCO said payments are made based on the purchase price of fish with the aim of clearing the backlog.
“We have decided to continue releasing money to the fishermen week by week,” a MIFCO official was quoted by Corporate Maldives.