MIFCO settles all fishermen payments at Kooddoo and Addu complexes

The Maldives Industrial Fisheries Company (MIFCO) has announced that it has cleared all outstanding payments for fish purchased from fishermen at the Kooddoo Fisheries Complex and the Addu Fisheries Complex, with the most recent disbursement made yesterday.

Between November 17, 2023, and November 15, 2024, MIFCO has paid a total of USD 59.4 million for 50,588 metric tons of fish. However, the company is still processing payments for fish caught between October 28 and November. Currently, there is a backlog of USD 1.9 million owed to the fishermen.

When the current government took office, approximately USD 16.2 million was owed to the fishermen. Since then, the government has ensured that all outstanding payments have been settled and has committed to releasing payments within two weeks going forward.