MIFCO disburses MVR83mn to fishermen in outstanding payments

MIFCO confirms disbursing a total of MVR83 million towards local fishermen, in outstanding payments.

Moreover, the company’s CEO Ismail Fauzy attests settling MIFCO’s debt from 17 August 2020 until 15 September 2020.

Furthermore, Fauzy confirms the company do not owe any outstanding amounts to fishermen.

During an interview with a local news media, Fauzy confirms the outstanding payments are arrears for the period of one month.

As per MIFCO the disbursements include MVR56 million towards fishermen originating from southern areas and another MVR29 million towards northern origin fishermen.

Meanwhile, Fauzy confirms disbursements sped up due to online depositories instead of cash distributions.

MIFCO notes fishing across Maldives observes improvement in recent weeks.

Moreover, local fishermen catch a collective of 250 ton worth of fish on a daily basis.