MIFCO disburses MVR 1 billion to fishersmen in 2022

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Fishermen use pole and line fishing method to catch skipjack tuna. Pole and line fishing is a selective and therefore more sustainable way to catch tuna as only fish of a certain size are caught, leaving juveniles to grow to spawning age and replenish the stock in the future. Small bait fish are thrown over the side of the boat to lure the tuna to the water surface. The fishermen use the acceleration of the fish as they race to get their prey, hook them and fling them onto the ship’s flat deck.

The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed more than MVR 1 billion to fishermen last year.

This is the highest amount of money paid to fishermen in the 12-year history of MIFCO.

According to MIFCO statistics, MIFCO purchased 63,579 metric tonnes of tuna from fishermen during 2022. A total of MVR 1,039,406,705 was disbursed to the fishermen.

In 2021, MIFCO purchased 58,350.31 metric tonnes of fish from fishermen. MVR 901,786,841 was disbursed in 2021.

The government is currently working on upgrading MIFCO. The project will include a cold storage with a capacity of 4,000 tonnes of tuna and a brine freezing facility with a capacity of 200 tonnes of tuna per day. It also includes the establishment of a refrigerated seawater facility and other related facilities.

The project will increase MIFCO’s cold storage capacity by 48%. Freezing capacity will be increased by 37%. MIFCO has also recently purchased three more vessels to increase its processing capacity.

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