MIFCO Disburses MVR 11.8 Million to Fishermen in Just 14 Days

The state fisheries company - MIFCO pays over 280 vessels in the first two weeks of the month, signaling steady momentum in the sector.

The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed more than MVR 11.8 million to local fishermen within the first 14 days of this month, reflecting active fishing operations and continued income flow to the sector.

According to the latest statistics released by the company, a total of MVR 11,816,436 has been paid to 285 fishing vessels that sold their catch to MIFCO facilities during the first 13 days of the month. More than 280 vessels weighed their catch at the company’s collection points across the country during this period.

The highest single-day payout was recorded on the 7th of the month, when MVR 1,469,010 was distributed among 26 vessels that delivered their catch to MIFCO.

A breakdown of purchases shows that skipjack tuna accounted for the largest share. A total of 253 vessels sold skipjack tuna, earning a combined MVR 9,750,533. Meanwhile, 101 vessels supplied yellowfin tuna weighing above 10 kilograms, receiving MVR 582,288. In addition, 127 vessels delivered yellowfin tuna exceeding 15 kilograms in weight, amounting to MVR 1,483,605 in payments.

The figures highlight the continued contribution of the fisheries sector to household incomes and the broader economy, particularly in island communities where fishing remains a primary livelihood.

The government has identified the advancement of the fisheries industry as a key national priority, aiming to further strengthen its role as one of the country’s main revenue-generating sectors. Efforts are currently underway to address longstanding challenges in the industry, including plans to double national fish storage capacity and establish modern processing facilities.

Authorities have also indicated that broader strategic measures are being formulated to diversify the fisheries sector and enhance its long-term sustainability, ensuring stable income opportunities for fishermen across the Maldives.