MIFCO, FSM sign deal for fishermen to get fuel on credit

The Maldives Industrial Fisheries Company (MIFCO) signed an agreement with Fuel Supply Maldives (FSM) on Tuesday to let fishing vessels that supply tuna to MIFCO buy fuel on credit. The arrangement starts immediately at three of MIFCO's fisheries complexes.

The agreement was signed at MIFCO's head office in Male on August 11, 2026. MIFCO Chief Executive Officer and Managing Director Mohamed Anas signed for the company. FSM Managing Director Fathimath Aashan signed on behalf of the fuel supplier. MIFCO board members attended the signing.

Under the deal, boats that deliver fish to MIFCO can now get fuel on credit at FSM fuel sheds located at the Felivaru Fisheries Complex, Kooddoo Fisheries Complex, and Addu Fisheries Complex. The credit facility took effect on the day of signing.

Fishermen will not need to pay for fuel upfront. Instead, the cost will be deducted from the payment they receive for fish sold to MIFCO. MIFCO said fuel costs will be subtracted from fishermen's payments within 48 hours of delivering their catch.

MIFCO described the credit fuel facility as a long-standing request from fishermen. The company said the issue came up repeatedly when Anas visited fishing centers and met with fishermen after taking over as CEO. MIFCO said Anas had assured fishermen at the time that he would raise the matter with the government to find a solution.

MIFCO said the agreement was reached under the direction of President Dr. Mohamed Muizzu. The company said the new system is part of wider government efforts to address problems faced by fishermen. MIFCO said the facility will ease the financial burden of buying fuel and may encourage more fishermen to go out to sea.

MIFCO did not disclose the credit terms, such as interest charges, credit limits, or what happens if a boat's fish payment does not cover its fuel bill.