A review of fish prices is scheduled before July 26th, with MIFCO currently seeking to reduce the price at which it buys fish from local fishermen.
Edition Mv
Fishing has long been a cornerstone of the Maldivian economy, but 2024 began with protests from fishermen over unpaid dues. By the end of February, it was revealed that the government-run Maldives Industrial Fisheries Company (MIFCO) owed fishermen a staggering MVR 190 million.
Acknowledging the overdue payments, the government has begun addressing the debt and discussing reforms to the payment process. Recognising the recurring issue, President Dr. Mohamed Muizzu has committed to expediting reimbursements, promising that payments for weighed fish will be delivered within 48 hours. Despite MIFCO's ongoing payment failures, potential changes in the fisheries sector could significantly impact local fishermen.
A review of fish prices is scheduled before July 26th, with MIFCO currently seeking to reduce the price at which it buys fish from local fishermen. Historically, the purchase rate for skipjack tuna has fluctuated, ranging from MVR 17 to MVR 25 per kilo prior to the 2023 presidential election campaigns. Currently, MIFCO purchases skipjack tuna at MVR 20 per kilo.
This review comes amidst concerns about state overspending, as the budgeted subsidy for MIFCO this year is MVR 415 million, of which MVR 270 million has already been spent. The prospect of reduced prices has raised concerns among fishermen about potential income loss.
Despite these concerns, government officials and industry leaders remain optimistic that a mutually beneficial solution can be reached. The outcome of these discussions is eagerly awaited by fishermen, industry experts, and the general public alike.
