The Maldives Industrial Fisheries Company (MIFCO) has announced it owes over MVR 9 million in outstanding payments to fishermen, affecting 331 fishing boats across the country. The total amount owed is a staggering MVR 9,155,491.79, a situation that has left many fishermen in a precarious financial position.
The breakdown of the outstanding payments reveals a significant debt to various fisheries complexes, with MIFCO owing MVR 5,451,481.27 for fish purchased from the Kooddoo Fisheries Complex, MVR 3,590,838.62 from the Felivaru Fisheries Complex, and MVR 113,171.90 from the Addu Fisheries Complex. These figures highlight the reliance of the fishing industry on timely payments for their livelihoods, and the delay in settling these dues has raised alarms among stakeholders.
MIFCO has cited financial setbacks due to the current low fishing season as a major factor contributing to their inability to clear the payments. This seasonal downturn affects the company’s revenue, ultimately impacting their capacity to honor commitments to local fishermen. The situation poses a significant threat to the livelihoods of many individuals and families who depend on fishing as their primary source of income.
While MIFCO is engaged in discussions with the government to explore potential solutions for settling these debts, the company has been unable to provide a definitive timeline for when these payments can be made. The uncertainty surrounding the situation only adds to the anxiety felt by those in the fishing community, who are facing mounting pressures due to delayed payments.
The repercussions of MIFCO’s financial struggles extend beyond just the company and fishermen; they highlight a broader issue affecting the Maldivian fishing industry as a whole. Without prompt action and resolution, the financial instability could lead to further challenges within the sector, threatening the livelihoods of those who contribute to the nation’s economy through fishing.
