President Solih pledges to make MIFCO profitable within two years
The Maldives Industrial Fisheries Company (MIFCO) has been struggling financially
President Solih concluded his trip to Gemanafushi island and returned to capital city Malé on Thursday
President Ibrahim Mohamed Solih has on Wednesday pledged to make the state fisheries company profitable in the next one-and-half years.
Speaking at the ceremony to mark the national fishermen’s day, held in Gemanafushi island, said that his government would work to bolster the fishing industry, and make the company profitable.
The Maldives Industrial Fisheries Company (MIFCO), which was in 2016 merged with the state trading company after near bankruptcy, has been struggling financially.
In early November, due to said financial situation, MIFCO asked fishermen to accept payments in credit and to go to Kooddoo Island with corresponding guarantee slips to receive payment.
Solih’s administration has also given about MVR 68 million to clear these payments to local fishermen. At the ceremony in Gemanafushi, Solih said that the payments will be completed next week.
MIFCO also received a MVR 620 million bailout from the government to finance their operations.
President Solih concluded his trip to Gemanafushi island and returned to capital city Malé on Thursday.
