Instant cash payments for fishermen will be arranged within the next two to three days, says CEO of Maldives Industrial Fisheries Company (MIFCO) Ismail Fauzee.

While speaking on RaajjeTV's "FalaSuruhee" program, Fauzee stated that fishermen have raised concern about not receiving instant cash payments upon weighing and added that a solution for the issue is being sought in collaboration with the government.

Highlighting that the company receives an average of 300 tonnes of fish, Fauzee stated that this amounts to approximately MVR6.5 million per day.

Further, he stated that he hopes that a solution will be found within the next two to three days. Noting that international market prices pose a challenge for the company's capacity to release instant cash payments, Fauzee stated that the government plans to establish strong regulations for fish storage. He went onto guarantee that MIFCO will buy all fish yielded by local fishermen.

This comes at a time where the fishing industry has also been impacted by the economic downturn caused by the Covid-19 pandemic.