MIFCO receives MVR 37M to clear outstanding payments to fishermen

  • The Ministry of Fisheries, Marine Resources, and Agriculture has allocated MVR 37 million

K. Male' | Shan Anees | 01-December-2018 | Saturday 13:41 | twitter | Local | 554

Fishermen have been asked to go to Kooddoo island with guarantee slips provided by MIFCO -- Photo by: Facebook

The Maldives Industrial Fisheries Corporation (MIFCO) has received funds to clear outstanding payments to fishermen.

The Ministry of Fisheries, Marine Resources, and Agriculture has allocated MVR 37 million for this purpose, Minister Zaha Waheed said on Saturday.

In early November, MIFCO asked fishermen to accept payments in credit and to go to Kooddoo Island with corresponding guarantee slips to receive payment.

MIFCO was authorized to delay payments after it was revealed that the company was in an alarming financial situation.

MIFCO received a MVR 620 million bailout from the government to finance their operations. In 2016, the company was made a subsidiary of the State Trade Organization after bankruptcy.



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