MIFCO to pay highest rate for fish weighing over one kilogram

The state-owned Maldives Industrial Fisheries Company (MIFCO) will begin paying the highest purchase price for skipjack tuna weighing more than one kilogram, lowering the threshold from the previous 1.5 kilograms.

President Dr Mohamed Muizzu announced the change during the official Fishermen’s Day celebrations held last night in Raa atoll Dhuvaafaru, describing it as a major improvement for fishermen.

“As a result of the work done so far with MIFCO and the Ministry of Fisheries, one of the key changes we are making from today is to purchase fish weighing one kilogram and above at the highest rate, instead of the previous 1.5 kilograms,” the President said.

Currently, MIFCO offers a maximum price of MVR 16 per kilogram for skipjack tuna and small yellowfin tuna. Under existing standards, fish weighing less than 1.5 kilograms were classified as small and purchased at a significantly lower rate.

“The highest rate at present is MVR 16, and that itself is an important change,” President Muizzu said. “From tomorrow, MIFCO will start purchasing fish at a minimum price of MVR 16 per kilogram.”

He added that the purchase price will remain flexible depending on market conditions.

“If MIFCO is able to buy at MVR 17 on a given day, or MVR 18 or above, the maximum price will be adjusted accordingly. However, the minimum purchase price will be set at MVR 16,” he said.

Fishermen have long raised concerns over the classification of small fish, arguing that the previous 1.5-kilogram benchmark unfairly reduced their income. These concerns were reiterated at a fishermen’s meeting held in Dhuvaafaru yesterday.

A fisherman from an Addu-based vessel, who attended Fishermen’s Day events in Gaafu Dhaalu Fares Maathodaa, said private buyers already treat fish weighing over one kilogram as qualifying for the best price.

He said MIFCO’s earlier policy of categorizing fish under 1.5 kilograms as small and purchasing them at MVR 7 per kilogram had pushed many fishermen away from the industry.

“People are leaving their fishing boats and turning to other work because fishing no longer brings enough income,” he said.