CEO of the Maldives Industrial Fisheries Company (MIFCO), Ismail Fauzee has said that during the COVID-19 pandemic, the Maldivian economy was held upright by MIFCO.

Talking on Rajjee TV’s “Falasurukhee” program last night, Fauzee said that last year marked the most profitable year for fishermen in Maldivian history with MVR 309 million given to fishermen.

He said that even during the pandemic, MVR 845 million was give to the fishermen of the country by MIFCO.

The MIFCO CEO said that no small amount of income is being circulated in the economy due to the activities of MIFCO. And with the operation with the fishermen, one can say that MIFCO has almost held the economy up, according to Fauzee.

He said that when the MIFCO developments are completed, the challenges and concerns raised by fishermen will be addressed and resolved. And so, with the projects funded by the Saud Fund and the line of credit from the India Exim Bank are going to increase the MIFCO collection capacity to 800 tons and increase the storage capacity to 11,500 tons.

The Maldivian economy suffered during the COVID-19 pandemic due to its effect on the tourism sector along with the closing of international borders. With the tourism sector in a low, the fisheries industry was highlighted as the least impacted industry amid the COVID pandemic. However, fish exports were hit hard which in turn affected local fishermen.