Maldives Industrial Fisheries Company (MIFCO) on Sunday announced that they have decided to fix and announce the weekly fish purchase price based on the international market price.

MIFCO said in a statement today that pending payments to the fishermen will be cleared tomorrow through joint efforts with the government and MIFCO. The company also noted the cost of buying, processing and selling fish is much higher than the income it receives from selling fish in the international market The money has so far been provided through loans and government assistance.

"So far this year, including the July 1 payment, the government has disbursed MVR 353 million to fishermen. In addition, MIFCO has disbursed an additional MVR 389 million from their revenue. It is not financially sustainable to buy fish from fishermen without taking into account the global market price,” MIFCO said.

Therefore, to find a permanent solution and to ensure regular payments, MIFCO will start buying fish from fishermen at a weekly price based on the price of fish in the international market and the cost of exporting the fish. The company said it will continue to announce prices weekly based on these factors.

In addition, MIFCO will take strong measures to increase its efficiency, increase revenue and reduce costs in collaboration with relevant government ministries, it said.