Maldives Industrial Fisheries Company (MIFCO) has expressed significant concerns regarding the current buying rate set at MVR 16 per kilogram, which has resulted in substantial financial losses for the company. MIFCO clarified that they have been striving to maintain operations with a government subsidy ranging between MVR 20 to 25 million. However, they indicated that continuation without this subsidy is becoming increasingly challenging, particularly given the declining international market value and the concurrent reduction in fishing activity.

This year, MIFCO has reported the lowest fishery yields in recorded history. So far, the company has purchased 26,000 tons, compared to a total of 72,000 tons acquired from fishermen last year. To stimulate more fishing activities, MIFCO has implemented measures such as freely distributing ice and fuel to fishing vessels.

On June 30 of this year, MIFCO also made a price reduction in light of ongoing losses, which were largely influenced by the continuous decline in international buying prices. This strategic move aims to mitigate some of the financial strain while encouraging fisherman to remain active in the industry.