Maldives Industrial Fisheries Company (MIFCO) has signed an important agreement with Fuel Supplies Maldives (FSM) to facilitate the provision of fuel on credit to fishermen through MIFCO’s centres.
Under the agreement between FSM and MIFCO, fuel will be made available on credit to fishing vessels selling fish to MIFCO. The agreement was signed this afternoon at a ceremony held at MIFCO’s head office. MIFCO’s Chief Executive Officer and Managing Director, Mohamed Anas, signed the agreement on behalf of the company, while FSM’s Managing Director, Fathimath Ashan, signed on behalf of FSM. Members of MIFCO’s board also attended the ceremony.
Under the agreement, fishermen selling fish to MIFCO will be able to obtain fuel on credit from MIFCO centres where FSM fuel sheds are located. Arrangements have been made for fuel to be issued on credit from today at the Felivaru Fisheries Complex, Kooddoo Fisheries Complex and Addu Fisheries Complex.
Under the agreement between MIFCO and FSM, fishing vessels will be provided with fuel after the fish they catch has been sold to MIFCO and the corresponding invoice has been settled. Under this arrangement, the cost of the fuel supplied to each vessel will be deducted from the payment due to that vessel for the fish sold to MIFCO. The fuel cost will be deducted from payments made to fishermen within 48 hours of their fish being sold.
Providing fuel on credit has been a major request from fishermen. This was among the key issues raised by fishermen during meetings held by MIFCO’s current CEO, Mohamed Anas, during his visits to the company’s centres after assuming office.
Following special instructions from President Dr Mohamed Muizzu, the agreement between MIFCO and FSM has enabled a system for fuel to be supplied on credit to fishing vessels selling fish to MIFCO, effective from today. MIFCO said this is an important step in the Government’s ongoing efforts to address the difficulties faced by fishermen.
The new arrangement is expected to significantly ease the financial difficulties fishermen face when purchasing fuel. MIFCO also believes that it will provide fishermen with additional confidence to continue fishing.