The CEO of MIFCO, Faruhath Shaheer, has stated that the installation of Refrigerated Sea Water (RSW) systems on fishing vessels has significantly improved the quality of the catch, leading to higher prices for Maldivian fish in international markets. Following the implementation of a policy to settle payments for fish within 48 hours, over MVR 973 million has been disbursed to fishermen over the past year. Furthermore, the enhanced quality has resulted in a substantial decrease in the rejection rate of exported fish. To further support the industry, the government is currently offering concessional loans through the SME Development Finance Corporation (SDFC) to facilitate the installation of RSW systems on more vessels.
