Maldives Industrial Fisheries Company Limited (MIFCO) has acquired 54 502 tonnes of fish, resulting in a significant disbursement of Maldivian Rufiyaas (MVR) 91.7 million (USD 6 million) to fishermen. This brings the total disbursement by MIFCO to MVR 965 million (USD 62.42 million) for the current year. 

The company increased the purchase price for fish from MVR 17 to MVR 25 per kilogram (USD 1.1 to USD 1.63) per kilogram on September 16, which has since led to the successful procurement of 9 401 tonnes of fish.

Despite increased fish quantities sourced from fishermen, MIFCO faces challenges in disbursing payments due to its obligation to purchase fish at a loss. The need for government assistance in funding compounds this situation. Delays in distributing funds to fishermen are attributed to difficulties securing the required funds from the Finance Ministry. These funds are necessary to cover the losses incurred by MIFCO, exacerbated by fluctuations in fish purchase prices.

MIFCO is undertaking modernisation efforts to transform it into a profitable enterprise and address challenges during the fishing season. After these upgrades, MIFCO’s cold storage capacity will rise by 48 per cent. Additionally, the government plans to increase freezing capacity by 37 per cent. MIFCO has also acquired three additional boats to enhance its fish procurement capabilities.

Source: https://www.plus.mv/english/mifco-acquires-54502-tonnes-of-fish/

Fiji deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 24 October. Ambassador Luke Daunivalu presented Fiji’s instrument of acceptance to Director-General Ngozi Okonjo-Iweala. DG Okonjo-Iweala said: “We are absolutely delighted that Fiji has presented its acceptance of the Agreement on Fisheries Subsidies. It is the first Pacific Island developing nation to do so, and we are confident it will not be the last. We hope this action will encourage not only Pacific but also all other members that have not yet decided to do so. We are delighted that Fiji took this important step during our Senior Officials Meeting.”

Ambassador Daunivalu said: “We are so pleased that Fiji can finally deposit its instrument of acceptance of the WTO Agreement on Fisheries Subsidies. It's a testament to our commitment to disciplining subsidies for illegal, unreported and unregulated (IUU) fishing. It's also a fulfilment of the promise made by our Deputy Prime Minister Manoa Seru Kamikamica when he was here some months ago during Fiji's fourth Trade Policy Review. Hopefully this paves the way for other members who have yet to ratify to do so, not just from the Pacific but from other parts of the world.”

Fiji's instrument of acceptance brings the total number of WTO members that have formally accepted the Agreement to 52. This is nearly half of what is needed for the Agreement to come into effect (two-thirds of the WTO membership). Adopted by consensus at the WTO's 12th Ministerial Conference (MC12), held in Geneva on 12-17 June 2022, the Agreement on Fisheries Subsidies sets new, binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world's fish stocks. In addition, the Agreement recognizes the needs of developing and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.

The Agreement prohibits support for illegal, unreported, and unregulated (IUU) fishing, bans support for fishing overfished stocks and ends subsidies for fishing on the unregulated high seas. Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to making recommendations by MC13, to be held in February 2024 in Abu Dhabi, United Arab Emirates, for additional provisions that would further enhance the disciplines of the Agreement.

Source:https://www.wto.org/english/news_e/news23_e/fish_24oct23_e.htm, 24 October 2023. 

Maldives has participated in the regional workshop on aquatic animal health organized by Indian Ocean Rim Association (IORA) held in Muscat, Oman from 22 - 26 October 2023. The workshop discussed aquatic animal health management, capacity building, disease diagnosis and treatment of cultured aquatic species in the member countries.

Source: Maldives Marine Research Institute, 26 October 2023.