News Desk
Fishermen across the Maldives can now get fuel on credit directly from MIFCO centers under a new deal signed today with Fuel Supplies Maldives (FSM).
The agreement was signed Tuesday afternoon at the MIFCO head office by MIFCO Chief Executive Officer and Managing Director Mohamed Anas and FSM Managing Director Fathimath Aashan, with board members from both companies looking on.
Under the new setup, fishing vessels that weigh their catch at MIFCO centers can get fuel on credit right away from FSM sheds located at those sites. Credit fueling kicked off today at the Felivaru, Kooddoo, and Addu Fisheries Complexes.
Fishermen can bring their fish weigh-in slip to the fuel shed to fill up. The cost of the fuel will be automatically deducted from the payment owed to the vessel for its catch, which is settled within 48 hours of weighing.
Credit fuel has been a top demand from boat owners and crew who often struggle with upfront cash flow before heading back out to sea. During recent visits to regional centers, MIFCO CEO Mohamed Anas heard these concerns directly from fishermen and pledged to work with the government on a solution.
The initiative follows specific directions from President Dr Mohamed Muizzu to ease operational bottlenecks for the fishing fleet. The new arrangement is expected to offer immediate financial relief to boat owners, making it easier to keep vessels running without waiting for cash payouts first.
