In a major milestone for the fishing sector, payments to local fishermen have been processed within 48 hours for the first time, fulfilling a key promise made by President Dr Mohamed Muizzu.

Minister of Fisheries and Ocean Resources, Ahmed Shiyam, announced that a total of USD 155,596 had been deposited into the bank accounts of fishermen for the catch they sold to the Maldives Industrial Fisheries Company (MIFCO), the state-run fishing company. This marks the first time payments have been settled within 48 hours, following the clearance of previous payment backlogs on 7 December.

Minister Shiyam described the achievement as historic, highlighting that it represents a significant step forward in addressing long-standing issues within the fishing industry. He also praised President Muizzu for his leadership in finding comprehensive solutions to the challenges faced by fishermen in the country.

The Muizzu administration has made significant strides in prioritizing the growth and development of the fisheries sector. Efforts are underway to double the fish storage capacity and build additional processing facilities. The government aims to diversify the industry, with an ambitious goal of surpassing tourism to become the Maldives’ largest income-generating sector.

In addition to these developments, the government has initiated plans to create a national registry of fishermen, which will enable them to access loans from financial institutions such as the Bank of Maldives (BML) and the Maldives Islamic Bank (MIB). The registration rules for this initiative are set to be gazetted next week, with expectations that it will further empower and support local fishermen.

These efforts reflect the government's commitment to not only improving the livelihoods of fishermen but also strengthening the broader economy by diversifying and expanding the fisheries sector.