Male, Maldives – The Maldives Industrial Fisheries Company Limited (MIFCO) has reported a significant increase in the number of fishing vessels heading out to sea, following the implementation of regular payments to fishermen. This development aligns with President Dr. Mohamed Muizzu's pledge to address long-standing issues in the fishing industry and ensure timely compensation for fishermen.

A Boost for Fishermen

One of the major challenges in the Maldivian fishing industry has been the irregular payment of fishermen for their catches. To address this, the current government promised to pay fishermen within 48 hours of weighing their fish. True to this commitment, MIFCO began releasing payments on December 10th, 2023.

Since then, the amount of fish weighed at MIFCO has increased significantly. Over the past seven days, an average of 272 metric tons of fish has been weighed daily. This marks a notable improvement compared to the period from August to mid-November, when only 5,771 metric tons of fish were weighed, and payments were delayed.

Financial Impact and Encouragement

From December 10th to January 10th, MIFCO weighed 5,248 metric tons of fish and disbursed MVR 61,525,311 to fishermen within the promised 48-hour window. Regular payments have provided much-needed financial stability for fishermen, who often spend around MVR 50,000 per trip on fuel and ice.

MIFCO has noted that the increase in fishing activity is particularly evident in Huvadhoo Atoll, where fishing conditions are currently favorable. The company predicts further improvements in the coming days, with a significant rise in the amount of fish weighed.

Government’s Commitment to the Fishing Industry

President Dr. Mohamed Muizzu has prioritized the development and diversification of the fishing industry, aiming to make it one of the highest revenue-generating sectors in the Maldives. By addressing payment delays and other concerns, the government is working to restore confidence among fishermen and strengthen the industry's contribution to the national economy.

This positive turnaround underscores the importance of timely payments and government support in revitalizing the fishing sector, which remains a cornerstone of the Maldivian economy.