Five Months Since 48-Hour Payments Began: MVR 76.4 Million Disbursed to Fishermen

Statistics show that the Maldives Industrial Fisheries Company (MIFCO) has disbursed MVR 76.4 million to fishermen over the past five months since it began paying for fish within 48 hours.

Paying fishermen within 48 hours for fish weighed at MIFCO facilities and carriers is a presidential pledge of President Dr. Mohamed Muizzu. Under an agreement between MIFCO, Bank of Maldives (BML), and the Finance Ministry to ensure uninterrupted payments for fish purchased from fishermen, the 48-hour payment system commenced on December 10 last year.

Since December 10, MIFCO has been consistently paying fishermen's bills within 48 hours without interruption. The company shares these details on its social media platforms and provides daily updates to the media. According to the statistics released by the company so far, from December 10 to May 10 (five months), MIFCO has disbursed MVR 76.4 million to fishermen. This covers fish sold by fishermen from December 8 to May 8. During this period, MIFCO purchased 5,863.23 metric tonnes of fish from 1,116 vessels, totaling MVR 91.9 million. The payments were disbursed after deducting the cost of ice, fuel, and other services taken on credit by the fishermen from MIFCO.

Although fishermen had previously lost trust in MIFCO due to irregular payments for their catch, the resumption of prompt payments has restored their confidence, leading to a significant increase in the number of vessels weighing fish at MIFCO.

When the current administration took office, MIFCO's backlog stood at MVR 250 million. By clearing this backlog and initiating prompt payments in line with President Dr. Mohamed Muizzu's presidential pledge, the government's popularity among fishermen has grown. The number of vessels going fishing has increased, and some youth who had previously left the industry are now returning to fishing.

As part of the initiative to pay for fish sold to MIFCO within 48 hours, President Dr. Mohamed Muizzu has assured that uninterrupted payments to fishermen will continue in the future. He has also previously stated his commitment to resolving the current difficulties faced by fishermen, assuring that these issues will be addressed by listening to their concerns.