Starting tomorrow, the government has decided to fulfill its promise to pay fishermen within 48 hours of weighing their catch at Maldives Industrial Fisheries Company (MIFCO) facilities.
This was announced just now by President Dr. Mohamed Muizzu while speaking to the residents of K. Gaafaru.
The President stated that to arrange the disbursement of payments within 48 hours of weighing fish, an agreement was reached yesterday between the Ministry of Finance, Bank of Maldives (BML), and MIFCO. Under this agreement, vessels with accounts opened at BML will have the funds deposited within 48 hours.
"The result of this arrangement is that, starting tomorrow, if there is an account at BML, the process of depositing money for every fishing vessel within 48 hours of weighing fish from that vessel has been arranged," the President said.
The President noted that with this decision, while funds will be deposited to vessels with BML accounts starting tomorrow, work needs to be done to arrange solutions for vessels with accounts opened at Maldives Islamic Bank (MIB).
In his speech, the President highlighted and thanked BML for arranging the disbursement of payments to fishermen. He also noted the efforts being made to demonstrate that BML is the bank of the people.
