The Maldives Industrial Fisheries Company (MIFCO) has paid some of the outstanding bills for fish purchased from fishermen.
According to a statement on MIFCO's official X account today, payments for bills up to April 9, 2024, have now been completed. MIFCO still has a one-week "backlog" of payments owed to fishermen. The company has not disclosed details on how this remaining amount will be paid.
Although President Dr. Muizzu promised to pay fishermen within 48 hours of weighing their catch, this promise remains unfulfilled five months into his administration. The government cites the state's financial situation as the reason for the delay, adding that MIFCO is facing bankruptcy and is currently undergoing restructuring. However, statistics from the MMA and Maldives Customs show that fish sold to MIFCO is being exported regularly, bringing substantial dollar revenues into the state treasury.
Despite the delays in paying fishermen, other state expenditures are proceeding as usual. Even though the Finance Ministry has ordered cost-cutting measures, spending continues in areas other than payments to fishermen.
Fishermen are closely monitoring the situation. Fishermen and captains who spoke to Keyolha noted that the President made frequent trips to the atolls with large delegations leading up to the elections. Fishermen described these trips as state-funded travel for political purposes. Furthermore, they pointed out that people are being hired for high-paying state and political positions ahead of the elections. Therefore, fishermen said they do not believe the failure to pay them is due to a lack of state funds, as the reality is clearly visible to them.
Fishermen also expressed concern over MIFCO's phrasing in its news releases. They said that using the phrase "from the money issued to fishing vessels" implies that MIFCO is gifting money to the fishermen. They emphasized that this is not money given by MIFCO, but rather debt owed to the fishermen. Therefore, fishermen suggested it would be more appropriate to use the phrase "paying bills" to avoid confusing the public.
Despite not paying fishermen regularly, MIFCO has announced numerous job vacancies and granted promotions to over 100 existing employees in the lead-up to the elections.
