In line with President Dr. Mohamed Muizzu's presidential pledge, the Maldives Industrial Fisheries Company (MIFCO) has maintained its record of prompt payments, disbursing over MVR 900 million to fishermen to date.
Paying fishermen within 48 hours of weighing their catch at MIFCO was a presidential pledge made by President Dr. Mohamed Muizzu. The President announced the implementation of this pledge during his visit to K. Gaafaru on December 9 last year, while speaking at a meeting with the island's residents.
On that day, the President stated that starting from December 10, 2024, uninterrupted payments would be issued for the fish sold to MIFCO. Following the President's decision, under an agreement reached between the Finance Ministry, MIFCO, and the Bank of Maldives (BML), MIFCO has been continuously paying fishermen within 48 hours for their catch since that date. To date, a total of MVR 900,322,300 has been disbursed for 58,510 tonnes of fish weighed by fishermen. Today marks exactly one year since MIFCO began maintaining this record.
When MIFCO began issuing payments within 48 hours, very few vessels were weighing fish at the company. This was because many vessels had suspended fishing operations due to the lack of regular payments for their catch. At the time, some vessels did not go out to sea because they lacked the funds to buy the fuel and ice needed to operate, had no way to arrange food for the crew, and faced crew members abandoning the vessels due to unpaid wages, leaving businesses unviable and desperate. In despair, some fishermen who were fishing at the time gave up, left their vessels, and started taking land-based jobs with monthly salaries. Some vessels were converted into supply boats, while some owners sold their vessels entirely.
While fishermen were in despair, unable to meet their basic living needs without payment for their sold catch, MIFCO's regular payments starting from December 10, 2024, led to an increase in vessels going out to sea, and fishermen who had left the boats have now begun returning to the industry. In particular, the return of young people who had left the vessels to go fishing again is seen as a positive sign. The assurance the government now provides is the guarantee that uninterrupted payments will continue to be made to fishermen.
The greatest joy for fishermen under this government has been the arrangement of regular payments for their weighed catch and the assurance that these arrangements will continue permanently. The hardships fishermen endured for so long have come to an end with the commencement of 48-hour payments. When payments were not received, there was no way to repay large loans that had been taken out. Utility bills went unpaid, and electricity and water had to be cut off in many homes. Many families living in Male' ended up on the streets. Fishing families became destitute. They were out of options. However, the living conditions of such fishing families have now changed. It is not just the condition of those families that has changed. The economic activities in the islands, which had stalled due to fishermen not receiving payments, have now restarted. Money has started flowing into island restaurants and cafes. With vessels buying provisions, money has also started flowing into general stores on the islands.
The government's aim is to diversify fisheries and significantly increase the income derived from the sector. Specifically, the government is taking numerous steps to alleviate the hardships faced by fishermen and reduce their expenses on fuel and ice. Notable initiatives include arranging for fishermen from all atolls in the Maldives to receive fuel at the STO base rate, facilitating loans to install RSW systems on vessels, and ongoing projects to establish ice plants in areas where ice is currently unavailable. Furthermore, with the determination to make fishermen a state-recognized group, a national fishermen's registry has been compiled, and arrangements have been made for fishermen to access BML loan facilities that are issued to government employees.
