Over MVR 1.1 billion disbursed to vessels that sold fish to MIFCO

Since the state fisheries company, MIFCO, began disbursing payments within 48 hours to vessels selling fish, over MVR 1.1 billion has been paid out up to this June, according to the Minister of Fisheries, Agriculture and Marine Resources Ahmed Shiyam.

Speaking at a press conference held at the President's Office today, the Minister noted that paying fishermen for their catch within 48 hours is a very important pledge among the promises made by the President to fishermen. He stated that when the government took over in 2023, there was a very large backlog, and the President gave top priority to clearing that backlog. The Minister added that after clearing the backlog in December 2024 and commencing the 48-hour payment to fishermen, over MVR 1.1 billion has been disbursed to fishermen so far.

"Since December 2024, we have been disbursing payments to fishermen within 48 hours. So far, over MVR 1.1 billion has been paid to fishermen," said Fisheries Minister Ahmed Shiyam.

When this government assumed office in 2023, MIFCO was heavily in debt to fishermen. While the backlog of fishermen's bills stood at MVR 250 million at the time, since this government cleared that backlog and started making regular payments within 48 hours, a total of MVR 1,175,803,626.60 (One billion, one hundred and seventy-five million, eight hundred and three thousand, six hundred and twenty-six Rufiyaa and sixty Laari) has been disbursed to fishermen to date.