In line with President Dr. Mohamed Muizzu's presidential pledge, the Maldives Industrial Fisheries Company (MIFCO) has maintained a record of uninterrupted payments to fishermen.
Paying fishermen within 48 hours of weighing their catch at MIFCO is a presidential pledge of President Dr. Mohamed Muizzu. The President announced that this would be implemented during his visit to K. Gaafaru on December 9 last year, while speaking at a meeting with the island's residents.
Government decides to issue payments to fishermen within 48 hours starting tomorrow
The President stated that day that uninterrupted payments for fish sold to MIFCO by fishermen would commence on December 10, 2024. In accordance with the President's decision, under an agreement reached between the Ministry of Finance, MIFCO, and Bank of Maldives (BML), MIFCO has been continuously paying fishermen within 48 hours for their catch since that day. Today marks three months since MIFCO has maintained this record.
Up to today, from December 8, 2024, to March 8, 2025 (three months), MIFCO has paid for the fish purchased from fishermen without any failure. Payments to fishermen have not been interrupted even on government holidays or public holidays. This has never happened in any previous administration. This is a record by all measures.
During these past three months, 21,645 metric tonnes of fish from 4,379 vessels were weighed at MIFCO's facilities and boats. This amounts to a total of MVR 327,146,742 (three hundred and twenty-seven million, one hundred and forty-six thousand, seven hundred and forty-two rufiyaa). During this period, after deducting the cost of ice and fuel purchased by the vessels from MIFCO, a total of MVR 313,122,904 (three hundred and thirteen million, one hundred and twenty-two thousand, nine hundred and four rufiyaa) has been disbursed to the fishermen.
When MIFCO started issuing payments within 48 hours, very few vessels were weighing fish at the company. This was because many vessels had suspended fishing due to not receiving regular payments for their catch. At that time, some vessels did not go fishing because they lacked the funds to buy the fuel and ice needed to operate the vessels, there was no way to arrange food for the crew, crew members were leaving the vessels due to non-payment, and businesses were at a dead end unable to make ends meet. In despair, some fishermen who were fishing at the time gave up, left their vessels, and started taking up salaried land-based jobs. Some vessels were converted into supply dhonis, while some vessel owners sold their vessels.
While fishermen were in despair, unable to meet their basic living needs without receiving money for the fish they sold, MIFCO's prompt payments starting from December 10, 2024, have led to an increase in vessels going fishing, and fishermen who had left their vessels are now beginning to return to fishing. Especially, the return of youth who had left the vessels to go fishing again is seen as a positive sign. The assurance given by the government now is that uninterrupted payments will continue to be made to fishermen.
President gives assurance that 'issuing payments within 48 hours of weighing fish' will continue uninterrupted!
The greatest joy for fishermen under this administration is the arrangement to receive prompt payments for their catch and the assurance that these arrangements will run permanently. The hardship endured by fishermen for ages has come to an end with the commencement of payments within 48 hours. When payments were not received, there was no way to pay off large loans that had been taken. Utility bills could not be paid, 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 at a dead end. However, the living conditions of such fishing families have now changed. It is not only 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 starting to buy food supplies, money has also started flowing into general stores in the islands.
The current government's aim is to diversify fishing and significantly increase the income derived from it. In particular, the government is taking many steps to ease the hardships faced by fishermen and reduce their expenses on fuel and ice. In this regard, notable projects include arranging for fishermen to get fuel at the STO base rate from all atolls in the Maldives, arranging loans for installing RSW on vessels, and establishing ice plants in some areas where ice is currently unavailable. Furthermore, with the determination to make fishermen a state-recognized group, a national registry of fishermen is being compiled, and work is underway to arrange for fishermen to receive BML loan facilities issued to government employees and to participate in the STO credit scheme.
