According to statistics published by MIFCO, more than MVR 100 million was disbursed to fishing vessels that weighed their catch with MIFCO in January 2025.
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The fisheries sector has long been one of the most vital industries in the Maldives, serving not only as a primary source of employment but also as an essential means of sustenance. Fish has played a key role in Maldivian culture for centuries, and despite tourism and other industries emerging as major contributors to economic stability, the fisheries sector remains the backbone of the nation. However, the industry continues to face significant challenges, particularly concerning delayed payments to fishermen, which have caused persistent difficulties over the years.
Amid growing frustration, numerous protests, and repeated calls for action from fishermen, President Dr. Mohamed Muizzu pledged to ensure that payments for fish catches would be made within 48 hours. Additionally, he promised to implement necessary reforms to enhance and develop the fisheries sector. The issue of delayed payments not only burdened individual fishermen but also affected the state-owned fisheries company, MIFCO, which struggled with debt, making it difficult to meet financial obligations. In response, Fisheries Minister Ahmed Shiyam outlined key strategies aimed at addressing these challenges. These included exploring ways to boost state revenue to create a stable financial foundation for timely payments, introducing competitive pricing mechanisms to ensure steady income for fishermen, and strengthening MIFCO’s management to improve operational efficiency.
The initial results of these government-led initiatives are now beginning to materialize. According to statistics published by MIFCO, more than MVR 100 million was disbursed to fishing vessels that weighed their catch with MIFCO in January 2025. Further highlighting this progress, the Fisheries Ministry reported that a total of 8,324 metric tonnes of fish were weighed by MIFCO that month, marking one of the most successful periods for the Maldivian fisheries sector in recent years. Additionally, fishermen are finally seeing tangible outcomes from their persistent demands, as the government has followed through on its commitment to ensure timely payments. As a result, fishermen now receive their payments within 48 hours of weighing their catch, fulfilling the President’s promise and fostering renewed confidence in the industry’s future.
