President Dr Mohamed Muizzu has announced significant reforms for the Maldives’ fishing sector, including a new mechanism to ensure payments owed to fishermen are disbursed within 48 hours. The mechanism will be implemented starting Tuesday, fulfilling a major presidential pledge.
Speaking at K. Gaafaru on Monday, the President confirmed that MVR 38 million in payments had already been disbursed to clear the backlog owed to fishermen. Of this amount, MVR 32.4 million was deposited into accounts at the Bank of Maldives (BML) for 196 individuals, and MVR 5.6 million was deposited into Maldives Islamic Bank (MIB) accounts for 20 individuals. President Muizzu assured that such backlogs would not occur again.
From 10 December, fishermen will also benefit from the prefuel being made available at base rates from State Trading Organisation (STO) and Fuel Supplies Maldives (FSM) outlets in K. Himmafushi, GA. Kooddoo, Lh. Felivaru, and Addu Hulhumeedhoo. Additionally, STO will supply fuel at base rates from MIFCO boats operating in GA. Kooddoo and Lh. Felivaru.
The government is set to provide legal recognition to the fishermen’s registry, with the regulation to be gazetted on Thursday. Those listed in the registry will gain access to benefit schemes through BML, MIB, and STO.
President Muizzu reiterated his administration’s commitment to strengthening the resilience of the fishing sector. This includes expanding cold storage facilities to increase fish processing capacity and transferring ice plant operations to local councils to align with decentralised governance systems, should fishermen prefer this approach.
The President also highlighted his administration’s strategic plans to invest in the sector, ensuring its growth and substantial contribution to the nation’s GDP. These efforts aim to position fishing as a more resilient and financially beneficial industry for the Maldivian economy.
