The Maldives Industrial Fisheries Company (MIFCO) has commenced the disbursement of MVR 17.3 million in outstanding payments to local fishermen. According to a statement issued yesterday, the payments cover fish weighed between 24th August and 25th September, with all funds expected to be released by the end of the day, supported by government assistance.
Last week, MIFCO held discussions with both the Ministry of Fisheries and the Ministry of Finance regarding the settlement of outstanding payments, some of which date back to early September. The company has reaffirmed its commitment to clearing all pending dues by the end of this week.
MIFCO’s latest figures reveal that over MVR 1 billion has been paid out to fishermen from 17th November to 14th July this year. The timely disbursement of payments, within a 48-hour window, is a key electoral pledge of the current administration. However, Fisheries Minister Ahmed Shiyam previously acknowledged that economic constraints have hindered the full implementation of this promise.
In an effort to streamline future payments, MIFCO aims to establish a system of weekly payments by the end of the year, offering greater financial stability to fishermen. Despite the government’s lowering of the fish purchase rate from MVR 25 to MVR 20 in February—down from the rate raised during the September presidential election under the previous administration—delays in payment disbursement have persisted.
In response to growing concerns from fishermen, who have staged protests across the country over delayed payments, the government has now introduced a mechanism to adjust the purchasing rate based on market conditions and export costs. Minister Shiyam noted that the revised rates will be reviewed weekly, with the goal of ensuring payments are made within a two-week timeframe.
The government remains committed to addressing the concerns of fishermen, with MIFCO and the relevant ministries working towards ensuring timely payments and sustainable fishing practices.
