President Dr. Mohamed Muizzu has announced that the longstanding backlog of payments owed to fishermen has been fully resolved. He made the statement during a visit to Gaafaru in Kaafu Atoll, part of his two-day tour across islands in Alifu Alifu and Kaafu Atolls.
In a significant move aligned with his administration’s electoral pledges, President Muizzu confirmed that fishermen with accounts at the Bank of Maldives (BML) would begin receiving payments within 48 hours of their catch being purchased, starting Tuesday.
The president revealed that over the past two weeks, the government settled outstanding payments to fishermen totaling approximately $2.46 million. Of this, $2.4 million was deposited to 196 fishermen and vessel owners with BML accounts, while $363,000 was paid to 20 vessel owners banking with Maldives Islamic Bank (MIB).
“This ends the backlog, which will not reoccur again,” President Muizzu assured, adding that payments would be streamlined moving forward.
Agreement Ensures Prompt Payments
President Muizzu also disclosed a new agreement signed between the Ministry of Finance, the Maldives Industrial Fisheries Company (MIFCO), and BML. The arrangement guarantees that fishermen with BML accounts will receive payments within 48 hours of fish purchases. Plans are underway to introduce similar mechanisms for those using MIB.
Expanding and Enhancing Fisheries
The administration has prioritized the fishery sector as a cornerstone of economic development. President Muizzu reiterated plans to double fish storage capacity, expand fish processing capabilities, and diversify the industry to boost income generation.
“We are committed to promoting and developing this sector to improve the livelihoods of fishermen and enhance the nation’s economy,” the president stated.
This policy shift underscores the government’s broader effort to strengthen the Maldives’ traditional fishing industry and ensure it remains a sustainable and profitable venture for future generations.
