The Maldives Industrial Fisheries Company (MIFCO) has announced the disbursement of over MVR 30.8 million to fishermen as of July 22, in keeping with President Dr Mohamed Muizzu’s commitment to ensure prompt payment for catches. The move reflects a notable improvement in financial efficiency and has contributed to a boost in fishing output and export revenue.
MIFCO confirmed that the payments—totalling MVR 30,841,282—were made within 48 hours of fish delivery, as per the government’s current policy. Daily payouts included MVR 1.3 million on July 1, MVR 1.5 million on July 2, and peaked at MVR 4.1 million on July 10. The consistent flow of payments is aimed at improving cash liquidity for fishers and encouraging continued engagement in the sector.
Upon assuming office, President Muizzu cleared MVR 250 million in outstanding dues left unpaid by the previous administration. Since then, MIFCO has adhered to the 48-hour payment policy, helping to reinvigorate confidence among the fishing community.
The policy shift appears to be yielding tangible results. According to the Maldives Monetary Authority (MMA), fish exports between January and April 2025 rose sharply to 31,300.1 metric tonnes—an increase of 64.7 percent compared to the same period in 2020. Exports of fresh, chilled, and processed fish alone climbed from 15,948 metric tonnes last year to 24,742 metric tonnes this year.
Revenue from fish exports also saw a significant boost. While exports generated USD 37 million during the first four months of 2020, the figure rose by 42.1 percent to USD 52.5 million (approximately MVR 809.5 million) in the same period this year.
April 2025 alone recorded 31,409 metric tonnes of fish weighed—an increase of over 4,500 metric tonnes compared to the same month last year—highlighting the renewed momentum in the sector.
Government officials say the gains reflect a broader strategy to support the fishing industry through timely payments, improved infrastructure, and better access to global markets. The sector remains a cornerstone of the national economy and a vital source of income for thousands of Maldivians.
