President Dr Muizzu has announced new financial support measures for the fisheries sector, including Lui Loans through the banking system and credit facilities from the State Trading Organization (STO). 

The President highlighted these initiatives in his Presidential Address, emphasising the sector's vital role in the nation's identity and economy.

He also reaffirmed his commitment to modernising and strengthening the fisheries industry to ensure its sustainability. A key part of this effort includes a system that guarantees fishermen receive funds within 48 hours, aligning with promises made earlier. He also noted that all outstanding payments owed to fishermen from the previous administration have now been settled.

To further expand the sector, multiple infrastructure projects are set to be undertaken in phases throughout the year. These include the construction of cold storage facilities in Lhaviyani Felivaru, Gaafu Dhaalu Fiyoari and Faafu Nilandhoo, along with a fish processing plants and cold storage facilities in Gaafu Dhaalu Thinadhoo, Meemu Mulah, Gaafu Alif Kooddoo, and Haa Alif Ihavandhoo and a factory in Hulhumalé. 

According to the President, the cold storage facilities in Felivaru and Thinadhoo are expected to be completed by the end of the year, while the factory in Hulhumalé along with the cold storage facilities in Ihavandhoo and Mulah, is slated for completion in 2026. Meanwhile, the cold storage and fish processing plants in Nilandhoo and Fiyoari are projected to be operational by early 2027.

As part of the Administration’s efforts to improve regulatory frameworks, 95 per cent of the nation’s fishing vessels have been registered in the national fisheries network. This registration allows fishermen to access lui loans via the banking system, with applications for STO credit facilities expected to open by the end of the year. The President stressed the importance of recognising and supporting those working in the fisheries sector, describing the nation as a unified entity where all contributions should be valued.

Addressing long-standing challenges, the President acknowledged the persistent issues fishermen face in acquiring ice. To resolve this, budget allocations for the current fiscal year will be used to finance the construction of ice plants. These projects will be funded through a combination of Government spending, bank loans, and financial assistance from Saudi sources. Construction is set to continue in locations including Dhaalu Meedhoo, Shaviyani Funadhoo, Dhaalu Bandidhoo, Haa Alif Dhidhdhoo, Shaviyani Komandoo, Haa Dhaalu Kulhudhuffushi, and Alif Alif Rasdhoo.

In addition, the Government has introduced a financing scheme through the Islamic Development Bank, enabling 100 fishing vessels to install Refrigerated Sea Water (RSW) systems under a facility ranging from MVR 100,000 to MVR 2,000,00 without requiring a mortgage. Fishermen will also have access to funds for purchasing essential equipment such as generators and solar panels.

The Government is also prioritising fuel accessibility for fishermen and the general public. By the end of the year, fuel skid stations from STO will be established in each atoll, facilitating the sale of diesel at regulated rates.