The Maldives Industrial Fisheries Company (MIFCO) has disbursed over MVR 30 million to fishermen as of July 22, in line with President Dr Mohamed Muizzu’s pledge to ensure timely payments.

According to MIFCO, a total of MVR 30,841,282 has been released so far this month, with payments made within 48 hours of fish being delivered.

Daily disbursements for July include MVR 1.3 million on July 1, MVR 1.5 million on July 2, and MVR 3.5 million on July 3, with subsequent days recording similar or higher figures. Notably, MVR 4.1 million was paid on July 10.

Upon assuming office, President Dr Muizzu cleared MVR 250 million in outstanding payments owed to fishermen by the previous administration. Since then, the Government has upheld a policy of releasing funds within 48 hours, significantly boosting fishing activity and production.

According to the Maldives Monetary Authority (MMA), fish exports have increased sharply. From January to April this year, 31,300.1 metric tonnes of fish and fish products were exported, compared to 19,005.1 metric tonnes during the same period in 2020, marking a 64.7 per cent rise. Exports of fresh, chilled, and processed fish have also grown, with 24,742 metric tonnes exported this year, up from 15,948 metric tonnes last year.

Reports indicate that, compared to last year’s total of 26,904 metric tonnes of fish weighed, April 2025 recorded a 16.7 per cent increase, reaching 31,409 metric tonnes.

Export revenues have also improved. Between January and April 2020, fish exports generated USD 37 million (approximately MVR 570 million). This year, the value has surged by 42.1 per cent to USD 52.5 million (around MVR 809.55 million).