Over MVR 58 million has been paid to fishermen so far this month, according to figures released by the Maldives Industrial Fishing Company (MIFCO), reflecting continued efforts to ensure timely payments to the fishing community.

MIFCO said a total of MVR 58,686,147 was disbursed to fishing vessels between 1 and 22 December, with payments being made on a near-daily basis. The company has been sharing updates on the disbursements as part of its transparency measures.

The funds were released across multiple days throughout the month, with daily payments ranging from just over MVR 2 million to as high as MVR 6 million, depending on catch volumes and delivery schedules. MIFCO said the payments were issued directly to fishermen in line with its current settlement system.

The improved payment process follows changes introduced after President Dr Mohamed Muizzu assumed office, at which time outstanding payments to fishermen reportedly stood at around MVR 250 million. The Administration subsequently cleared the arrears within its first year and introduced measures to ensure fishermen are paid within 48 hours of fish deliveries.

Since the introduction of the 48-hour payment mechanism, the Government has said both fish landings and exports have increased, attributing the growth to improved confidence and cash flow within the fisheries sector.

MIFCO said it will continue to release payments promptly and provide regular updates on disbursements, as the Government maintains its focus on strengthening the fisheries industry and supporting the livelihoods of fishermen across the Maldives.