The Maldives Industrial Fisheries Company Limited (MIFCO) has deposited more than MVR 1.4 million in payments to 49 fishing vessels on Tuesday.

According to figures released by MIFCO, a total of MVR 1,473,841.28 was paid to fishing boats for their catch on the day.

When President Dr Mohamed Muizzu assumed office, payments amounting to MVR 250 million owed to fishermen had not been released by the previous administration. During the first year of the current Government, the outstanding payments were settled and a system was introduced to ensure fishermen receive payment within 48 hours. The mechanism was formally launched on Fishermen’s Day in 2024.

Since the introduction of the 48-hour payment system, fishermen have consistently been paid within the stipulated timeframe for weighed fish. Authorities say the reform has revitalised the fisheries sector, with fishermen who had previously left the industry returning to fishing activities.

Statistics published by the Maldives Monetary Authority (MMA) show that fish exports increased by 87 per cent during the first eleven months of 2025, reflecting the improved confidence and stability in the sector following the payment reforms.