Maldives Industrial Fisheries Company Limited (MIFCO) has deposited over MVR 1.4 million in payments to fishermen, covering catches delivered by 28 fishing vessels today.

According to figures released by MIFCO, a total of MVR 1,423,777.92 was paid for fish landed on 20 January. The payments were made to multiple vessels based on the size and category of fish supplied.

MIFCO stated that MVR 1,258,257.92 was paid to 11 fishing vessels providing skipjack tuna, while MVR 145,988 was allocated to 12 vessels that supplied yellowfin tuna weighing more than 10 kilograms. Payments were also made to five vessels for yellowfin tuna weighing over 15 kilograms, in line with the company’s current purchasing arrangements. The company confirmed that payments were processed within 48 hours.

The Government has previously stated that timely payments to fishermen is part of efforts to strengthen the fisheries sector. When President Dr Mohamed Muizzu assumed office, outstanding payments amounting to MVR 250 million had not been released to fishermen under the previous administration. The Government subsequently cleared these dues during its first year and introduced a policy to ensure payments are made within 48 hours of fish delivery.

Since the introduction of the accelerated payment system, authorities have said that fish landings and exports have increased. Further measures introduced in 2025 to support the fisheries sector include an increase in the purchase price of fish to MVR 16 per kilogram and a reduction in the price of fuel sold to fishermen to MVR 13 per litre.

MIFCO has also expanded its purchasing operations this year, including the procurement of larger yellowfin tuna weighing over 15 kilograms at a rate of MVR 25 per kilogram, as part of efforts to address market access challenges faced by fishermen and improve sectoral output.