The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed over MVR 5 million to fishermen so far this month, according to the latest statistics released by the State-owned company.

MIFCO reported that a total of 352 metric tonnes of fish have been weighed from 233 fishing vessels, with MVR 5,142,537 issued as payments. The company noted that more than 200 vessels have supplied fish during the period.

MIFCO stated that the total amount disbursed has declined compared to previous periods due to a reduction in fishing activity during Ramadan. The highest single-day payout recorded during the month stood at MVR 714,333, issued to 21 vessels on 2 March.

Breakdown of payments shows that the largest share of earnings, amounting to MVR 4.1 million, was issued to fishermen supplying skipjack tuna followed by MVR 816,720 for Yellowfin tuna weighing over 15 kgs and MVR 335,636 for Yellowfin tuna weighing more than 10 kgs.

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.