The Maldives Industrial Fisheries Company (MIFCO) has disbursed MVR 26 million for fish that was weighed from 302 fishing vessels over the past week, according to data released by the state-run fish company.

Recent data indicates that MIFCO released a total of MVR 117 million for fish supplied by fishermen in January 2025, marking a 122 per cent increase from December, when MVR 52 million was distributed. This significant rise highlights the growing activity within the industry, driven by recent policy changes and Government initiatives.

In line with President Dr Mohamed Muizzu’s commitment, payments to fishermen are now processed within 48 hours of supply. This pledge was formally implemented on Fishermen’s Day, reinforcing the Government’s dedication to strengthening the fisheries sector. MIFCO has also reported an increase in the number of fishing vessels, a development attributed to new regulations that have encouraged greater participation in the industry.

Minister of Fisheries and Ocean Resources Ahmed Shiyam noted that the number of fishing boats has risen, with many young fishermen who had previously left the industry now returning. He stated that the Administration is focused on revitalising the sector and addressing challenges that have persisted for the past four decades. The minister further stated that these issues will be resolved within the first three years of the current Government.

As part of broader efforts to develop and promote the fisheries industry, the Government is implementing structural reforms within MIFCO, including improvements in governance.