The Maldives Industrial Fisheries Company (MIFCO) has announced the disbursement of MVR 9 million to local fishermen for their catch delivered during the past week.

According to official statistics released by the state-owned company, 101 fishing vessels supplied their catch to MIFCO last week. The decrease in activity is attributed to the observance of Ramadan and the Eid al-Fitr holidays, during which the number of active fishing boats typically declines.

The most productive day of the week, April 4, saw MVR 4 million distributed among 37 vessels, reflecting a concentrated peak in fishing activity despite the overall reduction in operations.

In contrast, data from the previous week indicates that 177 boats had delivered fish to MIFCO, with payments totalling MVR 11.9 million. The comparison highlights the seasonal impact of religious festivities on the fishing industry.

Fulfilling a pledge made by President Dr Mohamed Muizzu, MIFCO has implemented a system ensuring that fishermen are compensated within 48 hours of delivering their catch. This initiative, which was launched on Fishermen’s Day, has been positively received and is reportedly contributing to an increase in fishing activity.

The Government has reaffirmed its commitment to developing the fisheries sector into one of the country’s primary sources of income. As part of its broader strategy, the Government aims to resolve key industry challenges within the first three years of its Administration. Plans are also underway to construct a modern fish processing facility in Uthuru Thilafalhu with support from the Islamic Development Bank, a project intended to enhance processing capacity and export potential.