Since President Dr Mohamed Muizzu took office, the Government has cleared over MVR 200 million in unpaid dues owed by the state fishing company MIFCO to fishermen, resolving longstanding payment delays that had hindered the sector.

By November 2024, all outstanding payments were fully disbursed. Building on this, the Government fulfilled a key campaign promise from the 2023 presidential election by introducing a new system ensuring fishermen receive payment within 48 hours of delivering their catch. This policy was officially implemented on December 10, 2024, following coordination between the Ministry of Finance, Maldives Industrial Fisheries Company (MIFCO), and Bank of Maldives (BML).

Early data confirms the positive impact of the reform. According to the Maldives Monetary Authority (MMA), fish catches in the first quarter of 2025 increased by 5.3 per cent compared to the same period last year, reversing a 28.4 per cent decline recorded in 2023.

Fishermen caught 24,902 metric tonnes of fish in the first three months of 2025, up from 23,644.2 metric tonnes in 2024. The volume of skipjack tuna increased by 6.9 per cent, rising from 19,900.1 metric tonnes to 21,269.2 metric tonnes.

Fish product exports also surged, with 21,599.4 metric tonnes exported in the first quarter of 2025, a 51.5 per cent rise compared to 14,259.9 metric tonnes during the same period last year. Exports of skipjack tuna grew even more sharply, up 64.9 per cent from 9,107.1 metric tonnes to 16,323.4 metric tonnes. Yellowfin tuna exports increased by 5.2 per cent, from 2,899.9 metric tonnes to 3,250.1 metric tonnes.

The financial value of fish and fish product exports rose 22.3 per cent year-on-year, reaching USD 34.3 million in the first quarter of 2025, compared to USD 28.1 million dollars during the same period in 2024.

Since the introduction of the 48-hour payment scheme, MIFCO has disbursed nearly MVR 500 million to fishermen. This timely payment system has encouraged many fishermen who had previously left the industry due to delayed payments to return to fishing, contributing to a steady rise in the number of operational fishing vessels.

The Government continues to prioritise fisheries development by expanding fish processing and packaging capacity, enhancing storage facilities, and upgrading infrastructure to improve access to fuel and ice for fishermen.