The Maldives Industrial Fisheries Company (MIFCO) has reported a 40 percent increase in payments to fishermen last week compared to the previous week.

According to the latest statistics published by MIFCO, the company disbursed MVR 11.6 million to fishermen over the past week, covering a total of 192 vessels. This marks a 39.8 percent increase compared to the second week of June, when MVR 8.3 million was paid out.

Saturday recorded the highest payout of the week, amounting to MVR 3.2 million for 40 vessels.

While disbursements increased in the third week compared to the second, the first week of June recorded the highest payout to fishermen. In that week, MIFCO disbursed MVR 16.7 million to 165 vessels.

Since Fishermen’s Day last year, fishermen have been receiving payments within 48 hours under President Dr Mohamed Muizzu’s initiative, a change that has led to a rise in the number of fishing vessels operating.

At a press conference last month, President Dr Muizzu noted that the timely payment system has had a positive impact, contributing to growth in the fisheries sector.

The President has prioritised the rights of fishermen, including formally recognising fishing as an occupation, to make it easier for them to obtain loans from banks.