The Maldives Industrial Fisheries Company (MIFCO) has disbursed more than MVR 10.4 million to fishermen during the first nine days of the year.

MIFCO said a total of MVR 10,395,195 was paid to fishermen between January 1 and January 9, with the highest single-day disbursement recorded on Monday, when more than MVR 2.2 million was paid out.

Payments during the period were spread across several days, beginning with approximately MVR 1.7 million disbursed on January 1, followed by MVR 1.5 million on January 3. Disbursements peaked on January 5 before continuing with around MVR 1.5 million on January 6 and MVR 1.4 million on January 7. Payments eased slightly thereafter, with just under MVR 1 million disbursed on January 8 and a further MVR 1.3 million paid on January 9.

MIFCO noted that total payments so far this year are lower compared to the same period last year, attributing the decline to a reduced number of fishermen going out to sea due to air pollution affecting fishing activity.

The current Administration has prioritised reforms aimed at revitalising the fisheries sector. Under President Dr Mohamed Muizzu, a system was introduced to ensure fishermen receive payments within 48 hours, alongside the clearance of outstanding arrears inherited from the previous Administration.

The improved payment mechanism has encouraged fishermen who had previously left the industry due to financial difficulties to return, contributing to an increase in both active fishermen and fishing vessels. The Government has also formalised fishing as a recognised occupation through the establishment of a National Fishermen’s Register, enabling fishermen to access banking and other financial services.

Reflecting these developments, fish exports have increased by 87 per cent, according to the latest statistics released by the Maldives Monetary Authority.