Maldives Industrial Fisheries Company Limited (MIFCO) has deposited MVR 949,237.32 to 28 fishing vessels for fish procured on 11 January. The consistent payment follows President Dr Mohamed Muizzu’s efforts to ensure timely payments to fishermen, addressing delays left by the previous administration, which failed to release MVR 250 million owed to fishers. Under the current Administration, fishermen now receive payments within 48 hours of procurement, boosting both fish collection and exports.

The Government is also focused on expanding the fisheries sector, including doubling the capacity of fish storage and processing facilities. Diversification plans aim to make fisheries the highest income-generating industry in the Maldives, providing stronger economic support for communities dependent on fishing. MIFCO’s latest payments reflect a broader commitment to modernising and sustaining the country’s fisheries industry.