Minister of Fisheries and Marine Resources Ahmed Shiyam has said that the State-owned Maldives Industrial Fisheries Company (MIFCO) was heavily dependent on Government support when the current Administration assumed office, but that reforms introduced over the past two years have reduced the company’s reliance on State funding.

Speaking during an interview on MMTV, the Minister said that one of the Government’s key priorities since 2023 has been to ensure timely payments to fishermen through MIFCO, in order to restore confidence in the sector and stabilise supply chains. He stated that more than MVR 2 billion has been paid to fishermen since President Dr Mohamed Muizzu took office.

Minister Shiyam said irregular payments had previously discouraged participation in the fisheries sector, with some fishermen leaving the industry due to financial uncertainty. He noted that the introduction of regular and predictable payments has encouraged those who had exited the sector to return, contributing to improved supply to processing facilities.

The Minister attributed recent operational improvements at MIFCO to policy changes aimed at strengthening the company’s commercial capacity, including measures to improve fish purchasing, exports and debt management. He said the Administration’s objective is for MIFCO to operate as a financially sustainable enterprise, capable of meeting its obligations to fishermen and business partners with reduced reliance on direct State support.

According to MIFCO’s 2024 financial report, the company’s revenue declined from MVR 2.009 billion in the previous year to MVR 1.076 billion. The Minister acknowledged that 2024 and 2025 have been challenging years for the company, citing market pressures and operational constraints, but said efforts are under way to strengthen earnings and stabilise the company’s business model.

The Government has stated that its longer-term policy is to transform MIFCO into a financially viable State-owned enterprise, capable of operating sustainably while supporting the livelihoods of fishermen.