More than MVR 10.8 million was disbursed to fishermen in February according to figures released by the Maldives Industrial Fisheries Company (MIFCO), in ongoing efforts to ensure timely payments to fishermen.

A total of MVR 10,805,949.30 was paid to fishing vessels during the period. Of this amount, MVR 9,091,446.30 was paid for skipjack tuna, while MVR 469,548 was paid for yellowfin tuna exceeding 10 kilogrammes. An additional MVR 1,244,955 was paid for yellowfin tuna exceeding 15 kilogrammes.

The improved payment process follows changes introduced after President Dr Mohamed Muizzu assumed office, at which time outstanding payments to fishermen reportedly stood at around MVR 250 million. The Administration subsequently cleared the arrears within its first year and introduced measures to ensure fishermen are paid within 48 hours of fish deliveries.

Since the introduction of the 48-hour payment mechanism, the Government has said both fish landings and exports have increased, attributing the growth to improved confidence and cash flow within the fisheries sector.

2025 marked the start of the implementation of key policy measures aimed at developing the fisheries sector by the Government. MIFCO has increased the purchase price of fish to MVR 16 per kilogramme and reduced the price of fuel for fishermen to MVR 13.

MIFCO also began purchasing yellowfin tuna in January as part of a pledge made by President Dr Muizzu to expand market access for fishermen. On 11 January, the company commenced purchases of yellowfin tuna weighing more than 15 kilogrammes, with purchases of fish weighing between 10 and 15 kilogrammes subsequently introduced. MIFCO is currently purchasing yellowfin at a rate of MVR 25 per kilogramme.