Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed more than MVR 1.5 million in payments to fishermen, covering fish landings delivered by 32 fishing vessels, according to figures released by the company.

MIFCO said a total of MVR 1,543,530 was deposited on 25 February in payment for fish supplied on 23 February. Of the total amount, MVR 1,421,155 was paid to 30 vessels for skipjack tuna landings.

Payments were also made for yellowfin tuna supplied under the company’s weight-based purchasing arrangements. According to MIFCO, MVR 51,600 was paid to 11 vessels for yellowfin tuna exceeding 10 kilogrammes, while a further MVR 70,775 was paid to eight vessels for yellowfin tuna weighing more than 15 kilogrammes.

The Government has said timely settlement of payments is part of efforts to strengthen the fisheries sector. When President Dr Mohamed Muizzu assumed office, outstanding payments to fishermen reportedly stood at around MVR 250 million. The arrears were subsequently cleared during the first year of the Administration, alongside the introduction of a policy to ensure payments are made within 48 hours of fish delivery.

Authorities have said fish landings and exports have increased since the introduction of the accelerated payment mechanism, citing improved cash flow and confidence within the fisheries sector.

This year marks the implementation of key policy measures introduced to support fisheries development. MIFCO has increased the purchase price of fish to MVR 16 per kilogramme and reduced the price of fuel sold to fishermen to MVR 13 per litre.

MIFCO has also expanded its purchasing operations in line with pledges made to fishermen. The company began purchasing yellowfin tuna in January, including fish weighing more than 15 kilogrammes from 11 January, followed by the introduction of purchases for yellowfin tuna weighing between 10 and 15 kilogrammes. Yellowfin tuna is currently being purchased at a rate of MVR 25 per kilogramme.