The Maldives Industrial Fisheries Company Limited (MIFCO) has stated that payments totalling MVR 5 million were deposited on Friday to 53 fishing vessels.

The latest figures released by MIFCO show a total of MVR 5.27 million was paid for fish purchased on 22 April.

Of this amount, MVR 5.18 million was paid to 50 vessels for skipjack tuna. A further MVR 5,260 was paid to five vessels for yellowfin tuna weighing over 10 kilograms, while MVR 84,125 was paid to 12 vessels for yellowfin tuna weighing more than 15 kilograms.

When the Government assumed office, outstanding payments to fishermen stood at approximately MVR 250 million. These dues were cleared within the first year, alongside the introduction of a mechanism to ensure payments are made within 48 hours.

Since the implementation of the 48-hour payment system, the fisheries sector has seen increased activity, with higher volumes of fish being landed and exported.