Minister of Fisheries and Ocean Resources Ahmed Shiyam has announced that the government has cleared all outstanding funds owed by the previous administration to fishermen and transferred the funds to the Maldives Industrial Fisheries Company Limited (MIFCO).
Speaking to PSM News, Minister Shiyam acknowledged the financial challenges faced by the government when President Dr. Mohamed Muizzu took office but highlighted that they have managed to settle all pending payments to fishermen.
Further, Shiyam mentioned the outstanding funds have been reallocated to MIFCO, and payments to boat owners are being processed by MIFCO, with the assurance that it will be transferred to Bank of Maldives (BML) accounts within a day. However, he noted that if someone has an account with another bank, there might be slight delays over the weekend.
The minister emphasised that the previous administration owed fishermen USD 16.2 million, and settling this long-overdue payment presented significant challenges. President Muizzu had earlier announced that the payments to fishermen would be completed before the Holy month of Ramadan. He also assured that new payments would be processed within 48 hours of fish processing.