The backlog of outstanding payments to fishermen has been cleared, President Dr Mohamed Muizzu has announced, revealing that the administration is set to commence payments within 48 hours of fish purchases. The announcement was made during his visit to Gaafaru, Kaafu Atoll, as part of his ongoing two-day tour of several islands in the Alifu Alifu and Kaafu Atolls.
In line with the administration's electoral pledge, President Dr Muizzu confirmed that fishermen with accounts at the Bank of Maldives Plc. (BML) will begin receiving their payments within 48 hours, starting Tuesday.
He declared, "As of today, we have fully resolved the backlog of outstanding payments to fishermen.” President Dr Muizzu also revealed that the government has settled overdue payments to fishermen over the past 14 days, amounting to approximately US$2.46 million.
"Have been deposited to fishermen and [fishing] vessel owners, 196 of those with BML accounts have been paid US$2.4 million, and 20 vessel owners with MIB [Maldives Islamic Bank Plc.] accounts have been paid over US$363,000. This ends the backlog, which will not reoccur again," he said.
President Dr Muizzu underscored that, starting Tuesday, the government will ensure payments to fishermen within 48 hours of purchasing their catch, specifically for those with BML accounts.
"A special agreement was signed Sunday. The Ministry of Finance, MIFCO [Maldives Industrial Fisheries Company Ltd.], and BML signed an agreement. Under this arrangement, if they [fishermen and vessel owners] have a BML account, they will receive payment within 48 hours of purchase. We have to make such arrangements for those with MIB accounts," he revealed.
The promotion and development of the fishery sector is a high priority for this administration. Earlier announcements included plans to double fish storage capacity and increase fish processing capacity. The administration also intends to diversify the fishery sector, expand its reach, and enhance the income generated within the sector, President Dr Muizzu added.