Maldives Industrial Fisheries Company Ltd. (MIFCO) has made a significant policy shift under this administration, ensuring that paying fishermen for their catch its top financial priority, Minister of Fisheries and Ocean Resources Ahmed Shiyam has stated.
Previously, paying fishermen was the least important priority for MIFCO, according to Minister Shiyam. In an interview with PSM News, Minister Shiyam underscored that this policy has since been reversed by the President Dr Mohamed Muizzu administration. The new policy ensures that fishermen receive payment within 48 hours of selling their catch, fulfilling an electoral pledge by President Dr Muizzu.
Minister Shiyam highlighted that delays in payments and a growing backlog of outstanding payments had been a significant concern for local fishermen. When the current administration took office, according to Minister Shiyam, there was a backlog amounting to US$16.2 million. The administration has since cleared this backlog, ensuring timely payments moving forward, he added.
The Minister also underlined that President Dr Muizzu had been working closely with relevant authorities to ensure the fulfillment of this pledge. He noted that previously, payments and other services related to fishermen were the least priority for MIFCO. Now, under the new policy, paying fishermen is the biggest spending priority from MIFCO's income, he stated.
Minister Shiyam also added that the administration is undertaking significant efforts to promote and develop MIFCO, ensuring it operates without outside influence.