Payments to local fishermen have been processed within 48 hours for the first time, in line with President Dr Mohamed Muizzu's pledges for the fishing sector.
Announcing the achievement on social media, Minister of Fisheries and Ocean Resources Ahmed Shiyam revealed that USD 155,596 had been deposited into the bank accounts of local fishermen for their catch sold to Maldives Industrial Fisheries Company (MIFCO), the state fishing company. The Minister described the achievement as a historic milestone, noting that this was the first time payments had been settled within 48 hours since existing payment backlogs were cleared on 7 December. He also praised the President for finding comprehensive solutions to major challenges facing the fishing industry for years.
President Dr Muizzu's administration has prioritized enhancing the fisheries sector, with efforts underway to double fish storage capacity and establish additional processing facilities. The government has plans to diversify the industry, aiming to make it the largest income-generating industry in the Maldives, surpassing tourism.
Other initiatives for the fisheries sector include compiling a national registry of fishermen. While the President has assured that the registration rules will be gazetted next week, the initiative allows fishermen to seek loans from the Bank of Maldives (BML) and the Maldives Islamic Bank (MIB).