Since this government took office just over a year ago, a total of USD63.3 million has been released as payments to local fishermen, state-owned fisheries company, Maldives Industrial Fisheries Company (MIFCO) has said.
When this Administration took office in November last year, arrears to local fishermen amounted to around USD15 million.
Despite some initial setbacks, this Administration has gradually settled the arrears.
On this year’s Fishermen’s Day, celebrated on 10 December, President Dr Mohamed Muizzu had announced that his Administration had now made arrangements to settle payments to fishermen within 48 hours.
True to the President’s pledge, MIFCO is now depositing payments to fishermen well within 48 hours.
MIFCO said between 17 November 2023 to 28 December 2024, the company had purchased 55,925 metric tonnes of fish from local fishermen.
Payments released to fishermen during that period is around USD63.6 million, MIFCO said.
MIFCO highlighted the assistance and cooperation from the Ministry of Fisheries and Ocean Resources along with Bank of Maldives (BML) in the efforts to deposit payments to fishermen within 48 hours of purchases.
This Administration since taking over, has initiated significant efforts to enhance and diversify the country’s fisheries industry. The government has pledged to alleviate the issue faced by local fishermen within the next two years.