Statistics from the Maldives Industrial Fisheries Company (MIFCO) reveal that MVR 10.4 million was disbursed to fishermen during the first nine days of the year. According to these figures, the highest single-day disbursement within this period occurred on Monday.
The latest data released by the state-owned fisheries company shows a total of MVR 10,395,195 was paid to fishermen from the start of the year through January 9th. This represents a 64 percent decrease compared to the same period last year. MIFCO attributed this decline in payments to unfavorable weather conditions, which restricted fishing vessels from heading out to sea.
The peak disbursement within these nine days was recorded last Monday, with MVR 2.2 million distributed to the fishing community.
Daily Disbursement Breakdown for the First 9 Days:
- January 1: MVR 1,659,378
- January 3: MVR 1,508,161
- January 5: MVR 2,179,020
- January 6: MVR 1,473,841
- January 7: MVR 1,389,941
- January 8: MVR 917,492
- January 9: MVR 1,267,359
In alignment with the pledge made by President Dr. Mohamed Muizzu, payments for fish catch are now being settled within 48 hours. MIFCO noted that this new efficiency in the payment process has encouraged more vessels to engage in fishing activities.
The recently concluded year, 2025, marked a period of significant policy decisions and implementation aimed at advancing the fisheries sector. Under these initiatives, MIFCO increased the purchase price of fish to MVR 16 per kilogram, while the price of fuel sold to fishermen was reduced to MVR 13 per liter.
The government remains committed to addressing the challenges facing the Maldives’ fishing industry through various strategic efforts. Key projects currently underway include doubling the nation’s fish storage capacity and developing new processing facilities. Furthermore, the administration is working on diversification plans to expand the industry, aiming to establish fisheries as the Maldives’ primary source of revenue.
