President Dr Mohamed Muizzu has pledged a sustainable resolution to the financial challenges facing the bigeye tuna industry, acknowledging that delayed payments by private buyers remain a longstanding concern for fishermen.
In an effort to restore confidence in the sector, the government is advancing plans to establish state-run fish processing facilities in Kanduoiygiri and Hulhumalé. The facilities are intended to form the backbone of a government-backed purchasing system, providing fishermen with a reliable alternative to private entities.
President Muizzu said the administration has implemented a policy guaranteeing payment within 48 hours of fishermen selling their catch to state-owned companies. He noted that the measure has stabilised a system previously affected by significant payment backlogs, offering timely financial relief to those in the industry.
To further strengthen the sector, the government is financing the installation of refrigerated seawater (RSW) systems to improve fish storage and quality. Loans have already been issued to 35 fishing vessels, with credit facilities extended to an additional 200 boats. The President also announced plans to establish fuel stations in every atoll by next March, aimed at reducing operational costs and ensuring affordable access to fuel nationwide.
These initiatives are supported by the formal recognition of fishermen by financial institutions, enabling their eligibility for low-interest loans from the national bank.