It has been 12 months since the incumbent government resolved the long-standing payment delays that had plagued local fishermen for years. One of the persistent concerns among the fishing community was the irregular payment for their catch, a problem that worsened under the previous administration and contributed to a decline in the number of active fishermen.
When the incumbent government assumed office, the state-owned Maldives Industrial Fisheries Company Limited (MIFCO) was facing a crippling debt of around 16.2 million owed to fishermen for several months worth of sales. The issue was partly rooted in a presidential campaign period price increase, which pushed the purchase price of fish to USD 1.62 per kilogram — a rate that MIFCO, already operating at a loss, struggled to sustain.
Acting swiftly, the incumbent government paid off the USD 16.2 million backlog and introduced a system ensuring fishermen received payment within 48 hours of sales.
This reform was introduced during last year’s Fishermen’s Day, when all payments were processed within the two-day window. Since implementing the new policy, the government, during the year, has disbursed a total of USD 58.4 million for 58,510 tonnes of fish, restoring trust and stability in the sector.
The government has continued to demonstrate its commitment to managing the fishing industry as a national priority, with plans underway to expand operations and solidify fishing as one of the Maldives’ largest income-generating sectors. The proactive measures have not only eased financial strain on fishermen but also positioned the industry for long-term growth.