President Dr Mohamed Muizzu has stated that while fisheries represent one of the nation’s most significant inherited economic strengths, the sector had experienced prolonged neglect in previous years. He emphasised that the current Administration has brought an end to this period and remains firmly committed to restoring prosperity to the industry by working closely with fishermen and incorporating their concerns into national development planning.
The President made these remarks this morning while delivering the Presidential Address at the first sitting of the first session of the 20th People’s Majlis for the year.
Addressing key challenges facing the sector, the President identified limited cold storage capacity as a major constraint. To address this, he announced that cold storage development projects in 8 regions are scheduled to be completed and handed over within the next 15 months.
The President further stated fuel affordability as a persistent challenge for fishermen. As part of measures to ensure access to fuel at State Trading Organisation (STO) rates, he noted that the first STO fuel skid was inaugurated in R. Dhuvaafaru on 13 December 2025, and stated that fuel skids will be established in every atoll within the next 3 months.
During his address, President Dr Muizzu stated that since 10 December 2024, payments to fishermen have been processed within 48 hours. Between 10 December 2024 and 3 February 2026, a total of MVR 1,016,329,376 was disbursed under this arrangement.
Turning to yellowfin tuna fisheries, the President stated that efforts are underway to address challenges faced by fishermen in the sector. He noted that arrangements are being made to provide subsidised fuel to yellowfin tuna fishermen, comparable to the benefits extended to skipjack tuna fishermen. He further announced that physical work on a modern packing facility in Hulhumalé will commence within the year, and stated that initiatives to facilitate the purchase of yellowfin tuna are progressing. The President reaffirmed the Administration’s objective to further develop the yellowfin tuna industry and enhance its contribution to the national economy.
Highlighting the importance of Fish Aggregating Devices (FADs), the President stated that expanding the FAD network remains a key Government policy. He noted that efforts are underway to improve FAD designs to enhance durability and reduce breakage. Under the project to deploy troll line and pole-and-line FADs, 41 devices were installed last year, making 2025 the year with the highest number of FAD installations recorded to date.
The President described the establishment of the National Register of Fishermen as a significant milestone aimed at strengthening the social and economic security of fishermen. He stated that 100 per cent of active fishing vessels have now been registered.
In addition, the President highlighted the launch of the 'Mahaa Manfaa' financing scheme during Fishermen’s Day celebrations last year. The scheme provides financial assistance ranging from MVR 50,000 to MVR 400,000 for fisheries-related activities, including fish processing, drying, packaging and storage. He further noted that arrangements have been made to finance 200 mariculture cages through Shari’ah-compliant concessional loans ranging from MVR 80,000 to MVR 640,000.
The President also stated that five specialised zones have been designated for mariculture development to diversify the fisheries sector. In response to evolving trends, he added that specific areas have been officially designated to promote sports fishing.
Concluding this segment of his Address, the President reiterated the Government’s policy to strengthen food security by increasing domestic production of essential food items. He stated that a favourable environment has been established to encourage agricultural investment, contributing to a more resilient and self-reliant economy.