The government has successfully disbursed USD 142.67 million to local fishermen since implementing its landmark 48-hour payment policy, Minister of Fisheries, Agriculture and Ocean Resources, Ahmed Shiyam has announced.
The rapid-disbursement system, which ensures fishermen are paid within 48 hours of weighing their catch, was a key campaign pledge of President Dr Mohamed Muizzu aimed at revitalising the nation's vital fisheries sector.
According to Minister Shiyam, the current administration inherited a challenging economic backlog of USD 16.21 million owed to fishermen by the state-owned Maldives Industrial Fisheries Company (MIFCO). Despite widespread skepticism over whether the government could clear the massive debt while simultaneously launching the ambitious 48-hour payout initiative, the backlog was completely settled under the President's direct instruction, he said.
"There was deep skepticism over whether fish weighed at MIFCO could be paid for, and whether such a large backlog of fishermen's bills could be resolved. However, the President gave high priority to settling the money owed to fishermen, and payments are now being made within 48 hours,” Minister Shiyam said, adding that as of August 27, USD 142.67 million has been successfully disbursed since the 48-hour payment arrangement began.
For years, delayed payments have been a primary grievance for fishermen and their families. Under previous administrations, these prolonged financial delays led to a steady decline in the number of Maldivians entering the trade. By guaranteeing prompt payments, the government aims to restore financial stability to fishing households and make the industry attractive to a new generation of workers.
Beyond resolving immediate payment issues, Minister Shiyam emphasised that the administration is executing broader structural reforms to modernise the fisheries sector. Current initiatives include doubling the Maldives' fish storage capacity, constructing new processing facilities, and implementing industry diversification plans.