President Dr Mohamed Muizzu has announced that fishermen will start receiving payments within 48 hours of their catch, starting tomorrow. The announcement was made during his visit to K. Atoll, where he emphasised the significance of the fishing industry to the Maldivian economy.

The President highlighted that fulfilling this promise faced challenges, but arrangements have now been made to ensure timely payments. He shared that MIFCO (Maldives Industrial Fisheries Company) has already disbursed MVR 38 million in outstanding payments to fishermen, clearing the backlog.

“We have worked tirelessly to overcome this issue,” President Dr Muizzu said.

He explained that a three-party agreement has been signed between the Ministry of Finance, MIFCO, and the Bank of Maldives (BML) to facilitate the new payment system.

“From tomorrow, if a fishing vessel has an account with BML, the payments will be deposited within 48 hours of the catch,” he confirmed.

The President expressed gratitude to BML for supporting this initiative, stating, “The bank has shown its commitment as the bank of the people.” However, he noted that fishermen with accounts at the Maldives Islamic Bank (MIB) would need to explore alternative arrangements.

President Dr Muizzu also addressed the fuel challenges faced by fishermen. He highlighted a programme launched last month to ensure that fuel is available at STO rates from at least one island in every atoll. He reaffirmed his commitment to fulfilling this pledge by the end of next year.