Maldives Industrial Fisheries Company (MIFCO) has announced that out of the MVR 80 million owed to fishermen, MVR 46 million will be paid out by end of the day.

MIFCO's Media Official Ibrahim Saeed told 'One' on Thursday that the process of disbursing the due payments began on Wednesday, and MVR 46 million will be paid to fishermen by end of the day.

Saeed added that efforts are underway to clear the overdue payments soon as possible.

When the current Administration came to power, there was a backlog of MVR 250 million in unpaid dues to fishermen. The Government has so far released over MVR 600 million to fishermen.

Fisheries Ministry said they are working to establish a system whereby fishermen can receive their payments within 48 hours of delivering their catch.