President Muizzu Announces Over $24 Million in Payments to Fishermen

President Dr Mohamed Muizzu has revealed a significant achievement in the Maldives’ fisheries sector, with over USD 24.97 million disbursed to fishermen since the launch of a policy guaranteeing payments within 48 hours of purchasing their catch. The announcement was made during the first episode of the new podcast, Rayyithunnaa Eku, which aims to increase transparency and improve communication between the government and the public.

Introduced on December 10, 2024, the payment initiative was a key promise during President Muizzu's campaign. The policy ensures that fishermen are paid without delay, a commitment that has been honored every day since its inception, even during public holidays. The initiative not only fulfills the president’s pledge but also seeks to stabilize and grow the country’s vital fisheries sector.

This effort is part of a broader vision to position the fisheries industry as a cornerstone of the Maldives’ economy. The administration is addressing sectoral challenges while investing in critical infrastructure to support growth. One such development is the construction of a fish cannery in Hulhumalé by the Maldives Industrial Fisheries Company (MIFCO), which will process up to 35 tonnes of fish daily, enhancing the country’s processing capabilities. This project is backed by a USD 65 million loan from the Islamic Development Bank.

The payment initiative follows a challenging financial situation inherited by the administration in late 2023, with outstanding debts to fishermen exceeding USD 16.21 million. These arrears have since been cleared, demonstrating the government’s commitment to supporting the livelihoods of those in the fishing community.