Fast-Track Payments Boost Fishing Boom in the Maldives

Introduced on Fishermen’s Day in 2024, the directive ensures that fishermen are paid within 48 hours of landing their catch — a change that’s already making a big impact.

The Maldives Industrial Fisheries Company (MIFCO), the state-owned operator, has confirmed a strong increase in vessel landings and payments. In the most recent reporting week, 379 fishing boats delivered their catch — a 55.9% rise from the previous week’s 243 vessels. Payments to crews more than doubled, reaching USD 1.56 million compared to USD 733,001.10 the week before. Monday alone saw 75 boats offload their catch, earning a combined payout of USD 334,378.11.

This surge is being seen as a sign of growing confidence among fishermen, many of whom had long struggled with delayed payments. The government credits the fast-payment model for restoring trust and encouraging wider participation in the industry.
The Maldives Monetary Authority also points to a direct link between quick payments and rising exports. From January to May this year, the country exported 38,800 metric tonnes of fish — a 66% increase from the same period in 2024. Chilled and fresh skipjack tuna made up most of that total, with 35,260 metric tonnes exported, up 79% from the year before.

To build on this momentum, the Muizzu administration has set out a clear plan to strengthen the fishing sector. This includes upgrading port infrastructure, improving logistics, and solving long-term inefficiencies. These efforts are set to roll out within the government’s first three years.

Fishing has long been central to Maldivian life — and now, with new policies and solid state backing, it may once again become a key part of the nation’s economic engine.