Government Disburses $142 Million to Fishermen Following 48-Hour Payment Pledge

The Maldivian government has disbursed USD 142.67 million to local fishermen since implementing a landmark 48-hour payment policy, aimed at revitalizing the nation's critical fisheries sector. Minister of Fisheries, Agriculture and Ocean Resources, Ahmed Shiyam, announced the figures, confirming that the system ensures fishermen receive payment within two days of weighing their catch. The initiative was a cornerstone campaign pledge of President Dr Mohamed Muizzu. Upon taking office, the administration inherited a significant economic backlog, with the state-owned Maldives Industrial Fisheries Company (MIFCO) owing USD 16.21 million to fishers. Minister Shiyam noted that despite initial skepticism regarding the government's ability to clear this debt while launching a rapid-payment system, the backlog was fully settled under the President's direct instruction. "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," Minister Shiyam stated. He emphasized that the President prioritized these payments to ensure financial stability for those in the trade, with the current disbursement total reaching USD 142.67 million as of August 27. For years, delayed payments served as a primary grievance for fishing communities, contributing to a steady decline in Maldivians entering the profession. By guaranteeing prompt payouts, the government intends to restore financial security to fishing households and make the industry more attractive to a new generation of workers. Beyond the immediate resolution of payment delays, Minister Shiyam highlighted ongoing structural reforms to modernize the sector. These broader initiatives include doubling the nation's fish storage capacity, constructing new processing facilities, and implementing diversification plans to ensure the long-term sustainability of the Maldives' most vital traditional industry.