The Maldives Industrial Fisheries Company Limited (MIFCO) has announced the disbursement of over MVR 78 million to local fishermen for catch purchased throughout the month of April. This marks a significant continuation of the government’s commitment to ensuring financial stability within the industry.

According to the latest statistics released by MIFCO, a total of 4,414 metric tonnes of fish were processed during the last month. Payments totaling MVR 78,778,405 were distributed among 1,068 fishing vessels. The majority of these funds were allocated to skipjack tuna fishermen, who collectively received MVR 77,660,455.

The breakdown of the disbursements further reveals that yellowfin tuna fishermen also received substantial payments. Specifically, 196 vessels weighing yellowfin over 15kg were paid MVR 1,002,350, while 91 vessels weighing fish over 10kg received MVR 115,600.

This streamlined payment process follows a directive from President Dr. Mohamed Muizzu, who established a mechanism during Fishermen’s Day 2024 to ensure payments are settled within 48 hours of purchase. Since taking office, the current administration has also cleared approximately MVR 250 million in outstanding debts inherited from the previous government, aiming to revitalize the national fisheries sector.