Minister of Fisheries and Ocean Resources Minister Shiyam has stated that the previous administration had raised the fish purchase price from USD1.1 per kg to USD1.6 per kg, but fishermen were not paid at that rate by the end of the term. He made the statement in response to queries from parliamentarians regarding the recent change of the purchase price from USD1.6 per kg to USD1.3 per kg.
Speaking at the Parliament, Minister Shiyam said that the previous government's decision to raise the fish purchase price to USD1.6 per kg, just before the second round of the presidential election held in 2023, lacked proper research and was driven by political motives. Therefore, he emphasised the substantial financial burden borne by the state. He also revealed that while last year's budget allocated USD16 million as subsidy, the figure doubled to USD32 million due to the altered fish purchase prices.
Additionally, Minister Shiyam highlighted that upon President Dr. Mohamed Muizzu assuming office, there was a pending payment of USD16 million to fishermen. Currently, he said that USD27 million has been disbursed, leaving USD18 million outstanding. He also assured that efforts are underway to expedite payment within 48 hours, as promised by the President, responding to the urgent demand from fishermen.
Furthermore, Minister Shiyam conveyed the government's commitment to clearing the existing payment backlog and ensuring timely disbursement starting from March. He underscored the upcoming elections and emphasised the decision to lower fish purchase prices as indicative of President Dr. Muizzu's goodwill. He also said that the measure is aimed to safeguard the Maldives Industrial Fisheries Company Limited (MIFCO) from bankruptcy, ultimately benefiting fishermen.