The Maldives Industrial Fisheries Company (MIFCO) has disbursed USD 395,592.29 to fishermen, marking one of the highest single-day payouts in recent history. The payment was made to 92 fishing vessels that sold their catch two days earlier, in line with President Dr Mohamed Muizzu’s pledge to ensure settlement within 48 hours of sales to the state-owned company.
MIFCO officials said the accelerated payment system has encouraged more fishing vessels to resume active operations, strengthening the industry’s overall capacity. However, records indicate that the highest single-day disbursement to date remains the USD 496,104.94 paid on 12 February.
Meanwhile, the Ministry of Fisheries and Ocean Resources has reaffirmed the government’s commitment to addressing key challenges within the fisheries sector over the next three years. Officials said plans are under way to double storage capacity and expand processing facilities, measures viewed as essential to diversifying the industry and reinforcing fisheries as a major contributor to national revenue.