The Maldives Industrial Fisheries Company (MIFCO) has disbursed USD 60 million to fishermen by the end of the year 2025.
According to MIFCO, in line with President Dr Mohamed Muizzu’s pledge to ensure settlement within 48 hours of sales to the state-owned company, the number of fishing vessels in the country has accelerated last year, strengthening the industry’s overall capacity.
According to MIFCO’s figures, over 58,000 tons of fish have been purchased in 2025, and payments of up to USD 60,056,158.96 has been disbursed to fishermen in payouts, leading to increased confidence among fishermen. February 2025 was recorded to have the highest payout, with USD 8.9 million expended for pay to fishermen.
Last year saw major reforms to the fishing sector announced and implemented by the government. Previously, MIFCO’s maximum fish purchase rate was USD 1.03 for 1.5 kg and above. However, the policy has been amended such that USD 1.03 is now the minimum rate at which fish are purchased. On fuel prices, speaking on fuel prices, a reduction by 3.3 cents per litre for fishing vessels, and by 4.6 cents for fishing vessels with a catch over 3 tonnes was implemented. These reductions are expected to save fishermen around USD 65 from their current fuel purchasing prices.
The government has reaffirmed it’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.