The Maldives Industrial Fisheries Company (MIFCO) has announced the disbursement of USD 894,942 to fishermen as of 12 January, marking a significant step in the government's renewed commitment to the vital sector.
This swift payment, delivered within a 48-hour window as pledged by President Dr Mohamed Muizzu, is already yielding positive results.
According to MIFCO, the prompt settlement of dues has directly led to an increased number of fishing vessels going out to sea, ensuring a more consistent supply.
This financial injection is a key component of a broader strategy to revitalise the fisheries industry, a cornerstone of the administration's economic vision. Central to this effort are decisive measures including a price increase for fish, now bought from fishermen at USD 1.04 per kilogram, coupled with a substantial reduction in fuel costs for vessels, now sold at USD 0.84.
Beyond immediate financial incentives, the government is implementing a multi-faceted approach for long-term development. The Ministry of Fisheries and Ocean Resources has launched specialised training programmes aimed at fostering interest in fishing among the youth.
Concurrently, plans are underway to double the nation's fish storage capacity, develop modern processing facilities, and expand the industry's overall footprint. The overarching goal is to transform fisheries into the largest income-generating sector in the Maldives, capitalising on its current position as the nation's primary export and increasing its contribution to the national economy.