The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed more than USD 300,000 to fishermen so far this month, despite a seasonal slowdown in activity due to the holy month of Ramadan.
According to the latest figures released by the state-owned enterprise, 233 boats have landed 352 metric tonnes of fish, generating a total payment of USD 333,498 to the vessels that supplied their catch.
The company noted a decline in the number of boats venturing out to fish during Ramadan, which has directly impacted the overall volume of catch and, consequently, the disbursements. The single largest payout occurred on 2 March, when USD 46,325 was paid to 21 boats for their catch.
The figures reveal that skipjack tuna fishermen received the largest share of the payments, totaling USD 265,888. They were followed by fishermen catching larger fish (over 15kg), who received USD 52,965 and those catching fish over 10kg, who were paid USD 21,766.
This prompt payment cycle marks a significant shift from previous delays, with fishermen now receiving payments for their catch within 48 hours. The improvements are part of a broader government initiative to support the vital sector, which also includes offering subsidised fuel to fishermen across the nation and increasing fish purchase prices.
The government has stated its commitment to further expanding the fishing industry, aiming to solidify its status as one of the largest income-generating sectors in the country’s economy.