President: Fishermen will receive payments within 48 hours starting tomorrow

President Dr. Mohamed Muizzu announced on Monday that fishermen who have accounts with the Bank of Maldives (BML) will begin receiving payments within 48 hours starting Tuesday.

During his 2023 presidential campaign, President Muizzu pledged to settle payments to fishermen within 48 hours.

Addressing a rally in K. Gaafaru on Monday morning, President Muizzu announced that the government has signed an agreement with the national bank under which fishing boats that have opened bank accounts at the BML will receive payments within 48 hours of sale of their catch.

He said the change will come into effect on Tuesday – which coincides with the National Fishermen’s Day.

President Muizzu added that MVR 32 million in pending payments to fishermen – which he said was the last of the outstanding dues – were disbursed earlier on Monday.

The 48-hour payment settlement mechanism was established through an agreement between Finance Ministry, Maldives Industrial Fisheries Company (MIFCO), and BML.

Addressing Monday’s rally, President Muizzu thanked BML for its cooperation.

“In Sha Allah, the pledge I made will be delivered starting tomorrow,” he said.

The 48-hour payment settlement will initially be solely available for fishing boats with accounts at the BML.

But President Muizzu said the government is also working on making a similar arrangement with the Maldives Islamic Bank (MIB).

President Muizzu also announced that the State Trading Organization (STO) will begin supplying fuel at base rates to fishermen from K. Himmafushi, S. Hulhumeedhoo, GA. Kooddoo, and Lh. Felivaru starting Tuesday.

The fuel will be available from the outlets of Fuel Supplies Maldives (FSM) – a subsidiary of the STO.

President Muizzu said the government is also working to supply fuel at base rates to fishermen from MIFCO’s ships in Kooddoo and Felivaru.

“By the end of 2025, fuel will be available at STO rate from across the country as promised,” he said.

“We are listening to the fishermen and working to work in accordance with their wishes.”

The delay in payments is an issue of key concern to fishermen – and one that has sparked multiple protests.