Huge day for fishermen: MVR 7M disbursed to 48 vessels

The largest sum of money in a single day since the commencement of disbursement of payments for fishermen within 24 hours was paid on Friday.

According to state fisheries company, Maldives Industrial Fisheries Company (MIFCO) MVR 7.65 million was disbursed as payments for 48 fishing vessels on Friday. Bank of Maldives (BML) credited the payments between 10:30am and 12:30pm.

MIFCO states payments for other bank transfers will be cleared by 4:30pm on the next banking day.

Big Pay Day for Our Fishermen!

A whopping MVR 7.65 million is on its way to 48 vessels (Fish landings: 12th Feb 2025). Payments will be credited 10:30AM - 12:30PM today, with other bank transfers clearing on the next banking day by 4:30PM. Happy fishing! pic.twitter.com/Gw4b9C00Zj

— MIFCO (@mifcomv) February 14, 2025

The disbursement of payments for fishermen within 24 hours commenced on December 10th with the disbursement of MVR 2,045,823.37.

The largest sum of money in a single day since the commencement of the initiative was paid on February 8th: MVR 6.5 million for 60 fishing vessels.

On January 12th, MIFCO announced an improvement in fisheries throughout the Maldives. According to statistics from the state fisheries company, an average of 280 metric tonnes of fish were weighed daily in January. However, there has been a recent decline in these numbers.

The current administration places a high priority on improving Maldives’ fisheries industry.

In this regard, Fisheries Minister Amed Shiyam has recently stated at the Parliament that 2025 will be the last year that fishermen need to wait in queues to sell their catch. He also said the government is set to launch a loan program with support from the World Bank to support private businesses market fish products and products such as animal feed made from fish byproducts such as heads, bones, skin, and fins.