Maldives Industrial Fisheries Company (MIFCO) has confirmed that it disbursed more than MVR 13 million to fishermen during the first two weeks of January, reflecting continued efforts to ensure timely payments within the fisheries sector.
According to figures released by the company, a total of MVR 13,894,957.56 was paid to fishermen between January 1 and January 14, 2026, with disbursements made almost daily during the period.
Payments began on January 1, with approximately MVR 1.6 million, followed by MVR 1.5 million on January 3 and MVR 2.1 million on January 5. Further payouts included MVR 1.4 million on January 6 and MVR 1.3 million on January 7. Subsequent payments continued steadily, with close to MVR 1 million disbursed on January 8, MVR 1.2 million each on January 9 and January 12, less than MVR 1 million on January 13, and MVR 1.2 million on January 14.
The consistent payment schedule follows reforms introduced under the current administration led by Mohamed Muizzu, which prioritised revitalising the fisheries sector. A new system was implemented to ensure fishermen receive payments within 48 hours, alongside efforts to clear outstanding arrears inherited from the previous administration.
Officials say the improved payment mechanism has helped restore confidence among fishermen, encouraging many who had previously exited the industry due to financial challenges to return. This has contributed to a rise in both the number of active fishermen and fishing vessels.
As part of broader sector reforms, the government has also formally recognised fishing as an occupation through the creation of a National Fishermen’s Register, enabling fishermen to access banking services and other financial facilities previously out of reach.
Reflecting the impact of these measures, the Maldives Monetary Authority (MMA) has reported an 87 percent increase in fish exports, highlighting renewed growth and momentum within the fisheries sector.
