President Dr. Mohamed Muizzu announced today that, as promised during last year’s presidential election campaign, funds will be available to fishermen within 48 hours starting tomorrow. During his visit to Gaafaru in Kaafu Atoll, the President revealed that 38 million rufiyaa owed to fishermen by the previous administration has been settled today. This payment was made to 196 fishermen with accounts at the Bank of Maldives (BML) and 20 fishermen holding accounts at Maldives Islamic Bank (MIB).
With the outstanding payments to fishermen now cleared, President Muizzu confirmed that starting tomorrow, funds will be released within 48 hours to every fisherman with a BML account. Efforts are also being made to ensure similar arrangements for those with MIB accounts.
The President acknowledged that fulfilling this promise couldn’t happen immediately upon taking office due to existing challenges. “It takes time. MIFCO required significant reforms, as its administrative setup was not optimal,” he stated, identifying this as a major hurdle.
“In the past 14 days, there was about 38 million rufiyaa pending for fishermen. That amount has now been credited to the boat owners,” he explained.
President Muizzu highlighted a new agreement between the Ministry of Finance, MIFCO, and the Bank of Maldives that ensures timely payments to fishermen, preventing future delays or backlogs. As he announced this timely release of funds, it coincides with this year’s Fishermen’s Day tomorrow.
