President tells fishermen price hike will follow assured 48-hour payments

The government-owned Maldives Industrial Fisheries Company (MIFCO) will increase the purchase price of fish to MVR 20 per kilogram once it is certain that payments to fishermen can be made within 48 hours of purchase, President Mohamed Muizzu said on Monday.

The President reaffirmed his earlier pledge to raise the purchase price while meeting with fishing vessel captains. He noted that the government has already fulfilled the commitment to ensure payments within 48 hours since last year’s Fishermen’s Day.

According to the President’s Office, Muizzu told fishermen that the price increase would only be implemented once it was confirmed that payments would not be interrupted.

At the meeting, fishermen highlighted several challenges they face, including the overall decline in fisheries, difficulties in securing loans from the Bank of Maldives, problems in obtaining fishing licences, and MIFCO’s request to convert fishing poles to digital systems. Fishermen also shared information about conditions in various atolls, including Vaavu Atoll, which they said is among the richest areas for plankton.

In response, the President pledged to address their concerns. He said he would discuss with the Bank of Maldives ways to simplify loan applications for fishermen and reduce the documentation required. He also said dredging projects in Vaavu Atoll would be carried out in consultation with fishermen.

The President further explained ongoing efforts to ensure oil is sold at the same price as State Trading Organisation (STO) outlets across the country, and that MIFCO is working to expand its role in fuel distribution.

Meanwhile, companies in the fishing industry have expressed concern that raising the purchase price of fish to MVR 20 per kilogram could impact the sustainability of fish exports to international markets.