President Muizzu Says Fish Purchase Price Will Be Increased After Ensuring Timely Payments to Fishermen

President Dr Mohamed Muizzu has stated that the government will only increase the fish purchase price once it can be guaranteed that fishermen receive payment within 48 hours of the sale.

The President made the remarks during a meeting with fishermen held at the President’s Office on Monday morning. The meeting provided an opportunity for fishermen to share their views and suggestions on improving the fishing industry.

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According to the President’s Office, fishermen at the meeting highlighted their most urgent concern as determining when the fish purchase price would be increased to MVR 20 per kilogram. In response, President Muizzu said the increase could only take place once uninterrupted payment within 48 hours could be ensured. He, however, assured that the price would be increased in due course.

Fishermen also discussed the various challenges they face, including the decline in fisheries and the difficulties in obtaining loans from the Bank of Maldives (BML). The President acknowledged these issues and pledged that the government would take measures to address them. He said he would instruct BML to simplify its loan application procedures and reduce the amount of documentation required.

President Muizzu further noted that land reclamation projects currently underway in Vaavu Atoll would continue in consultation with fishermen to ensure their perspectives are taken into account. He also outlined efforts by the State Trading Organization (STO) to standardise fuel prices across all atolls, adding that he aims to complete this initiative by March next year.

The President said that the Maldives Industrial Fisheries Company (MIFCO) is also working to commence fuel sales and emphasised that he would take immediate steps to resolve fishermen’s concerns.

President Muizzu’s comments come after his announcement on 22 September that the government intends to raise the fish purchase price to MVR 20 per kilogram, a pledge made during his presidential campaign. Following this announcement, several private companies involved in the fishing industry expressed concern about the potential impact of the price change.