Minister of Fisheries and Ocean Resources, Ahmed Shiyam, revealed today that Maldives Industrial Fisheries Company (MIFCO) faces a substantial backlog of MVR 300 million in unpaid dues to fishermen.

The minister assured that concerted efforts are underway to clear this outstanding amount by next month, addressing concerns raised by fishermen who gathered in Gaafu Alif Atoll, Kooddoo, today.

The announcement comes amidst protests by fishermen who have experienced delays in receiving payments for their catch over the past months.

Minister Shiyam emphasized that the funds would be released to the fishermen, and after the backlog is cleared, a regular schedule of payments will be instituted, ensuring a timely settlement for weighed catches on a weekly basis.

To address the ongoing protest and engage with the concerned fishermen, Minister Shiyam is scheduled to visit Kooddoo this evening.

The minister affirmed his commitment to explaining the government's solutions to the cash crisis and finding a swift resolution to the payment issue.

President Dr. Mohamed Muizzu had earlier expressed the government's commitment to ensuring fishermen receive their dues, even considering the possibility of MIFCO taking a loan to meet the financial obligations.

The urgency of the matter is underscored by the ongoing protest and its potential impact on the fishing industry.

This financial challenge is a result of pricing adjustments made during the last presidential election campaign, where the price of fish was initially increased from MVR 17 to MVR 25.

However, due to increased financial burdens on the state, the price has since been reduced to MVR 20, leading to economic implications that the government is actively addressing.