President Dr. Mohamed Muizzu has fulfilled his biggest pledge to fishermen during the presidential election of 2023, which was to pay in U.S. dollars within 48 hours of weighing fish, by paying in Maldivian Rufiyaa after many days to boat owners with accounts at Bank of Maldives (BML).

He made these remarks while addressing the community of Gaafaru island of Kaafu atoll on Monday, as part of his ongoing tour of some islands of Alif Alif atoll and Kaafu atoll.

Speaking to the Gaafaru community, Muizzu said that when he took office, the fishing industry was in a terrible state. He said there were hundreds of millions in outstanding payments, with a backlog of about MVR 250 million. He said that MVR 38 million that was due to be paid in the last 14 days has since been deposited to boat owners. The president said there would be no backlog now.

Muizzu said that payments have been made in MVR 32.4 million for 196 people with accounts at the country’s national bank and MVR 5.6 million for 20 boat owners with accounts at Maldives Islamic Bank (MIB).

Highlighting that significant arrangements were made on Sunday, Muizzu noted that an agreement was signed between the Ministry of Finance, BML, and Maldives Industrial Fisheries Company Limited (MIFCO).

These arrangements are expected to pave the path for money to be deposited within 48 hours of weighing fish to every fishing boat with an account at BML from Tuesday onwards.

Speaking to the Gaafaru community, the president said that the promise will be fulfilled from Tuesday onwards and that if a fishing boat has an account at BML, money will be deposited into that boat's account within 48 hours of weighing fish. However, he said that an additional way is needed for those with MIB accounts.

Muizzu said that his promise was to pay within 48 hours, but given the situation when he took over the government, it was not possible to do it on the second day of his presidency.

He said that by Monday, more than MVR one billion was paid, including the cost of fuel subsidies despite a slight delay, which he said wasn’t how he promised to do it.

Noting that although payments were made, the reason why the practical work of the promise to pay within 48 hours had not started was because of this, Muizzu said that plans are being finalized to revive and expand the fishing industry. Highlighting that it takes time to get there, Muizzu stressed that they have had to work to first reform MIFCO from its current state and that there is still a lot of work to be done.

Muizzu said that even administratively, the organization wasn't in good order and that they have been very careful in advancing the industry with many such issues until now.

Muizzu had back then assured that if he is elected, fishermen would be paid in U.S. dollars for their catch within the first 48 hours. Muizzu's promises to fishermen also include arranging for payments in dollars for weighed fish.

According to fishermen, the incumbent administration is the most negligent government for fishermen so far.