The amount owed to fishermen for their catch bought by the Maldives Industrial Fisheries Company (MIFCO) has reached MVR 62 million despite President Dr. Mohamed Muizzu saying that arrangements will be made for settling payments within 48 hours.

Fishermen were last paid during the parliamentary election. A payment of MVR 22 million was made on April 22.

Fisheries Minister Ahmed Shiyam told a press conference on Sunday that the amount owed to fishermen from April 23 until May 26 has reached MVR 62 million. He did not say when the money would be paid.

"We are hoping to do it as soon as possible. As this month is coming to an end, MIFCO will also have some financial difficulties. But I hope that the money will be paid to the fishermen as soon as possible," he said.

He added that MIFCO and the government were working to find way to pay the money owed to the fishermen and the Finance Minister was also working to find ways to "breathe financially."

"We can see that there can be a bright path. If we reach that path, MIFCO will get a big relief too. It will also be a little easier for the state to pay the subsidy to MIFCO. Then it will be easier to make payments to fishermen," he said.

Shiyam said MVR 881 million has been paid to fishermen since President Muizzu assumed office.

A kilo of fish was sold for MVR 25 when the current government began work. However, the fishermen were not paid for the catch bought by MIFCO and they staged protests demanding immediate payment.

In February, fishermen took over the Kooddoo fish factor during a protest and the protest ended when a large percentage of the money owed was paid to the fishermen.

Since then, the government has brought down the price of a fish kilo to MVR 20 and pledged to make payments to fishermen within 48 hours.