The Maldives Industrial Fisheries Company (MIFCO) said today that it will pay MVR 46 million before Eid out of nearly MVR 80 million owed for catch bought from fishers.

MIFCO media official Ibrahim Saeed told Adhadhu today that the company started depositing funds yesterday to the accounts of fishing boat owners and that MVR 46 million will be paid out before Eid. The company was also working to clear the remaining backlog of outstanding payments as soon as possible, he said.

"We started depositing money yesterday. We will complete releasing MVR 46 million before Eid," he said.

Outstanding payments owed to fishers reached MVR 200 million when President Dr. Mohamed Muizzu assumed office. The figure later rose to MVR 277 million with MIFCO unable to make payments.

At that point, fishermen gathered in MIFCO's Kooddoo factory and staged a large protest. The company then started making payments and cleared the backlog by April. But outstanding payments started to accumulate again and reached MVR 80 million as of Wednesday.

Fishermen from Huvadhu atoll protested over the non-payment in Madaveli yesterday.