Fishing boats with Bank of Maldives (BML) accounts will get payment within 48 hours of weighing their catch starting December 10, President Dr. Mohamed Muizzu has said.

Speaking in Kaafu Gaafaru island on Monday morning, Muizzu said the arrangement was made through the Finance Ministry, BML and Maldives Industrial Fisheries Company Limited (MIFCO). He added that the outstanding amount of MVR 38 million has now been deposited to fishermen.

"From tomorrow onwards, arrangements have been made to deposit the payment within 48 hours if the fishing boat has a BML account," Muizzu said.

He added that arrangements will also be made for boats with accounts at Maldives Islamic Bank (MIB).

The President further said fishing boats can buy fuel at the State Trading Organization (STO) rate starting tomorrow at the Fuel Supply Maldives (FSM) sites in Kaafu Himmafushi, Gaaf Alif Kooddoo, Lhaviyani Felivaru and Addu Hulhumeedhoo islands.

A registry of fishermen will be published in the government gazette before the end of this week, he added.

Muizzu made a pledge to issue payments to fishermen within 48 hours, but this pledge has not yet been fulfilled.

He also pledged to not decrease the price of fish below MVR 20 per kilo. However, the price has significantly dropped with a kilo between MVR 5 and MVR 16.