Over USD450 million spent on PSIP projects so far

The Ministry of Finance has revealed that more than USD450 million has been spent on projects under the Public Sector Investment Programme (PSIP) so far this year.

According to the latest Weekly Fiscal Development Report published by the finance ministry, the government has spent USD499 million as of September 14 this year, which is an increase compared to the USD337 million spent during the same period last year. The statistics also show that the largest expenditure was spent on land reclamation, road development, and harbour development.

The statistics show that USD71 million has been spent on land reclamation, USD63 million on road development, USD54 million on harbour development, USD39 million on housing, USD71 million on airport development, and USD64 million on the development of water and sewerage systems. The statistics also show that the government has allocated USD201 million from the domestic budget, USD265 million from foreign loans, USD46 million from foreign grants and USD28 million from the Maldives Green Fund.

Around USD551 million has been allocated for the year's PSIP budget, which is 19.7% of the state budget. The finance ministry has stated that this year's budget will go towards the development of major projects in line with the government's policy.