Over USD 450 Million Directed Towards Public Sector Under PSIP

More than USD 450 million has been invested in projects falling under the Public Sector Investment Programme (PSIP) thus far, as disclosed by the Ministry of Finance.

According to the most recent Weekly Fiscal Development Report issued by the Finance Ministry, the government’s expenditure reached USD 499 million as of September 14 this year, representing a notable increase compared to the USD 337 million expended during the corresponding period the previous year. The data also indicates that the largest portion of this expenditure was directed towards activities such as land reclamation, road development, and harbour expansion.

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The statistics further break down the spending, revealing that USD 71 million was directed towards land reclamation, USD 63 million towards road development, USD 54 million towards harbour expansion, USD 39 million towards housing projects, USD 71 million towards airport development, and USD 64 million towards the enhancement of water and sewerage systems. Funding sources include USD 201 million from the domestic budget, USD 265 million from foreign loans, USD 46 million from foreign grants, and USD 28 million from the Maldives Green Fund.

For this year’s PSIP budget, approximately USD 551 million has been earmarked, constituting 19.7% of the state budget. The finance ministry has emphasised that this budget allocation will support the realisation of major projects in alignment with the government’s policy objectives.