Over MVR 7,454 Million Spent on PSIP So Far, Stats Reveal

The Ministry of Finance reported that MVR 7,454.9 million has been spent on PSIP projects as of March 14th this year.

Most of the expenditure went to land reclamation and road construction.

This year’s budget allocates a total of MVR 8.9 billion for PSIP projects, indicating that only 20% of the allocated funds have been utilised so far. 

A breakdown of spending reveals that MVR 422.1 million has been directed towards land reclamation projects, while MVR 151.3 million has been spent on water and sewerage projects. 

Additionally, MVR 154 million has been invested in transport, MVR 66.6 million housing and infrastructure projects, and MVR 55.1 million in environmental protection projects.

Sources indicate that the reduced spending is primarily due to a combination of budgetary constraints and a shift in priorities following the change in government.