In comparison to the same period in 2020, government investment on development projects has decreased by 50% this year.
According to the finance ministry’s most recent weekly fiscal developments report, the government had spent MVR 1.6 billion on Public Sector Investment Program (PSIP) projects as of August 12.
This represents a 50% decrease from the MVR 2.8 billion spent on PSIP projects during the same period last year.
The government had allocated a budget of MVR 8.4 billion for PSIP projects in 2021.
Despite the fact that government spending on development projects has decreased significantly, recurrent expenditures has remained stable. This year’s recurring spending was MVR 16 billion as of August 16, the same as last year.
Finance Minister Ibrahim Ameer has indicated that the government is working to enhance the Maldivian economy in a variety of ways.