As of February 23, the Ministry of Finance has reported that over MVR 1 billion has been spent on projects under the Public Sector Investment Programme (PSIP), marking an increase compared to the MVR 994.3 million spent during the same period last year. The PSIP primarily comprises projects aimed at building infrastructure in the near term.
The government has stated that this year’s PSIP consists of projects that were unable to be initiated in previous years and that larger projects will be prioritized in 2023. According to the latest statistics published by the finance ministry, around MVR 8.5 billion has been allocated for the PSIP budget this year, which represents 19.7% of the state budget.
Of the total amount spent, MVR 190.9 million has been spent on land reclamation, MVR 141.1 million on road development, MVR 154.3 million on harbour development, MVR 126.5 million on housing, MVR 79.3 million on school development, and MVR 94.8 million on the development of water and sewerage systems.
Transport and travel development will receive the largest share of the PSIP budget, with 29% of the allocated funds being spent on this sector. The government’s aim is to improve transportation infrastructure to boost the economy and support sustainable development. The PSIPs are part of the government’s long-term development plans and focus on creating employment opportunities, promoting social development, and enhancing economic growth.