Ministry of Finance has revealed that over USD182 million has been spent on Public Sector Investment Programme (PSIP) projects so far this year.
The latest Weekly Fiscal Developments report published by the finance ministry shows that over USD182 million has been spent on PSIP projects this year as of June 23, which is a 74% increase compared to the USD104 million spent in the same period last year.
Most of the expenditure for PSIP projects this year went to transport development, with USD48 million. This includes USD27 million spent on harbour development, USD18 million spent on bridge development, and USD2 million on airport development.
The report also shows that USD33 million has been spent on the development of water and sewerage systems, while USD24 million has been spent on land reclamation and road construction. Furthermore, USD23 million has been spent on environmental protection, which includes USD7.8 million spent on waste management, USD11 million spent on coastal protection, and USD4 million spent on renewable energy.
A total of USD410 million has been allocated for PSIP projects in this year’s state budget, out of which USD228 million is remaining. Maldives has been economically recovering from the COVID-19 pandemic, resulting in more infrastructure projects being initiated in the country.