The Ministry of Finance has revealed that over USD72million has been spent on projects under the Public Sector Investment Programme (PSIP) as of February 23.
According to the latest statistics published by the finance ministry, the amount spent as of February 23 is an increase compared to the USD65 million spent in the same period as of last year. PSIPs include projects to build infrastructure in the near term. The government stated that this year's PSIP consists of projects that were unable to be initiated in previous years and that large projects will be prioritised in 2023.
The statistics show that USD12 million has been spent on land reclamation, USD9 million on road development, USD10 million on harbour development, USD8 million on housing, USD5 million on school development, and USD6 million on the development of water and sewerage systems.
Around USD551 million has been allocated for this year's PSIP budget, which is 19.7% of the state budget. The largest expenditure will go towards developing transport and travel, which is 29% of the PSIP budget.