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USD 597 million utilised for PSIP this year

Land reclamation work ongoing in Hulhumale Phase III | HDC

Ministry of Finance has reported that the state has utilised USD 597 million thus far this year for the Public Sector Investor Programme (PSIP).

The PSIP is a medium-term plan that includes key development projects the government prioritises to establish infrastructure.

In the 2024 budget approved by the Parliament, USD 577.3 million was allocated for PSIP projects. An additional USD 129.9 million has been earmarked from the USD 330.6 million supplementary budget approved in October, bringing the total allocation for PSIP this year to USD 707.4 million.

The latest Weekly Fiscal Report published by the Finance Ministry indicates that as of 18 November, USD 597.5 million has been utilised from the budget for PSIP, including road development, land reclamation, and transport related projects.

The PSIP budget expenditure breakdown is as follows:

  • Airport development: USD 149.3 million
  • Land reclamation: USD 129.9 million
  • Bridge projects: USD 64.5 million
  • Housing projects: USD 45.3 million
  • Road development projects: USD 3.7 million
  • Harbour projects: USD 21.87 million

While a total budget of USD 3.67 billion has been approved for the upcoming year, a significant portion, amounting to USD 800 million, has been earmarked specifically for PSIP.

The government has committed to taking special measures to ensure that the PSIP projects are implemented effectively. In this regard, a proprietary fund will be established, and newly launched projects will follow specific policies.