The government has spent over USD649 million on Public Sector Investment Programs (PSIP) so far this year, Ministry of Finance and Planning figures have shown.
According to the Ministry's weekly fiscal report, the country’s total expenditure was nearly USD3 billion as of 19 December, out of which, USD649 million was spent on PSIP projects.
Major PSIP Projects:
Airport Development - USD181.5 million
Land Reclamation - USD129.7 million
Bridges - USD64.9 million
Road Development - USD39.8 million
Water and Sewerage - USD33.3 million
The government had originally budgeted USD577.2 million for PSIP projects for the year. However, with the budget supplement for the year saw the figure rise to USD706.9 million.
Despite the current economic difficulties, the government is planning to take development projects into overdrive next year, with USD804.2 budgeted for PSIP projects.
However, the government has decided to set up a project preparatory fund to carry out necessary feasibility studies for projects to ensure more responsible PSIP spending.