Spending on Public Sector Investment Program (PSIP) projects has seen a significant decline of 70 percent this year.
According to the Finance Ministry, MVR 736.8 million was spent on PSIP as of April 10. This is MVR 1.7 billion less than the MVR 2.5 billion spent during the same period last year.
The state budget has allocated MVR 12.3 billion for PSIP this year. Among the PSIP projects, the largest spending has been for airport projects thus far this year. While MVR 312.5 million has been spent on airport projects, MVR 103 million has been spent on land reclamation projects. An additional MVR 52.6 million has been utilised for harbour projects, and MVR 27.3 million for bridge projects.
