Over MVR 4.7 bln utilized for PSIP projects

Over MVR 4.7 billion has been utilized for the Public Sector Investment Program (PSIP) thus far this year.

According to the Finance Ministry, the largest expenditure so far this year under the PSIP has been on transport-related projects. Harbour construction projects have cost MVR 589.3 million, while bridge projects cost MVR 513.1 million and airport projects MVR 420.8 million. Another MVR 888.3 million was spent on water and sewerage projects, and a further MVR 497.9 million was utilized for environmental projects. MVR 477 was spent from the PSIP budget on housing projects, while MVR 718.2 million was spent on land reclamation and road construction projects.

The government is expected to receive MVR 34 billion in revenue this year. However, the expenditure has reached MVR 25.1 billion thus far this year.

One of the biggest infrastructural projects being carried out by the government is the construction of the Maldives' second overwater bridge, the Thilamala Bridge. The bridge project is funded by the Government of India. The bridge is being built with a $100 million grant from India and a $400 million loan from EXIMm Bank. The entire project is expected to cost MVR 7.7 billion.