The Public Sector Investment Program (PSIP) has exceeded its allocated budget for this year by an additional MVR 708.4 million.
According to the Finance Ministry, the expenditure on PSIP projects stood at MVR 9.2 billion as of the 12th of this month. This is an 8.2 percent increase compared to MVR 8.5 billion allocated for PSIP projects in this year's budget.
The Finance Ministry has submitted a supplementary budget to Parliament to cover the expenses of the remaining two months of this year. The supplementary budget, which totals MVR 6.5 billion, includes MVR 1.7 billion designated for PSIP projects.
Compared to the same period last year, the expenditure on PSIP projects has exceeded the budget by 52 percent this year. During the corresponding period last year, MVR 6 billion was spent on PSIP.
The highest expenditure on development projects this year has been for land reclamation, with MVR 1.5 billion allocated, followed by MVR 1.2 billion for airport projects. Furthermore, MVR 1.1 billion has been directed towards water and sewerage projects, and MVR 1 billion has been invested in road development projects. In addition, MVR 843 million has been spent on harbor projects and MVR 687 million on bridge projects.
