Budget expenditure on the Public Sector Investment Program (PSIP) has seen a significant decline of 83 percent.
According to the Finance Ministry, MVR 287.5 million has been utilized on PSIP this year as of February 1. This is an 83 percent decrease compared to last year when MVR 1.7 billion was utilized for PSIP projects during the same period.
Among the PSIP projects, this year's largest expenditure thus far has been on land reclamation projects. While MVR 82.4 million was spent on land reclamation projects, MVR 44.7 million was utilized for water and sewerage projects. An additional MVR 24.8 million was spent on harbor projects while MVR 13.5 million was utilized on bridge projects.
According to finance data, the government's total expenditure during this period amounted to MVR 3.3 billion, while revenue stood at MVR 3.5 billion.
