The Finance Ministry has reported a significant decline in state budget spending on the Public Sector Investment Program (PSIP) for the current year.
A total of MVR 8.9 billion has been allocated for PSIP projects in this year's budget, of which 8.4 percent has been utilized so far. According to the Finance Ministry, MVR 755.9 million was spent on PSIP as of February 22 this year. This is a 64.7 decrease compared to the MVR 2.1 billion spent on PSIP during the same period last year.
While MVR 274.9 million has been directed towards land reclamation projects, another MVR 149.2 million has been utilizied for water and sewerage projects. Additionally, MVR 72.2 million has been spent on road construction initiatives, MVR 43.6 million on harbor projects, and MVR 35.2 million on bridge projects.
