The government has utilized over MVR 2 billion from the state budget for Public Sector Investment Program (PSIP) projects thus far this year.
According to the Finance Ministry, MVR 2.1 billion had been spent on development projects as of May 30, MVR 2.7 billion less than the MVR 4.8 billion spent on PSIP during the same period last year. This is a decrease of 56 percent.
The largest expenditure on PSIP projects this year was for land reclamation projects, with MVR 541.6 million spent. Water and sewerage projects followed, with MVR 230.8 million utilized. Additional expenditures included MVR 174.9 million for road construction projects, MVR 172.5 million for harbor projects, and MVR 108.4 million for bridge projects.
