The state has utilized over MVR 10 billion for Public Sector Investment Program (PSIP) projects this year.
Statistics released by the Finance Ministry show PSIP expenditure had crossed MVR 10.3 billion by December 19. This is MVR 1.1 billion less than the amount spent in the same period last year, when MVR 11.4 billion was spent on PSIP.
The state budget for this year initially allocated MVR 8.9 billion for PSIOP. However, the supplementary budget passed in October added MVR 2 billion to the budget, increasing the total budget to MVR 10.9 billion.
Among PSIP projects, the highest expenditure was on airport projects, with MVR 2.7 billion utilized. Land reclamation projects saw an expenditure of MVR 2 billion, and MVR 1 billion for bridge projects. Additionally, MVR 619 million was spent on water and sewerage projects, and MVR 614 million on road development. Another MVR 775.4 million was spent on housing initiatives.
Flat tower being constructed in Hulhumale’
