MVR 77 mln spent on PSIP within first two weeks

MVR 77 million has been spent on Public Sector Investment Programme (PSIP) projects within the first two weeks of the year.

According to Weekly Fiscal Development statistics publicized by the Ministry of Finance, a total budget of MVR 10.4 billion has been allocated for PSIP projects in this years' national budget. MVR 77 million from this amount has already been spent, said the ministry.

The current administration is heavily focusing on development projects and have been spending a large amount of funds on such projects. Several development projects have already been contracted to parties since the new year, and implementation of some of the projects have already commenced.