The Ministry of Finance has revealed that more than 1 billion rufiyaa has been spent from the budget on PSIP projects. Public Sector Investment Program (PSIP) projects are development projects run at government expense. Every year, billions of rufiyaa are spent on these projects. According to the latest Weekly Fiscal Development Report released by the Ministry of Finance, 1.05 billion rufiyaa has been spent on the Public Sector Investment Program (PSIP) as of March 8 this year.
Areas where the largest expenditures were made from the PSIP budget.
• For the transport sector – 315 million rufiyaa
• For coastal protection – 104.3 million rufiyaa
• For land reclamation – 123.1 million rufiyaa
• For harbor development – 96.3 million rufiyaa
• For the bridge project – 86.5 million rufiyaa
• For housing projects – 66 million rufiyaa
The budget approved by the People’s Majlis for this year includes 12.4 billion rufiyaa for PSIP projects. The government has announced that it will focus on profitability in implementing PSIP projects starting this year. As such, this year’s budget includes the establishment of a Project Preparatory Fund to assess the necessity of new projects and to conduct necessary studies to proceed with projects with the help of this fund.
