Expenditure for the Public Sector Investment Program (PSIP) reached only 10 percent of its designated 2019 budget to date.
The budget designated for PSIP projects for 2019 is MVR 7 billion. However, according to reports by the Ministry of Finance, expenditure for such projects during the past five months was MVR 7.1 million.
Out of the MVR 1.9 billion designated for land and building PSIP projects, MVR 1.5 million was spent so far this year.
Within the same time frame, MVR 3.6 million was utilised for roads, bridges and airports, exceeding the set budget of MVR 2.2 billion.
Moreover, 23.4 percent of the 2019 State Budget is allocated for PSIP projects, and it was decided that a total of 702 projects would be funded. The number includes 315 projects which were already ongoing at the beginning of 2019 and an estimated 387 new projects.
It was agreed that MVR 4.6 billion of the total budget would be spent on projects that were initiated before 2019 and that MVR 2.4 billion would be used to finance new projects commenced this year.
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