Only 9 percent of housing budget spent so far

Just 9 percent of the budget allocated for housing has been used so far, according to Finance Ministry statistics.

Figures show that MVR 164 million has been spent on housing projects under the Public Sector Investment Programme (PSIP), out of the MVR 1.8 billion allocated for 2025.

This means that 90 percent of the housing budget remains unspent.

Under PSIP, a total of MVR 4.8 billion has been earmarked for housing projects. Finance Minister Moosa Zameer described this year’s allocation as the largest in Maldivian history for housing in a single year when presenting last year’s budget to parliament.

While spending on housing has been limited so far, the government recently announced a special housing financing scheme in collaboration with Maldivian banks and the Maldives Monetary Authority.

Overall, spending on PSIP projects has also been low. Of the MVR 12.4 billion allocated for PSIP this year, only MVR 5.9 billion has been spent.