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Highest expenditure on road construction this year

Anaan Bushry
10 June 2023, MVT 00:54
Road construction work in an island in the Maldives: A total of MVR 4.5 billion has been allocated for PSIP projects -- Photo: Addu City Council
Anaan Bushry
10 June 2023, MVT 00:54

The Ministry of Finance said that the highest expenditure recorded this year was allocated to road construction, totaling MVR 578 million.

According to data released by the Finance Ministry, MVR 4.6 billion has been expended on Public Sector Investment Program (PSIP) projects in 2023. The allocated budget for PSIP projects this year is MVR 8.5 billion, and as of now, 54 percent of the PSIP budget has been utilized.

PSIP project expenditures include MVR 553 million for water and sanitation projects, MVR 540 million for land acquisition, MVR 507 million for regional ports development, MVR 506 million for airport projects, and MVR 430 million spent on housing projects.

According to the Ministry's data, MVR 2.5 billion was spent on PSIP projects within the first five months of 2022.

The budget for this year includes MVR 483.7 million for 204 new projects, MVR 527.5 million for 311 projects in the tendering stage, and MVR 1.2 billion for 479 projects in the pre-tendering stage.

Out of the total PSIP allocation of MVR 8.4 billion, MVR 3.1 billion is sourced from the domestic budget, MVR 4.1 billion will be utilized from foreign loans while MVR 713 million will be sourced from from foreign grants, and MVR 439.5 million from the Green Fund.

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