The Maldives government has spent MVR 1.1 billion on Public Sector Investment Program (PSIP) projects so far in 2023, according to the latest update from the Ministry of Finance.
This amount is an increase of MVR 150 million compared to the same period last year. For this year's projects, the government has allocated a total budget of MVR 8.5 billion.
The largest portion was spent on land reclamation and road development projects, with a total of MVR 322 million from the PSIP budget. The budgeted total for such projects in 2023 is MVR 1.5 billion.
The state also spent MVR 242 million on harbour development projects and public transportation initiatives; the budgeted total for these was MVR 2.4 billion. The government has also spent MVR 95 million on water and sewerage projects and MVR 68 million on shore protection projects.
Under PSIP, the Maldives government has changed its policies to give development projects to local contractors first.
The government spent a total of MVR 8.9 billion on PSIP in 2022.
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