MVR 6.1B spent on PSIP projects; biggest spending on transport

The Maldivian government has spent over MVR 6 billion on Public Sector Investment Program (PSIP) projects this year, bulk of which went to development of transport infrastructure.

The monthly fiscal development report published by Finance Ministry shows that as of August 27, the government has spent MVR 6.1 billion on PSIP projects.

MVR 6.3 billion was allocated in the 2022 budget for PSIS projects.

The report shows the heaviest spending was on the development of transport infrastructure.

Total MVR 1.8 billion has been spent on transport, including MVR 776 million to develop harbors, MVR 595 million on bridges, and MVR 477 million on development of airports.

Transport had also been the biggest focus of PSIP projects in 2021, with MVR 2.7 billion spent on development of transport infrastructure.

Maldivian government states the focus in 2023 will be to complete ongoing projects, rather than starting new ones.