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The government has spent MVR 3.8 billion on Public Sector Investment Program projects by August 27, with spending higher in several key sectors.
Mariyam Adheela
Ministry of Finance -- Photo: PSM News
Male’: The government has spent MVR 3.8 billion on Public Sector Investment Program projects as of August 27, according to the latest figures released by the Ministry of Finance.
The government had budgeted MVR 8.3 billion for PSIP projects this year. Spending during the same period last year stood at MVR 5.4 billion. Economic projects recorded the highest spending this year, reaching MVR 1.6 billion, including MVR 1.3 billion spent on transport projects.
Spending on public services reached MVR 646.3 million by August 27. This was MVR 355.4 million during the same period last year. Most of this year’s spending was for managing government owned land, which accounted for MVR 641.2 million.
Housing projects received MVR 539 million during the period. This was a 106 percent increase from the MVR 261.4 million spent last year. Health related projects accounted for MVR 242.6 million, compared with MVR 220.6 million during the same period last year.
The Finance Ministry said lower PSIP spending reflects efforts to manage project costs more efficiently. The government has also introduced a Project Preparatory Fund to assess new projects before implementation and included funding for project studies in this year’s budget.
