The Ministry of Finance has revealed that over USD42 million has been spent on projects under the Public Sector Investment Programme (PSIP) in January 2024.
According to the latest statistics published by the finance ministry, USD42.2 million has been spent on PSIP projects in January, which is a 19.6% increase compared to the USD35.3 million spent in the same month of last year.
The statistics show that a total of USD42.2 million was spent on road construction, land reclamation and harbour construction projects in January this year which is a 19.6% increase compared to the USD35.3 million spent in the same period last year. A total of USD551.2 million has been allocated for PSIP in the state budget for 2023. The PSIP budget breakdown includes USD201 million from the state budget, USD265.8 million from foreign loans, USD46.2 million from foreign grants and USD28.5 million from the Maldives Green Fund.
The largest expenditure is allocated to addressing the difficulties in transport. A total of USD155.6 million has been allocated for the section which amounts to 28.9%. These include USD51.3 million for the Thilamale' Bridge development project, USD59.7 million for the development of airports and USD24.9 million for the construction and expansion of harbours.