The Ministry of Finance has revealed that the expenditure on projects under the Public Sector Investment Programme (PSIP) has increased by 12.3% this year.
The latest statistics published by the finance ministry show that USD90.8 million were spent on PSIP projects as of March 9, which is an increase of 12.3% compared to the USD84.3 million spent in the same period last year. The government stated that this year's PSIP consists of projects that were unable to be initiated in previous years and that large projects will be prioritised in 2023.
The statistics show that USD13.8 million has been spent on road development projects so far this year, which is a 164.5% increase compared to the USD5.2 million spent in the same period last year. In addition, USD17 million has been spent on harbour development projects, which is a 157.4% increase compared to the USD6.7 million spent last year. The statistics also show that USD9.6 million has been spent on the development of water and sewerage systems and USD5.8 million has been spent on the development of schools as of March 9.
Around USD551 million has been allocated for this year's PSIP budget, which is 19.7% of the state budget. The largest expenditure will go towards developing transport and travel, which is 28.9% of the PSIP budget.