The Ministry of Finance has revealed that more than USD600 million has been spent on projects under the Public Sector Investment Programme (PSIP) so far this year.
According to the latest Weekly Fiscal Development Report published by the finance ministry, the government has spent over USD600 million as of October 12 this year, which is an increase compared to the USD400 million spent during the same period last year. The statistics also show that the largest expenditure was spent on land reclamation, road development, and harbour development.
The statistics show that USD162 million has been spent on land reclamation, USD78 million on airport development, USD78 million on the development of water and sewerage systems, and USD162 million on road development. A total of USD551 million has been allocated for the year's PSIP budget, which is 19.7% of the state budget. The finance ministry has stated that this year's budget will go towards the development of major projects in line with the government's policy.
The government has also proposed a USD422 million supplementary budget to cover the expenditures for this year's state budget. The proposed supplementary budget allocates USD117 million for subsidies, USD78 million for Aasandha, the national health insurance scheme, and USD110 million for PSIP.