The Parliament of the Maldives has revealed that the approved state budget for next year includes USD577 million designated for projects under the Public Sector Investment Programme (PSIP).
The primary focus of the PSIP budget is expected to be on projects aimed at rectifying forecast shortages. Notable initiatives include bridge construction, airport development, and harbor development. As such, the budget for next year designates USD214 million specifically for such projects.
The Parliament had initially been presented with a proposed state budget of USD3.2 billion for next year. The parliamentary budget committee included several amendments to the budget before its approval, raising the initial budget amount by USD19.8 million. The budget was approved after decreasing the funding for some projects and increasing the funding for other projects.
The PSIP is designed as a medium-term plan that outlines priority projects for the infrastructure development of the Maldives. The approved budget for next year categorises PSIP projects into 12 segments, encompassing activities such as land reclamation, road construction, and environmental protection projects.