Minister of Finance Ibrahim Ameer has revealed over USD 77 million has been spent on Public Sector Investment Programme (PSIP) projects so far this year.
Speaking at a press conference held at Health Emergency Operation Centre (HEOC), Minister Ameer said USD 77.7 million has been spent from the 2021 State Budget for PSIP projects, as of May 20. He noted this is 14.1% of the total PSIP budget passed for this year.
Providing further details on the PSIP expenditure, the finance minister revealed 25.6% was spent on harbour development projects, and 20.9% was spent on water and sewerage projects. He revealed a further 14.8% was spent on health and social projects, while 13.8% was spent on land reclamation and road development.
Speaking further, Minister Ameer revealed USD 964 million worth of projects have been awarded through the National Tender since the start of 2019, noting this exceeds the amount awarded by any previous administration during a 5-year term. The minister revealed water and sewerage projects in 53 islands have been awarded this year alone, in addition to road development projects in 8 islands.
Speaking at the press conference, the finance minister also shed light on the current economic and fiscal situation of the Maldives, as well as cash flow management, financing, debt and the new economic response. Noting the economy is on the path to recovery following the devastating effects of the COVID-19 pandemic, the minister said the Maldives has recorded one of the best economic growths in the world since last year. However, he noted economic support is still essential as the country has still not recovered from the COVID-19 pandemic. He also highlighted the importance of support and cooperation from the public in order to curb the spread of COVID-19 and ensure a fast economic recovery.