More than $450 million has been invested in projects falling under the Public Sector Investment Programme (PSIP) thus far, as disclosed by the Ministry of Finance. According to the most recent Weekly Fiscal Development Report issued by the finance ministry, the government’s expenditure reached $499 million as of September 14 this year, representing a notable increase compared to the $337 million expended during the corresponding period the previous year. The data also indicates that the largest portion of this expenditure was directed towards activities such as land reclamation, road development, and harbour expansion.
The statistics further break down the spending, revealing that $71 million was directed towards land reclamation, $63 million towards road development, $54 million towards harbour expansion, $39 million towards housing projects, $71 million towards airport development, and $64 million towards the enhancement of water and sewerage systems. Funding sources include $201 million from the domestic budget, $265 million from foreign loans, $46 million from foreign grants, and $28 million from the Maldives Green Fund.
For this year’s PSIP budget, approximately $551 million has been earmarked, constituting 19.7% of the state budget. The finance ministry has emphasized that this budget allocation will support the realization of major projects in alignment with the government’s policy objectives.