PSIP Expenditure Surges by 12.3% as Government Prioritizes Large-Scale Projects in 2023

According to the Ministry of Finance, expenditure on projects under the Public Sector Investment Programme (PSIP) has increased by 12.3% this year. The latest statistics from the ministry indicate that USD90.8 million have been spent on PSIP projects as of March 9th, representing a 12.3% increase compared to the same period last year, when USD 84.3 million were spent. The government has explained that this year’s PSIP budget comprises projects deferred from previous years, and that larger projects will be prioritized in 2023.

The statistics reveal that road development projects have received USD13.8 million this year, marking a 164.5% increase from the USD5.2 million spent during the same period in the previous year. Harbour development projects received USD17 million, which is a 157.4% increase compared to the USD6.7 million spent in the same period last year. As of March 9th, USD 9.6 million has been allocated to develop water and sewerage systems, while USD 5.8 million has been invested in school development.

- Advertisement -

The PSIP budget for the current year is USD 551 million, which accounts for 19.7% of the state budget. The most significant portion of the budget, 28.9%, will be utilized for the development of transport and travel.

Featured Cover Image by MTCC

- Advertisement -