Over MVR 836 Million Spent on PSIP So Far, Stats Reveal
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According to the Ministry of Finance, MVR 836.9 million has been spent on PSIP projects as of February 29nd this year, representing a 64.3% decrease compared to the MVR 2,345.2 million spent during the same period last year. Most of the expenditure went to land reclamation and road construction.
This year’s budget allocates a total of MVR 8.9 billion for PSIP projects, indicating that only 9.4% of the allocated funds have been utilized so far. A breakdown of spending reveals that MVR 373.2 million has been directed towards land reclamation projects, while MVR 150.8 million has been spent on water and sewerage projects. Additionally, MVR 91.6 million has been invested in transport, MVR 59.3 million housing and infrastructure projects, and MVR 42.9 million in environmental protection projects.
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Sources indicate that the reduced spending is primarily due to a combination of budgetary constraints and a shift in priorities following the change in government.
