The Ministry of Finance has reported that the highest expenditure of the state, recorded for 2023 was allocated to road construction.
According to the ministry, the government allocated MVR 578 million for road construction and redevelopment initiatives.
The statistics released by the ministry confirmed that MVR 4.6 billion has been already spent on the Public Sector Investment Program (PSIP). The allocated budget for PSIP this year is MVR 8.5 billion, and as of now, 54% of the PSIP budget has already been utilized.
PSIP Breakdown
- Water and Sanitation Projects: MVR 553 million
- Land Reclamation: MVR 540 million
- Regional Ports Development: MVR 507 million
- Airport Projects: MVR 506 million
- Housing Projects: MVR 430 million
According to the ministry’s statistics, MVR 2.5 billion was spent on PSIP projects within the first 5 months of 2022.
The 2023 state budget includes MVR 483.7 million for 204 new projects, MVR 527.5 million for 311 projects in the tendering stage, and MVR 1.2 billion for 479 projects in the pre-tendering stage.
From the total PSIP allocation of MVR 8.5 billion, MVR 3.1 billion is funded from the domestic budget, and MVR 4.1 billion from foreign loans, MVR 713 million from foreign grants and MVR 439.5 million from the Green Fund. The Green Fund is made up of the revenue collected in Green Tax from the tourist properties across the Maldives.