Sunday 21st Apr 2024
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Development

Decrease in Expenditure for Development Projects

Government expenditure on the Public Sector Investment Program (PSIP) within the first six months of this year shows a significant decrease compared to the same period the previous year.
Figures published by the Ministry of Finance show that the state spent MVR 1.4 billion on PSIP by July 1, a decrease of MVR 1 billion from the MVR 2.4 billion spent within the same period last year.
The total budget for PSIP this year is MVR 10,454.8 million. There has been a considerable reduction in expenditure for development projects since President Ibrahim Mohamed Solih assumed office.
However, the current administration maintains that they are conducting more development projects than any previous administration.