The Ministry of Finance and Planning has reported that more than MVR 1 billion has been expended on Public Sector Investment Programme (PSIP) projects so far this year.

The PSIP comprises Government-funded development initiatives across a range of sectors. Each year, the Government allocates substantial financial resources to support these projects.

According to the latest Weekly Fiscal Development Report issued by the Ministry, total expenditure under the PSIP had reached MVR 1.05 billion as of 8 March.

Key areas of PSIP expenditure to date:

The Parliament has allocated a total of MVR 12.4 billion to PSIP projects in this year’s national budget.

Looking ahead, the Government has announced a shift in focus towards ensuring profitability in the implementation of PSIP initiatives. The current budget also includes the establishment of a Project Preparatory Fund. This fund is intended to support the identification and evaluation of prospective projects, and will be used to conduct feasibility studies and related assessments.