Public Sector Investment Programme (PSIP) spending fell 83 percent in January this year when compared to the same period last year, according to Ministry of Finance data.

According to the ministry, MVR 287.5 million was spent on PSIP projects up till 1 February — MVR 1.7 billion was spent over the same period last year.

Among the PSIP projects, the largest expenditure this year was on land reclamation projects.

MVR 82.4 million was spent on land reclamation, while MVR 44.7 million had been spent on water and sewerage projects.

MVR 24.8 million was spent on harbour projects, with MVR 13.5 million spent on connectivity projects.

While revenue over the period stood at MVR 3.5 million, the administration has, this year, spent a total of MVR 3.3 billion, including for loan repayments, thus far.