Development Projects Not Cancelled; Will Move Forward After Reassessment: Finance Minister

Minister of Finance Mohamed Shafeeq stated that development projects under the Public Sector Infrastructure Program (PSIP) are not cancelled but suspended to prioritize ongoing projects. He responded to opposition claims of abandonment. The 2024 budget allocated MVR 8.6 billion across 1,780 PSIP projects, with actual spending lower than revenue in the first two months. Shafeeq said proper estimates are MVR 12 billion, and work continues on projects with fixed funds. Assessments are underway to restart projects, and no projects have been cancelled.

Minister of Finance Mohamed Shafeeq stated that development projects under the Public Sector Infrastructure Program (PSIP) are not cancelled but suspended to prioritize ongoing projects. He responded to opposition claims of abandonment. The 2024 budget allocated MVR 8.6 billion across 1,780 PSIP projects, with actual spending lower than revenue in the first two months. Shafeeq said proper estimates are MVR 12 billion, and work continues on projects with fixed funds. Assessments are underway to restart projects, and no projects have been cancelled.

Minister of Finance Mohamed Shafeeq stated that development projects under the Public Sector Infrastructure Program (PSIP) are not cancelled but suspended to prioritize ongoing projects. He responded to opposition claims of abandonment. The 2024 budget allocated MVR 8.6 billion across 1,780 PSIP projects, with actual spending lower than revenue in the first two months. Shafeeq said proper estimates are MVR 12 billion, and work continues on projects with fixed funds. Assessments are underway to restart projects, and no projects have been cancelled.

This story involves 1 source and may affect public understanding of reassessment / psip.