During a press conference on the 1st of April 2020, the Minister of Finance, Honorable Ibrahim Ameer has stated that all Public Sector Investment Program (PSIP) projects will be continued as planned irrespective of the negative impact of COVID-19 on the Maldivian economy.
The Minister has further stated that Maldivian Rufiyaa 10.4 billion has been allocated on PSIP projects throughout the year 2020. And that, the majority of the PSIP projects will be planned to prioritise Maldivian contractors.
Through the PSIP projects, steps will be taken to increase the flow of currency within the economy such as to accelerate the work speed of foreign finance projects by handing over to Maldivian contractors. Hence, creating more opportunities for businesses to generate income faster.
PSIP projects are planned by the Maldivian government to initiate developmental projects in Greater Male’ Region and various atolls aimed at social, environmental, housing and economic growth of the country. Therefore, these projects can be essential for the Maldivian economy to facilitate in arising from the current economic difficulties faced due to the novel coronavirus (COVID-19).
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