Despite record budget, 53% of housing allocation still untouched

About 53 percent of the money allocated for housing projects and community facilities in this year’s budget has not yet been spent, according to the Finance Ministry’s latest Weekly Fiscal Development Report.

This year’s record MVR 64 billion budget includes MVR 1.3 billion earmarked for housing and infrastructure. The report shows that MVR 8.3 billion was allocated for PSIP projects overall, of which MVR 5.1 billion had been spent as of October 22.

Housing and community facilities account for MVR 679 million of PSIP expenditure so far, higher than the same period last year, but still less than half of the allocated amount.

Finance figures show that public housing alone received MVR 1.08 billion in this year’s budget. However, only MVR 364.1 million has been spent, leaving 66.4 percent of the allocation untouched.

Last year’s budget also included major housing allocations, with more than MVR 3 billion announced for the sector. But government expenditure data shows that only MVR 204.5 million was spent out of MVR 1.8 billion allocated for housing and infrastructure under PSIP.

The government is currently implementing its Housing for All scheme, which includes 7,900 flats, 1,250 row houses, and 15,000 plots. A total of 58,505 applications were submitted, 35,930 for flats and 22,575 for land. The Housing Ministry has completed evaluation and will publish the permanent list in December. The President has previously stated that recipients will be announced within this year.