Over Half of MVR 1.3 Billion Housing Budget Remains Unspent

It has been revealed that approximately 53 percent of the funds allocated in this year's budget for housing projects and public resources have not yet been spent. In this year's record budget of 64 billion rufiyaa, 1.3 billion rufiyaa was budgeted for housing and resources. According to the weekly fiscal development report released by the Finance Ministry, 8.3 billion rufiyaa was allocated for PSIIP projects, of which 5.1 billion had been spent as of the 22nd of last month. Of the PSIIP projects, a large amount was allocated for housing and resources, with 679 million rufiyaa spent so far, which is less than one-third of the budgeted amount. Looking at the finance accounts, 1.08 billion was included specifically for public housing provided by the state at subsidised rates, but only 364.1 million has been spent, meaning 66.4 percent of this allocation remains unspent. Last year, the government dedicated its budget to housing, announcing more than three billion rufiyaa would be spent. However, out of the 1.8 billion rufiyaa earmarked for housing and infrastructure under PSIIP projects, the government spent only 204.5 million rufiyaa. Housing shortage is the biggest problem facing the country. To address this, the government has decided to sell 7,900 flats and 15,000 plots of 1,250 square feet each under a scheme for everyone. A total of 58,505 forms have been submitted to the Housing Ministry for this scheme, including 35,930 forms for flats and 22,575 forms for plots. The Housing Ministry has revealed that after evaluating these forms, a permanent list will be published next December. President Dr. Mohamed Muizzu had previously announced that those receiving flats under the housing projects being implemented by this government will be determined and informed within this year.