Minister of Finance Winston Jordan on Wednesday presented to Cabinet the mid-year report on the implementation of the Public Sector Investment Programme (PSIP) and shared the reasons behind the low spending, Minister of State Joseph Harmon said yesterday.
Speaking at a post-Cabinet press briefing, Harmon informed that while the capital spending of the $6.75 billion set aside for the project was “very slow” in the initial months, it improved significantly towards the end of the first half of the year.
Explaining that PSIP is the main mechanism for government’s capital spending, Harmon stated that Cabinet was informed of the issues that hindered the implementation of projects under the PSIP and ways and means of assisting the budget agencies to improve their performance in relation to capital spending were discussed.