The Economic Council has decided to extend the contracts for the ongoing Public Sector Investor Programme (PSIP) projects signed before May 30, 2020.
In a press release, the Ministry of Finance stated that the decision was made to ease the difficulties faced by contractors during the COVID-19 pandemic. The extension will only be granted to contractors that submit the application by November 16. They are required to request an extension for a period not exceeding six months. The finance ministry has instructed government offices to extend the contracts in accordance with the financial regulations.
The PSIP is a medium-term plan that includes priority projects for the infrastructure development of the Maldives. This year's PSIP was formulated to resume ongoing projects and commence projects that have not yet been budgeted but are included in the President's pledges. Over USD603 million of the state budget has been spent on PSIP projects so far this year.