The Ministry of Finance has announced a amendment in its approach to project proposals, allowing private entities to submit proposals without engaging in a bidding process to contribute to developmental objectives. The new amendment has been incorporated into an amendment made to the Public Finance Regulation.
Outlined in the first amendment, private parties can now present proposals for projects not officially announced by the government. It enables direct awards for work, exclusively under the Private Sector Initiative, provided that the financially accountable head of the office, including the contractor, justifies the award to the finance ministry.
The cabinet holds the authority to endorse proposals initiated by private entities, according to the amendment. The submissions should align with projects capable of advancing the government's development objectives, even if not specific to a government project. In addition, proposals are welcome if they contribute to the government's Strategic Development Plan in an innovative and efficient manner. However, the amendment specifies that proposals cannot be submitted for projects already announced or planned by the government. Such proposals should not pertain to projects for which the government has initiated efforts to enlist individuals.
Private individuals seeking to submit project proposals must do so through Invest Maldives, a company under the Ministry of Economic Development. The evaluation process for the proposals will unfold in three stages, culminating in the registration of the investing or working entity and the signing of an agreement during the third stage.
The amendment marks a departure from the previous regulation allowing project proposals without bidding or private initiatives, as the relevant regulation has been ablolished.