Minister of Finance and Planning Moosa Zameer, speaking at a ceremony marking the handover of 206 projects to private companies, said the approach is intended to accelerate timelines, enforce accountability, and deliver broader economic benefits. Payments, he noted, will be disbursed strictly on the basis of project progress and tied directly to performance standards set by the government.
The announcement marks a significant reform in the country’s national development strategy, as the government adopts a 'contractor finance' model that places projects under a standardised framework. According to Minister Zameer, the mechanism enables private firms to secure financing from banks, reducing reliance on the state budget while ensuring that projects advance at the pace citizens expect.
"A clear framework for financing will be established for the projects signed today, intrinsically linked to the performance standards and measurable work outcomes determined by the government," Minister Zameer assured.
He continued: "This framework integrates both rapidity of execution and stringent accountability. The central objective of this programme is to achieve the specific outcomes sought by the citizenry. Each project has been structured to exert a direct, positive impact on the daily lives of the public."
The government has identified four principal targets. Chief among them is the establishment of sustainable projects, with agreements specifying maintenance responsibilities to ensure durability.
The initiative also directs attention to domestic economic growth and employment. Expanding job opportunities for Maldivians within the private sector is a stated priority, alongside efforts to ensure that businesses benefit directly from the projects. Minister Zameer noted that the programme is expected to enrich multiple stakeholders and deliver tangible financial gains to local enterprises.
Officials have pledged to empower Maldivian businesses and reduce the outflow of foreign currency often repatriated by foreign contractors. Maldivian firms will be prioritised in the execution of these projects, with regular payments guaranteed to ensure stability.
Oversight is being instituted under the Public Accounts Regulations, with government institutions tasked with evaluating implementation. "Maldivian businesses tasked with the execution of these projects will receive prompt and consistent payments," Minister Zameer assured.
Agreements will also incorporate monitoring arrangements within a broader investment framework, designed to benefit both contractors and the financial sector. "These agreements will be integrated within a general investment framework that includes comprehensive monitoring arrangements. Consequently, banks will derive financial benefits, thereby facilitating opportunities for them to finance subsequent projects," he added.
Minister Zameer further stated that the initiative is intended to serve as a foundation for cultivating a skilled younger generation of workers, positioning the reforms not only as an economic strategy but also as an investment in human capacity.