The public finance rules have been amended to allow private parties to submit proposals without a bidding process for projects aligned with the government's developmental goals.
The public finance rules previously allowed parties shortlisted based on experience and competence to express interest in projects or submit proposals for providing consultancy services.
The provision in the regulations was revised and gazetted by the Finance Ministry on Friday.
According to the amendment, private parties can take the initiative and submit proposals for projects that have not been announced by the government.
The new process was submitting such proposals was also laid out. Projects under the direct process or private sector initiative could be awarded after the responsible financial officer of an office seeks approval and advice from the Finance Minister by sharing the reason for deciding to award the project along with information about the contractor, the type of work and estimated cost.
The cabinet or a cabinet committee could decide to accept an unsolicited proposal from a private party, the amendment states. Despite not fitting any particular government project, the unsolicited proposal must be related to reaching a developmental target of the government. Proposals could also be submitted if they facilitate achieving objectives stated in the government's strategic development plan in an innovative and self-sufficient manner.
Such proposals cannot be submitted if the government has announced or planned to carry out the project, according to the amendment. The proposal should also not be for a project for which the government was in the process of seeking a contractor.
Unsolicited proposals for projects must be submitted to the Invest Maldives company under the Economic Ministry.
The evaluation of such proposals will be carried out in three stages with the agreement to be signed after the investment or the company is registered in the final stage.
The amendment was brought after previous rules for accepting unsolicited proposals without a competitive bidding process were repealed last month.
