Ministry of Finance Launches Procurement Procedures and Guidelines for SOE of Maldives

The Minister of Finance Mr. Ibrahim Ameer, launched the Procurement Procedures and Guidelines for State-Owned Enterprises of Maldives, at an event held on 7th April 2021. The Procurement Procedures and Guidelines for State-Owned Enterprises (SOEs) is part of an initiative to strengthen the governance and management of State-Owned Enterprises, by harmonizing and aligning SOE procurement policies with the Public Procurement regulations and guidelines.

The Procedures Guidelines will be issued by the Privatization and Corporatization Board of Maldives and was developed via assistance from the Word Bank. FJS was engaged to study the current procurement systems of SOEs and to develop the Guidelines. 

Once effective, the Guidelines will be applicable to non-PLC SOEs with over 50% government shares, for   procurement of goods, works and services whether in or outside Maldives, for and on behalf of the SOE.

This Guidelines is expected to provide guidance to officials responsible for procurement in the SOE sector. It is intended as policy and a guiding tool for the practice of procurement in SOEs, ensuring efficiency, and application of procurement best practices. It also serves to facilitate the standardization of procurement practice across all SOEs in the Maldives with a view to ensure an efficient and transparent procurement system that is central to good financial management and offers equal opportunities for eligible competitors.

The Guidelines gives procedural guidance and instructions on the many aspects of procurement and contracting, including standard and model documentation provided in Annexes. It is structured to allow the users to easily find practical information and guidance through the sequential stages of the procurement process, from planning to bidding. It also contains step by step guide for developing the tender documentation for the procurement of goods, works or services.

The Guidelines is divided into Chapters, each of which is broken down into Sections.

Under the new Guidelines, the Procurement function and operation must be audited by either the internal audit function of the SOE or an independent auditor for compliance with this Policy. The first audit must be done after two (2) years of initial implementation, and thereafter once every year. 

A quarterly procurement report detailing all the procurement activities with information including procurement value and winning parties must also be submitted to the Privatization and Corporatization Board of the Ministry of Finance.

To download a more detailed presentation on the Procurement Guidelines click below.