Procurement Transactions Below MVR 5 Million to be Made Public

Ministry of Finance has announced that Government offices have to submit procurement transactions below MVR 5 million in accordance to the amended public accounts policies.

The announcement on the Finance Ministry’s website indicate that the procurement statement has to be submitted to the gazette within five working days.

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It also states that the Finance Ministry has to be notified prior to transactions of procurements above 15 percent with an advance payment of MVR 35,000.

The Public Accounts policy amended last July, states that procurement details below MVR 5 million does not have to be submitted to National Tender Board. Under the new policy, the authority has been handed to the bid committee of each Government office.

Previously, National Tender Board can only take decisions on procurement transactions below MVR 2.5 million.

The circular by the Finance Ministry states that the information has to be updated by bid committee members on a regular basis.

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