Contractors receive six-month extension to finish PSIP projects

The Finance Ministry has decided to grant a six-month extension to contractors to fishing ongoing Public Sector Investment Program (PSIP) projects.

A circular signed by Finance Minister Ibrahim Ameer on Tuesday reads that the Economic Council had decided to grant an additional six-month extension to government contractors to finish projects signed between when the state of emergency was declared in 2020 and May 30, 2023, in order to alleviate the various difficulties, they face.

The extension will be granted to contractors that request it.

Contractors of PSIP projects that wish for an extension are required to submit requests to the offices that facilitate the projects by November 16.

The Finance Ministry has instructed relevant offices to grant extensions for such requests in accordance with Article 10.49 (d) of the Public Finance Regulation.