The Ministry of Finance and Treasury is mandated to regulate and administer the entire public procurement function of the nation. The Ministry strives to enhance and harmonize the public procurement system to be economically efficient, transparent and accountable. The core principles of the public procurement are to induce integrity and accountability within all government agencies, work towards economic efficiency, provide a competitive and fair market for tenderers and maintain transparency.
The public procurement mechanism of the Maldives is regulated by the Chapter 10- Public Procurement Mechanism of the Public Financial Regulation 2017/ R-20. The levels of authority in public procurement is categorized as National Tender Board which authorises all procurement across the nation above MVR 2.5 million and Agency Bid Committee which authorises all procurement of the agency between MVR 2.5 million and MVR 35,000.
National Tender Board was incorporated on 10th July 1990 by Presidents Office with the authority to assess and approve the procurements undertaken through the national procurement function established under Ministry of Finance and Treasury, which are above MVR 2.5million. Utmost aim of appointing a National Tender Board is to assure the national level procurements are executed fairly, equitably, transparently, competitively and cost effectively.Read More
Pursuant to Clause 10.13 of the Public Financial Regulation 2017, all government agencies (inclusive of autonomous agencies) shall appoint a Bid committee of three (3) to seven (7) members including the Chairperson with the endorsement from the Minister of Finance and Treasury. All Agency Bid Committees are appointed to authorize all the procurement of the relevant agency below MVR 2.5 million.