The government is set to amend its public procurement regulations to prioritise small and medium enterprises (SMEs) in government project bidding, the Ministry of Finance and Planning has announced.
Under the proposed changes, tenders below a specified value threshold will be reserved exclusively for registered SMEs, aiming to enhance their participation in state contracts.
The Ministry is currently consulting with relevant agencies to revise laws, regulations, and procedures to remove existing barriers and make procurement processes more accessible and flexible for smaller businesses.
In addition, efforts are underway to improve payment mechanisms, including collaboration with the Maldives Inland Revenue Authority (MIRA) and state-owned enterprises to streamline tax settlements and allow SMEs to pay outstanding dues in Maldivian rufiyaa. The Ministry also plans to reduce service fees charged by government-owned companies to further support SMEs.
These reforms are part of a broader initiative to strengthen the competitiveness and sustainability of small businesses in the national economy.