Finance opens applications for projects under "New Policy Initiatives"

The Ministry of Finance has opened the call for applications under the "New Policy Initiative", which will see the incumbent administration prepare a strategic mid-point budget for prospective initiatives in 2022-2024.

The Finance Ministry made the announcement in a circular, noting that the programme budget would be prepared under the Strategic Action Plan and the National Resilience and Recovery Plan.

The Finance Ministry's circular reads that eligible parties may send applications and proposals under the "New Policy Initiative", if they wish to include additional programmes in their budget and require further budget extensions. Whether or not the proposals will be included in the budget will be determined by the Ministry of Finance and the President's Office.

Government institutions applying for budgeting under the "New Policy Initiative" will be required to submit details of the project they wish to execute. The Finance Ministry has also determined an expenditure ceiling for government institutions that will be submitting proposals.

The Ministry of Finance went on to detail that the ceiling determined for institutions was not the previous ceiling determined by the People's Majlis when submitting a budget. As such, the mid-point budget to be determined by the Ministry of Finance under the "New Policy Initiative" will differ from the earlier budget.

According to the Ministry of Finance, applications and project proposals under the "New Policy Indicatives" must be sent to the ministry via (isles.gov.mv) before 30 June 2021.