President’s Office has declared the implementation of a new policy today titled the “Unsolicited Proposals Policy”. The Office reported that this new policy will ensure that the private sector has the opportunity to take initiative for projects instead of bidding, and be able to submit proposals for said projects.

The new Policy has been formed under clause 10.27 of Public Finance Regulations of the Public Finance Act. The President's Office reported that the “Unsolicited Proposals Policy” has been published in the Gazette today. The Office also announced that the Policy would allow submission of proposals by the private sector without performing a bid, as per the Public Finance Act of the Constitution. The President's Office also noted that the new policy would build a more friendly environment among various parties in the business sector.

The government has yet to announce a specific project to be undertaken with the implementation of this new policy. However, any group or company of the private sector now has the opportunity to take the initiative and submit a proposal for projects that aid in the development of this country, that works along with the aims and pledges of this administration.

The President’s Office reported that proposals can now be submitted for projects that do not necessarily fit into the mold of the development plan set by this administration. The Office also reported that proposals can now be submitted that assist or aid development goals of the administration. In addition, the statement also noted that even if the bid for strategic development plan are not opened by the administration, the private sector can now take the initiative and submit it to government. The President’s Office however noted that proposals cannot be submitted under this policy for projects that have been announced or in the works by the government.

As per the new policy, proposals should be submitted to the Ministry of Economic Development. It was noted however that the final decision for such proposals without government-initiated bids would be undertaken by the Economic Council of the President's Cabinet.

The President’s Office reported that the aim of this new Policy, is to further enrich the current administration's development plans for this country by integrating ideas and thought from the private sector.

The policy has been published in the Government Gazette.