Minister of Finance Ibrahim Ameer said that the state has decided to halt tendering for new projects in the remainder of 2022.
He confirmed this to local news media Mihaaru, noting the state body has actively halted tenders for new projects this year.
The minister however, confirms the exception being a re-tendering scenario for previously announced projects, as well as projects deemed an absolute necessity.
The decision comes among the latest measures taken by the government to counter the global economic turmoil in light of the ongoing Russia-Ukraine war.
While newer projects have been halted, projects in which work has already commenced will proceed ahead, which was clarified by a government official speaking on the matter.
The government announced limitations on subsidies to manage state expenses as well. However, the state had announced earlier regarding hiking GST rates in 2023.
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