The Economic Council has decided to extend the duration for completion given to Public Sector Investment Program (PSIP) projects by a maximum of six months.
A circular released by the Finance Ministry on Tuesday announces that the extension is being granted to ongoing projects initiated before May 30, 2023 in light of difficulties faced during the covid-19 pandemic.
The ministry said the extension will be granted to companies who submit a request for it. The ministry has now announced that companies can send it requests for extension to the relevant institutions that are managing the projects.
"Contractors who are undertaking PSIP projects within the stated timeframe are advised to submit an application for extension for a duration not exceeding six months to the relevant institution in charge of the project," the circular reads.
The Ministry has instructed that the contracts of applying companies be updated to include the extensions in accordance with the Public Finance Act.
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