The government has decided to extend the duration granted to contractors to complete Public Sector Investment Program (PSIP) projects by up to six months to ease various hardships faced by contractors of state-run development projects due to the COVID-19 pandemic.
The Finance Ministry issued a circular on Tuesday stating that the Economic Council has decided to extend PSIP project deadlines by six months for government projects undertaken by private contractors since the pandemic began in 2020 and before May 30 this year. The extension will be given to those who apply for it, the circular said. The contractors are requested to apply for their extension at their relevant contracting office.
The circular also directs government offices to extend the contract period and update the agreements in accordance with the Public Finance Rules.
