Govt to fast track 260 large-scale development projects worth Rs 5.8 trillion

The Government is to fast track 260 large-scale development projects valued at Rs. 5.8 trillion as its progress is being slowed down owing to current economic crisis and scarcity of raw materials, fuel crisis, power cuts, price inflation as well as contract management issues

This was revealed in a progress review report on these 260 projects presented to the Cabinet of Ministers on Monday 05.

According to the progress review report submitted by President Ranil Wickremesinghe in his capacity as Finance, Economic Stabilisation and National Policies Minister to the Cabinet, 260 large-scale development projects are being implemented by line ministries.

“Total of 125 projects are financed by foreign financing means, whilst their project completion time extends up to the year 2030,” a statement comprising weekly Cabinet Decisions issued by the Government Information Department noted.

However, Cabinet observed that only around 52% of the target projects were implemented during the second quarter of the year given the adverse impacts of the ongoing economic crisis.

The Cabinet of Ministers decided that the projects showing less progress should be prioritised upon further reviewing so that the expected goals and objectives of these projects can be achieved.

However, Cabinet observed that only around 52% of the target projects were implemented during the second quarter of the year given the adverse impacts of the ongoing economic crisis.

“These development projects were hampered by import restrictions, shortage of raw materials, fuel crisis, power cuts, price inflation as well as contract management issues,” the statement added.

The Cabinet of Ministers decided that the projects showing less progress should be prioritised upon further reviewing so that the expected goals and objectives of these projects can be achieved.

In addition, it was decided to appoint a separate Committee Chaired by the Prime Minister’s Secretary and other senior officials to obtain the assistance of the relevant parties to ensure project activities can be finalised within the precise time frame.

The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation, and National Policies Minister was approved by the Cabinet of Ministers.