The Sectoral Oversight Committee on National Economic and Physical Plans, chaired by MP Mahindananda Aluthgamage, recently convened in Parliament to address the concerning performance of Foreign Investment Projects. Shockingly, among the 179 ongoing projects, only 31 were found to be yielding desired outcomes, raising serious concerns about the efficiency of these initiatives.
Revealing insights into the matter, discussions disclosed that despite receiving approximately Rs. 2.6 trillion for these projects from foreign institutions, the expected results remain elusive. The Committee lamented the failure of these initiatives to fulfill objectives, attributing this shortfall to the inadequacies within relevant Ministries, operating institutions, and the established project monitoring units.
Highlighting the alarming rise in the country’s foreign debt due to this inefficiency, the Committee emphasized the urgent need for improved implementation strategies and stringent monitoring mechanisms. Consequently, officials were tasked with submitting a comprehensive progress report within a month, aiming to rectify these shortcomings.
Additionally, during the session, the Committee scrutinized four performance reports, encompassing various departments and annual reports from key institutions such as the Ceylon Industrial Development Board and the Sri Lanka Tourism Development Fund. The meeting also saw the active participation of MPs and Committee Members, including Harshana Rajakaruna, Sudath Manjula, Nipuna Ranawaka, Gunathilaka Rajapaksha, and others, signifying the gravity of the issue at hand.
