Sri Lankan government reviews progress of large-scale development projects worth Rs. 1.7 trillion
The government of Sri Lanka has reportedly decided to fast track the progress of over 300 large scale development projects valued at Rs. 1.7 trillion. The decision was made while reviewing the progress of these projects.
The progress review report submitted by Sri Lanka’s Finance Minister Basil Rajapaksa to the Cabinet of Ministers has stated that 319 large-scale development projects exceeding a cost of Rs. 1 billion are being implemented by 43 ministries.
“These projects implemented until 2030 have an approximate total value of Rs. 7.1 trillion,” Sri Lanka’s Government Information Department has noted in a statement. “A total of Rs. 1.75 trillion has been spent so far and Rs. 745 billion has been allocated for these projects for this year.”
The Cabinet of Ministers has observed that only 55% of the target expenditure had been utilised during the first quarter of the year due to the Covid 19 pandemic.
“Of the 319 projects, 88 are in line with new development programs of the Government. The estimated cost of these projects is Rs. 2.5 trillion, with Rs. 232 billion allocated for this year,” the Information Department has stated.
OSL take:
Sri Lanka is currently engaged in an aggressive development programme that is aimed at taking the country to the next level of development. Sri Lanka is also emerging as a business destination in the South Asian region. The island’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country have added to Sri Lanka’s attraction as a business hub in the region. The country’s economy is also showing steady signs of growth despite facing the impact of the global Covid 19 pandemic. Given the positive trends in Sri Lanka as well as the continuously improving ease of doing business environment in the country, foreign businesses/investors could confidently explore the growing opportunities in the island.
| Article Code : | VBS/AT/31082021/Z_2 |