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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka spends Rs50bn on roads in five months

Sri Lanka spends Rs50bn on roads in five months

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
July 04, 2012 (LBO) - Sri Lanka has spent 70 billion rupees on highways, power, water and sanitation in the first five months of the year, with 50 billion rupees going to roads, a finance ministry report said.

The finance ministry in a mid-year fiscal report said 36.8 billion rupees was spent on national roads, including 11.3 billion rupees on expressways, 17.5 billion rupees on highways and 6.9 billion rupees on improvements to roads.

Another 8.9 billion rupees was spent on provincial roads. Under 'Maga Neguma' and 'Gama Neguma' projects a further 1.7 billion rupees and 2.8 billion rupees had been spent on rural roads.

The finance ministry is filling a long existing infrastructure gaps in the island due decades of under-investment in infrastructure, using foreign debt in most cases.

The Asian Development Bank, Japan and lately China have been major financiers of roads.

Roads generate billions of rupees of taxes each year but the money is spent on other areas by rulers, forcing the finance ministry to borrow.

According to a mid-year fiscal report cars and petroleum generated 30.6 billion rupees in excise duties alone.

Motor industry officials say in 2011 the state earned 65 billion in taxes on imported vehicles. The department of motor traffic had separately earned 7 billion rupees on registration and other fees.

Sri Lanka's rulers run a current account deficit in the budget and all capital expenditure is financed by debt. The finance ministry has in recent years maintained capital expenditure around 6.5 billion US dollars.

About 6.8 billion rupees was spent on expanding power infrastructure and 12.99 billion rupees spent on water and sanitation.
http://lbo.lk/fullstory.php?nid=887960522

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Sri Lankan road building is very low quality. The carpets roads made just a few months ago are now crumbling at the edges. There were newspaper article where there was a tree sapling coming out of the middle of a carpeted road. You can break these carpeted roads just by fingers. They must be getting more than 10% from these roads. So how is the state of the roads in Anuradhapura which were carpeted when it was flooding (plastering black on mud for the show)? They must have survived at least these days thanks to the drought.
Roads must be built. That is very important. But they should be built right. To withstand at least 5 years with proper maintenance.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@aj wrote:Sri Lankan road building is very low quality. The carpets roads made just a few months ago are now crumbling at the edges. There were newspaper article where there was a tree sapling coming out of the middle of a carpeted road. You can break these carpeted roads just by fingers. They must be getting more than 10% from these roads. So how is the state of the roads in Anuradhapura which were carpeted when it was flooding (plastering black on mud for the show)? They must have survived at least these days thanks to the drought.
Roads must be built. That is very important. But they should be built right. To withstand at least 5 years with proper maintenance.

Agree with you.
Spending and over spending has to be two different things. But sadly our politico dont think like that..

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