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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Cabinet reviews progress of large-scale development projects worth Rs. 1.7 t

Cabinet reviews progress of large-scale development projects worth Rs. 1.7 t

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Cabinet reviews progress of large-scale development projects worth Rs. 1.7 t Eng_banner


  • 319 large-scale development projects costing Rs. 1 t carried out by 43 ministries come under review

  • Only 55% of target expenditure incurred by 1Q due to COVID-19 

  • Lagging projects to be fast-tracked by newly created Ministry of Development Coordination and Supervision helmed by Namal Rajapaksa


 

The Cabinet of Ministers on Monday reviewed the progress of over 300 large-scale development projects valued at Rs. 1.7 trillion and decided to fast-track the progress of those which are lagging.

According to the progress review report submitted by Finance Minister Basil Rajapaksa to the Cabinet, 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,” the Government Information Department said. “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.”

However, Cabinet observed that only 55% of the target expenditure had been utilised during the first quarter of the year given the adverse impact of the COVID-19 situation prevailing in the country.

“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 Department said.

The Cabinet of Ministers decided that the projects showing less progress should be prioritised upon further reviewing, so that the expected goals and objectives from these projects can be achieved. This will be done under the close supervision of the newly created Ministry of Development Coordination and Supervision held by Namal Rajapaksa, so that the project activities can be finalised within the precise time frame.


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