June 13, 2024

Government targets to complete 162 mega development projects by 2026

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The government targets to complete 162 large-scale development projects within 2026 which are scheduled to initiate this year.

The Cabinetnet Spokeperson and Minister of Transport, Highways and Mass Media Bandula Gunawardene revealed that 171 large-scale development projects is to be rolled out in 2024.

“Except for nine projects, all the remaining projects are scheduled to be completed by the end of the year 2026,” he said.

The Minister noted that required funding for the completion of these projects would be allocated In 2025 and 2026 budgets.

The Department of Project Management and Supervision has presented the performance report on large-scale development projects to the Cabinet of Ministers this week after reviewing the performance data and information submitted by the relevant ministries on the financial and physical progress of the projects by the end of the first quarter of 2024.

According to the report, 58  mega development projects including port entrance highway and Kohuwala flyover is near completion with an over  80% of these projects already been completed.

President Ranil Wickramsighe in his capacity as the Minister of Finance Economic Stabilization and National Policies presented a proposal to the Cabinet complete these projects within this year in order to provide financial space for new capital projects.

The Cabinet of Ministers decided to refer the projects which currently suspended due to lack of sufficient funds to the National Operations Room Committee. The Committee is tasked with carrying out the necessary studies before investing further money in. Minister Gunawardene noted that government has entered into temporary funding arrangement with firms implementing some foreign donor projects until the external debt restructuring is completed. However, he stressed that all foreign donor projects would be resumed as soon as external debt restructuring is completed.

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