Govt. seeks Rs. 8.75 b to restart stalled development projects

Tuesday, 11 June 2024 01:38 –      – 68

facebook sharing button
twitter sharing button
whatsapp sharing button
viber sharing button
sharethis sharing button
  • State Minister of Finance Shehan Semasinghe clarifies request does not constitute supplementary Budget
  • Says requested amount expected to be settled after completion of debt restructuring process
  • Assures move will not impact Budget deficit

State Minister of Finance Shehan Semasinghe

State Minister of Finance Shehan Semasinghe yesterday said that Parliament’s approval has been sought for an additional allocation of Rs. 8.75 billion to restart essential development projects that were halted due to the ongoing economic crisis and the pending debt restructuring program.

He clarified that this request does not constitute a supplementary Budget, which is typically presented to Parliament when allocated funds prove insufficient.

Instead, he noted that the requested amount is expected to be resettled after the completion of the debt restructuring process and will not impact the Budget deficit.

“The suspension of various development projects over the past few years has significantly affected a large number of communities. Key initiatives, including rural roads, bridges, small tanks, canals, rural hospitals, and schools, were put on hold. This interruption has led to numerous requests from public representatives and organisations urging the Government to resume these projects,” he explained.

Addressing the Parliament, Semasinghe highlighted the widespread impact of the stalled projects, noting the hardship faced by many communities due to the lack of infrastructure improvements and essential services.

He assured that once the debt restructuring is complete, development projects across the country will recommence as planned.

“The Government is committed to addressing the concerns of the public and ensuring that essential development projects are back on track,” Minister Semasinghe stated. “We understand the urgency and importance of these projects for the well-being and progress of our communities.”

However, opposition criticises the move as a ploy ahead of the Presidential election in which President Ranil Wickremesinghe is expected to contest.

 

Author