Out of 179 Foreign Investment Projects, only 31 projects are efficacious – the Committee instructs officials of Project Management and Monitoring Department to submit a progress report as soon as possible.
Given the consideration of the performance report of the Project Management and Monitoring Department, the current status of Foreign Investment Projects was taken up for discussion where it was disclosed that only 31 projects out of 179 Foreign Investment Projects are efficacious.
The inquiry into this took place when the Sectoral Oversight Committee on National Economic and Physical Plans met in Parliament recently under the Chairmanship of MP Mahindananda Aluthgamage.
Whilst it was disclosed that approximately Rs. 2.6 trillion have been received for Foreign Investment Projects from foreign funded institutions, the Committee emphasized that it is very regrettable that the foreign loans and grants obtained for the country’s capital expenditure through such projects are not properly implemented to achieve the desired results through the related projects.
The Committee pointed out that the expected objectives are not being achieved through these projects and that the foreign debt of the country is increasing rapidly, and the reason for this is the weakness of the relevant Ministries and their operating institutions as well as the project monitoring units established for the implementation of these projects.
Accordingly, the Committee instructed the officials present to submit a report in this regard within one month. The Committee also approved the performance report of the Project Management and Monitoring Department.
Following the said discussions, four performance reports including the performance report of the Project Management and Monitoring Department and three annual reports were considered in the Sectoral Oversight Committee on National Economy and Physical Planning.
Accordingly, the Performance Report of Public Finance Department 2022, Performance Report of the National Planning Department 2022, Annual Report of the Ceylon Industrial Development Board 2020, Annual Report of the Sri Lanka Tourism Development Fund 2020, Performance Report of Local Loans and Development Fund 2021, Performance Report of Plantation Industry Ministry 2022 were considered at the Committee meeting held.
MPs and Committee Members Harshana Rajakaruna, Sudath Manjula, Nipuna Ranawaka, Gunathilaka Rajapaksha and non- committee members and MPs Gamini Waleboda and Wasantha Yapabandara were present at the Committee meeting held.
