Press briefing of Cabinet Decision taken on 2022-09-05

Progress of Mega Scale Development Projects by the end of Second Quarter 2022

- According to the report prepared by the Department of Project Management and Monitoring including cumulative physical progress of the mega scale development projects up to the end of the second quarter 2022, implemented by line ministries and prevailing issues related thereto, 260 mega scale development projects exceeding US $ 1000 million, with a total investment of Rs.5.8 trillion have been carried out. Among them, 125 projects are funded by foreign financing sources and completion of those projects are spread up to the year 2030. Foreign exchange crisis, the country was faced with during the second quarter of the year 2022 and the resultant problems such as import restrictions, shortage of raw materials, fuel crisis, power cuts, price inflation as well as contract management issues related thereto have caused a severe impact on the continuous performance of such development projects. Taking into consideration the information submitted by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies, Cabinet decided to appoint an Officials' Committee under the chairmanship of the Prime Minister and comprising of senior officials to obtain the corporation of relevant parties for the smooth functioning of above projects and solve the existing issues expeditiously and achieve expected results.