Press briefing of Cabinet Decision taken on 2023-02-20

Progress of Mega Scale Development Projects as at the end of Fourth Quarter of the year 2022

- Cabinet considered the Report submitted by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies on the progress of 261 mega scale development projects as at the end of the fourth quarter 2022. The progress of the majority of projects is at a very low level due to the suspension of foreign financing pertaining to certain projects and the difficulty of securing funds in the face of the existing economic situation in the country. It has also been identified that there is a risk on the sustainability of certain projects of which all the activities have been completed owing to the fact that the facilities, authority and technical services required to continue such projects have not been included in the objectives and the scope of the Ministry which implemented the said project or in the scope of functions of other relevant Institutions. Taking those matters into consideration, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to prepare and implement an Organizational Results Framework and Inter Organizational Investment Result Framework for each line Ministry including key performance indicators for development investments so that the responsibility of implementation and continuation of development projects is vested with the Line Ministries, was approved by the Cabinet.