Press briefing of Cabinet Decision taken on 2023-09-04

The progress of the Mega Scale Development Projects at the end of the Second Quarter of 2023

- The 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 achieved by 202 mega scale development projects implemented by line Ministries by the end of the second quarter of 2023. Cabinet noted that, the progress of the most of the projects is below the expected level by the end of the second quarter of 2023 owing to the fact that the funds related to the projects implemented on foreign funds cannot be used until the debt restructuring process that has been started is completed, and the release of domestic funds is limited. Accordingly, Cabinet decided to allocate provisions in the year 2024, giving priority to the projects that can contribute to achieve the Government's 2048 development goals and as a solution to the current economic crisis, until it becomes possible to use foreign funds after completion of the debt restructuring process.