Govt. keen on reviving construction industry

4 August 2023 05:06 am Views - {{hitsCtrl.values.hits}} 3 Bookmark

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Senior Advisor, Sagala Ratnayaka highlights President Wickremesinghe’s goal to revitalise construction sector for national economic growth
Discusses efforts to provide relief to construction industry during ‘Executive Committee’ meeting
Committee commits to settling three-month arrears owed to builders by August
Construction activities recorded negative growth of 38.3% in 1Q

The government stressed yesterday its intentions to revive the country’s stalled construction industry by resuming the large infrastructure projects that were halted due to the economic crisis. This crisis resulted in significant price increases due to high input prices and import restrictions.
Sagala Ratnayaka, the President’s Senior Advisor on National Security and Chief of Presidential Staff said that President Ranil Wickremesinghe aims to revive the construction industry in Sri Lanka and contribute widely to the national economy. Ratnayaka made this statement during the meeting of the ‘Executive Committee on the Revival of the Construction Industry’ held at the Presidential Secretariat yesterday.
According to the Department of Census and Statistics, construction activities recorded a negative growth of 38.3 percent in the first quarter of 2023.
The government’s efforts to provide relief to the construction industry were discussed at length during the meeting. The committee members said that the three-month-old arrears owed by the government to the builders will be settled within the month of August.
Ratnayaka stated that the government aims to revive the stalled development projects with the completion of debt optimisation and foreign support.

He instructed officials of the Foreign Resources Department to provide a report on the progress of the development projects implemented in this country with the support of the World Bank and the Asian Development Bank.

Comments - 3

Robin Banks Friday, 04 August 2023 09:09 AM

Being keen and actually doing something meaningful are two different things. How can this mob who bankrupted the country rebuild the economy? Have they grown some patriotic brain cells?

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Nimal Friday, 04 August 2023 11:16 AM

Some contractors have not been paid for work done as early as November 2022. One state organization, at least, is making a horrendous attempt to deduct the entire mobilization advance paid to the contractors from the next payments that fall due. Actually this should have been done in instalments as stipulated in the Conditions of Contract. This organization informed contractors that payment for work done after November 2022 cannot be guaranteed. Hence, most contractors did not do much work. Now the contracts have been terminated by the employer for poor performance and vile attempts are being made to cash the performance bonds as well. What is this rubbish about reviving the construction industry? It will take ages.

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Lank Friday, 04 August 2023 12:22 PM

I know that construction industry is part and parcel of economy today's ..millions of jobs depend on them .. families of many are living from this industry but wrong construction projects are disasters to our ecology and environment..from Roads to houses must be built environmentally friendly ways .. Don't destroy our trees ; forests and natural resources for the sake of some personal gains. Introduce some strict laws to town planing or for any private or company construction works even it is done by the government.

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