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Financial crisis: Funding for Basil’s projects to be stopped
The cabinet has decided to differ or fully stop funding of a number of mega development projects proposed by former Finance Minister Basil Rajapaksa in his budget 2022 owing to the current financial crisis, Cabinet spokesman and Transport and Highways Minister Bandula Gunawardana said yesterday.
Minister Gunawardana told the post-cabinet news briefing yesterday that Prime Minister and Finance, Economic Stabilisation and National Policies Minister Ranil Wickremesinghe has proposed and got the approval from the cabinet to divert capital funds allocated to development projects for recurrent expenditure and welfare programmes of the government in 2022 and 2023.
“The decision was taken to meet the financial requirements maintain market stabilisation, public welfare and also to pay salaries and pension to public servants and other highly essential and unavoidable government expenses following the dollar crunch,” Minister Gunawardana added.
The government has decided to introduce an amendment bill in Parliament to replace the Appropriation Act No. 30 of 2021 for the purpose, he noted.
The government will closely monitor the performance of state-owned commercial enterprises, ministries and departments to ensure there will be no waste, misappropriations or unnecessary expenditure in them. (Sandun A. Jayasekera)
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