Foreign project finance held back
Foreign financing for ongoing mega projects is being held back in the current socio –political instability in the country further straining Sri Lanka’s economy, official sources said.
International financial institutions, development agencies and donor countries have suspended release of funds for these projects which are being halted midway. “A lot of foreign funds for development projects are held up following the grave economic crisis and public protests as well as the Central Bank’s announcement of preemptive default on foreign debt,” a senior Foreign Ministry official confirmed.
Foreign donors were closely monitoring political developments in the country before releasing their balance tranches for the ongoing mega projects, he added.
As at the end of 2021, 325 mega scale development projects worth approximately Rs.6.9 trillion have been implemented under 47 line ministries with foreign and domestic funding. Including three projects which started in fourth quarter 2021, there were 98 newly initiated projects worth Rs. 2.6 trillion, Finance Ministry data showed.
Out of the allocated provision for total number of mega scale development projects for year 2021, 68 percent has been utilised at the end of the last year and 32 per cent will be held up.
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