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Funds to be suspended for failing projects 

12 Oct 2021

  • Basil plans to monitor projects and allocate funds quarterly 
The Ministry of Finance will not be allocating funds for projects which fail to show success in the first quarter, under a new system where funds are allocated quarterly, instead of annually.  This was announced by Finance Minister Basil Rajapaksa who said that through the forthcoming Budget, a mechanism would be set up to monitor the progress of projects and have a quarterly evaluation before deciding on the financial allocation for the following quarter.  He made this announcement during a discussion with the Ministry of Agriculture and the State Ministry of Promoting the Production and Regulating the Supply of Organic Fertiliser, and Paddy and Grains, Organic Foods, Vegetables, Fruits, Chillies, Onion, and Potato Cultivation Promoting, Seed Production, and Advanced Technology Agriculture.  He also said that the Ministry has decided to focus on meeting the service requirements with the existing public servants without recruiting new employees for public sector jobs, pointing out that the ratio of one public servant per 114 people before independence has increased to a ratio of one per 10.  During the said discussion, he has also instructed the officials to take steps to increase local production and create a system of selling such products at an affordable price to the consumer. Rajapaksa pointed out that in a manufacturing economy, the focus should be on increasing production rather than increasing the prices of production, which will bring economic benefits not only to the producer and the consumer, but also to the Government. 


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