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Seeking project funds on hold

03 May 2020

Discussions focusing on obtaining foreign funds for new projects scheduled by the Government are still on hold due to the coronavirus pandemic, according to the External Resources Department (ERD) of the Ministry of Finance. Speaking to The Sunday Morning, ERD Director General Priyantha Rathnayake said the Government was currently going ahead with the ongoing projects at the time the curfew was imposed in the country. He said the funds for these projects had already been allocated. However, the Government had not received any new funds for the projects, according to Rathnayake. Furthermore, the Government had taken a policy decision to seek foreign investment rather than seeking foreign loans. But at present, the focus is on controlling Covid-19 and therefore, some funds of the ERD had also been diverted to Covid-19-related activities of the Ministry of Health, Rathnayake noted. (MM)

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