President Anura Kumara Dissanayake is scheduled to inaugurate and participate in several development programmes in the Northern Province today (02), marking the second consecutive day of such initiatives. 

Coinciding with World Coconut Day, the President will preside over the launch of the “Ratama Saru Karai Nirathuru – Kapthuru Saviya” Northern Coconut Triangle project in Puthukudiyiruppu this morning. 

The programme, which begins with the objective of cultivating 16,000 acres of coconut in the Northern Province by 2025, is expected to expand to 50,000 acres by 2027. 

Alongside this initiative, the first model coconut garden in the North will be launched in Palai under the patronage of the President. 

The President will also inaugurate a coconut-based products exhibition organized by the Coconut Development Authority, held near Puthukkudiyiruppu Central College. 

Meanwhile, President Dissanayake will also preside over the commencement of construction of the Vadduvakal Bridge in Mullaitivu District today (02). 

Located along the Paranthan – Karachchi – Mullaitivu Road near the Nandikadal Lagoon, the bridge carries over 3,000 vehicles daily. Owing to the lack of maintenance for many years, it has become severely unsafe.

Accordingly, under the Road Development Authority, the bridge will be reconstructed as a new two-lane bridge at a cost of Rs. 1.4 billion in public funds. (Newswire)

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The government has implemented 205 large-scale development projects, including 21 new projects.

Accordingly, the government expects to complete 145 projects in 2025, which includes 74 projects due to be completed before the end of the first quarter of 2025.

The government states 24 projects are to be completed in 2026, 19 projects in 2027, and 09 projects in 2028. 

The information was disclosed after the performance report on the large-scale development projects was submitted by the Department of Project Management and Monitoring to be reviewed by the Cabinet of Ministers.

The Cabinet has reviewed the performance data and information submitted by the relevant ministries on the financial and physical progress of the large-scale development projects implemented by the line ministries at the end of the first quarter of the year 2025.

As such, the Cabinet has approved the proposal presented by the President, in his capacity as the Minister of Finance, Planning, and Economic Development, to take steps by all ministries and relevant authorities for the completion of the said development projects during the target periods. (Newswire)

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All stalled development projects are set to commence in February, Minister of Transport, Highways, and Mass Media Dr. Bandula Gunawardena said. 

Addressing the media on Friday (Jan 19), Minister Gunawardena said the development projects will commence following the finalization of agreements related to the debt restructuring and ongoing discussions with foreign creditors of Sri Lanka. 

The minister highlighted that Rs. 150 million has been allocated to the District Development Committees under the relevant chairmen for road development. Additionally, Rs. 50 million has been earmarked through the Ministry of Rural Affairs for the development of small roads.

Dr. Bandula Gunawardena further addressed the financial landscape, emphasizing the need for careful consideration of income and expenditure in the challenging year ahead. 

“In 2022, the government’s total tax revenue amounted to Rs. 1,751 billion, with 72% (Rs. 1265 billion) allocated to government employee salaries, pensions, and Rs. 506 billion spent on Samurdhi allowance and support for the less privileged. The minister highlighted the challenge of balancing expenses, including interest payments on loans (Rs. 1,065 billion) and capital expenditure (Rs. 715 billion),” he said.

Minister Gunawardena reported the earnings of various government departments, such as the Inland Revenue Department (Rs. 1,550 billion), Customs Department (Rs. 922 billion), Excise Department (Rs. 169 billion), and Motor Vehicle Commissioner Department (Rs. 20 billion).

“Despite an increase in income from the public and various strategies in 2023 (Rs. 3,201 billion), expenses outpaced revenue, resulting in a deficit.

“In 2023, the government spent Rs. 2,160 billion on subsidies, Rs. 2,263 billion on interest payments, and a total of Rs. 4,394 billion to run the government, while its income for the year was Rs. 3,201 billion. The government borrowed extensively, with Rs. 10,091 billion borrowed domestically through Treasury Bills and Treasury Bonds,” he said.

Looking ahead to 2024, the minister assured that development schemes are slated to begin in February after the restructuring of debt and finalizing agreements with creditors. 

“Notably, a 60 million US dollar loan from the World Bank and financial assistance from the Samurdi Fund will be utilized for road repairs. Despite financial challenges, significant allocations have been made for the Chairmen of District Development Committees, with Rs. 150 million for road development and an additional Rs. 50 million for the development of small roads. The restructuring of foreign debt has reached its final stages, paving the way for the resumption of paused development projects,” he added. (NewsWire)

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