Govt to launch robust post-disaster rebuilding fund backed by broad stakeholder support

The government has decided to initiate a medium and long-term recovery programme, integrating both the public and private sectors, to mobilise resources for rebuilding the country’s essential infrastructure, such as highways and irrigation systems damaged by the recent disaster.

Accordingly, President Anura Kumara Dissanayake stated that it is intended to establish a fund with contributions from all sectors and to appoint a Joint Management Committee, comprising both public and private sector representatives, with Cabinet approval, to oversee the management of the fund.

The President made these remarks during a meeting held last night (30) at the Presidential Secretariat with a group of private sector investors, according to the President’s Media Division (PMD).

Highlighting the extent of the devastation caused by floods and landslides, the President noted that the damage is far greater than what is visible on the surface. He emphasised that the Treasury alone cannot bear the full financial burden of recovery.

President Dissanayake further noted that funds for reconstruction could be mobilised through multiple channels, including local contributions, the Sri Lankan expatriates, foreign governments, international organisations and business associations. The coordination and management of these efforts will primarily be entrusted to the appointed committee.

He further pointed out that houses, farmlands, plantations, highways, bridges, government buildings, schools and even electricity poles have been destroyed as a result of the disaster. Landslides have caused extensive damage to road networks, which will require major rehabilitation.

The President also noted that the government has begun discussions with the World Bank to prepare a detailed assessment of the damage across sectors and the financial requirements for reconstruction. 

The World Bank has already been commissioned to conduct the Global Rapid Post-Disaster Damage Estimation (GRADE). The government expects to receive the GRADE assessment within approximately two weeks, the PMD said.

--PMD