The Sectoral Oversight Committee (SOC) on National Economic and Physical Plans has instructed the Department of Project Management and Monitoring to submit a progress report without delay as it was disclosed that only 31 out of 179 foreign investment projects are efficacious.

The performance report of the Project Management and Monitoring Department was taken up for consideration at the SOC meeting on November 21, chaired by MP Mahindananda Aluthgamage.

While it was disclosed that approximately Rs. 2.6 trillion had been received for Foreign Investment Projects from foreign-funded institutions, the SOC emphasized that it is very regrettable that the foreign loans and grants obtained for the country’s capital expenditure through such projects were not properly implemented to achieve the desired results through the related projects.

The SOC pointed out that the expected objectives are not being achieved through these projects. It said the foreign debt of the country is increasing rapidly, attributing the reason to the weakness of the relevant ministries and their operating institutions as well as the project monitoring units established for the implementation of these projects.

Accordingly, the committee instructed the officials present to submit a report in this regard within one month. It also approved the performance report of the Project Management and Monitoring Department.

Following the said discussions, 4 performance reports including the performance report of the Project Management and Monitoring Department and 3 annual reports were considered in the SOC on National Economy and Physical Planning.

Accordingly, the 2022 Performance Report of Department of Public Finance, the 2022 Performance Report of the Department of National Planning, the 2020 Annual Report of the Ceylon Industrial Development Board, the 2020 Annual Report of the Sri Lanka Tourism Development Fund, 2021 Performance Report of Local Loans and Development Fund, 2022 Performance Report of Ministry of Plantation Industry were considered at the SOC meeting.