Prime Minister advises paying development loans from project revenues

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Prime Minister advises paying development loans from project revenues

Tue March 9, 2021, 8:20 p.m. SL time, ColomboPage News Desk, Sri Lanka.

March 09, Colombo: Sri Lankan Prime Minister Mahinda Rajapaksa stressed that it is imperative to consider the possibility of repaying foreign loans when taking loans for various development projects.

The Prime Minister underlined that it would be more appropriate to examine the possibility of repaying the loans within the framework of the receipts of the projects concerned.

Therefore, it is essential to select the most effective projects for the use of such loans as well as the ability to obtain loans, the Prime Minister stressed.

The Prime Minister gave this advice by participating in a meeting to review the progress of the Department of External Resources of the Ministry of Finance. The meeting was held at the Ministry of Finance yesterday (08) morning.

The plans to be implemented in the future under the foreign loan programs were discussed at length. Much attention has also been paid to the Ocean University expansion project. The prime minister said development projects should be implemented with the aim of developing an isolated area.

The review focused on a number of aspects, including the development projects currently underway on foreign loans, future loans and loan repayments.

Minister of State Ajith Nivard Cabraal, Treasury Secretary SR Attygalle, Director General of External Resources Department Ajith Abeysekera, Chief of Staff to Prime Minister Yoshitha Rajapaksa, Coordinating Secretaries to Minister of Finance Gemunu Karunaratne and Charith Wijesinghe were also present.

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