Sri Lanka projects slowed down by counterparty funds, approvals: ADB
ECONOMYNEXT – The Asian Development Bank, one of Sri Lanka’s most important sources of foreign aid, has drawn attention to weaknesses in government budget planning, saying lack of funds remained a key challenge for the island.
“Sri Lanka faced some key challenges in 2017, including insufficient budgetary allocations and lack of counterpart funds,” the lender said in a recent report on the status of its programs in the island.
“The government also experienced difficulty in recruiting suitably qualified project management staff.”
Project implementation in Sri Lanka is also affected by lengthy land acquisition procedures and procurement delays caused by several approvals being required from different government levels, the ADB said.
The ADB and the government are working to resolve these issues by closely monitoring project performance at regular review meetings.
Through technical assistance to improve project readiness and portfolio management, ADB said it is supporting initiatives to build capacity, particularly in new implementing and executing agencies.
(COLOMBO, May 01, 2018)