The project financing functions of the Economic Development and Finance Ministries have been streamlined on the directions of Dr. P.B. Jayasundara, Secretary to both ministries, in a major shake-up, informed sources said. All the responsibilities incuding the granting of approval for funding various development projects of this division have been taken over by him, removing the head of the division who handled project financing up to Rs.30 billion since the Ministry’s formation.
The services of a senior Finance Ministry official who was in charge of these activities have also been terminated, these sources revealed. Another official who handled the investment promotion division has been transferred to the Foreign Ministry. These changes at the top official level will hamper the proper implementation of the development projects initiated by the ministry, the sources added. The project approvals have also been affected under the present situation, several investors told the Business Times.
They noted that there is a need to take a lead in defining investment priorities and marketing these to investors, rather than just responding to proposals only. A senior official who wished to be anonymous said while such changes should be essentially focused on giving priority to investment projects critical to national development, removing senior officials tasked with this exercise doesn’t serve any purpose.
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