ECONOMYNEXT – Sri Lanka plans to start repairs on 600 road development projects after finalization of debt restructuring and ongoing discussions with foreign creditors, Minister of Transport Bandula Gunawardena said at a press briefing on Friday (19).
“With 60 million US dollars from the Asian Development Bank, we will repair 600 roads so that they are in usable condition (yanna pulu-wan vi-di-ha-ta),” Gunawardena said.
Sri Lanka’s prevailing inability to repay foreign loans has led to a halt in the construction and renovation of roads and railways.
“There is a flyover constructed with Hungarian aid in Kohuwela which is incomplete,” Gunawardena said. “Hungarian tax-payer money was given to us for two flyovers; one in Gatambe and one in Kohuwela, and both have stopped.
“Despite our discussions with Hungarian officials, until the debt restructuring process is completed, they will not give us a cent.”
Hungary was to provide concessional financial facilities through its Exim Bank for the implementation of infrastructure development projects in the country before Sri Lanka defaulted on its international debt. (Colombo/Jan19/2024)