Thursday Nov 07, 2024
FT
Thursday Nov 07, 2024
Tuesday, 26 March 2024 02:21 - - {{hitsCtrl.values.hits}}
Urban Development and Housing Minister Prasanna Ranatunga yesterday announced a special Cabinet paper was submitted to address the multifaceted challenges faced by the construction sector.
“The Government has set its sights on addressing the plight of workers in the construction sector amidst multifaceted economic challenges following the COVID-19 pandemic. Proposals aimed at swiftly resolving issues within the industry are being tabled for consideration through a special Cabinet paper,” Urban Development and Housing Minister Prasanna Ranatunga said.
Key proposals outlined in the Cabinet paper include measures to address issues stemming from price escalations in construction contracts and ensuring timely payments to mitigate financial hardships faced by workers.
“The Cabinet paper seeks to expedite payments and tackle various challenges faced by contractors, builders and artisans who have borne the brunt of the economic downturn and pandemic repercussions,” he added.
Acknowledging the severity of the situation, Ranatunga emphasised a committee was appointed chaired by the Finance Ministry Secretary to address these challenges head-on. The committee is tasked with expediting payment processes and settling outstanding dues owed to construction sector workers.
The Minister further stated that all accurately submitted invoices that were unpaid as a result of the COVID-19 pandemic and the economic downturn was settled by the Urban Development and Housing Ministry and its affiliated organisations.
“In 2023, a total of Rs. 12,501 million were settled,” Ranatunga disclosed.
