Saturday Jan 04, 2025
Saturday Jan 04, 2025
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Cabinet Spokesman and Minister Dr. Nalinda Jayatissa
By Charumini de Silva
The Cabinet of Ministers at its meeting on Monday approved establishing a ‘Public Investment Supervision and Evaluation Committee’ under the provisions of Section 44(3) of the Public Financial Management Act No. 44 of 2024.
This initiative aims to address inefficiencies in public capital investments and ensure greater returns and development outcomes.
The newly formed Committee will consist of 11 members including two Ministry Secretaries appointed by the Secretary to the President and the Senior Additional Secretary of the President.
Its primary responsibilities include strategic decision-making, planning, resource allocation, budgeting, financing and supervision of public investment projects. The Committee will act based on inputs from Chief Accounting Officers and Accounting Officers to ensure informed and efficient oversight.
“The decision comes in response to a decade-long observation of subpar results and missed development targets, despite significant public capital investments,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said yesterday.
Speaking at the post-Cabinet meeting media briefing, he said by enhancing the project management and supervision, the Government intends to mitigate delays, cost overruns and inefficiencies that have plagued development programs.
He stressed the importance of improving public sector accountability and maximising the impact of taxpayers funded development projects.
“It is expected to streamline processes, resolve bottlenecks and propose measures to enhance project outcomes, aligning public investments more closely with national development plans,” Dr. Jayatissa explained.
