We will no longer take loans for projects, says Cabinet Spokesman

Dec 01, 2020 (LBO) – Sri Lanka’s government has decided not to take loans for projects, Cabinet Spokesman Keheliya Rambukwella said.

Speaking at the weekly cabinet press briefing, the minister emphasized the need to maintain foreign exchange reserves.

“The government, as well as the cabinet, has taken a decision that we will no longer take loans for any project,” Rambukwella told reporters.

“Instead, we will use BOO, BOT, or PPP like methods. Apart from that, we will only look at foreign investments.”

BOO, BOT, and PPP are forms of project delivery methods, usually for large-scale infrastructure projects, wherein a private entity receives a concession from the public sector.

Related: Sri Lanka to extend restriction order on forex outflows by 6 months

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