Chief of Presidential Staff, Sagala Ratnayake highlighted the need for a clear agreement on payment timelines to help streamline the construction sector's financial operations.
This was noted when the Construction Industry Revitalisation Committee convened at the President's Office yesterday (15) with Ratnayake at the helm.
Ratnayake emphasised the need to systematically address the problems facing the construction industry, and to revive it, and towards this end, it was proposed to establish an executive committee under the said Committee, composed of representatives from the Office of the President, the Ministry of Finance, the Urban Development Authority, the Sri Lanka Institute of Development Administration, the Department of Irrigation, the National Water Supply and Drainage Board, the Ministry of Transport and Highways, and stakeholders from the private sector.
The Committee discussed various problems affecting the industry, such as high bank interest rates, import restrictions and Customs duties, and payment mechanisms for government projects.