Delayed payments that were stalled due to COVID pandemic and economic crisis amounting to over Rs. 200 billion due to construction sector contractors have already been paid, Minister for Urban Development and Housing Prasanna Ranatunga said .
In addition, steps have already been taken to make payments that were delayed due to technical issues as well. The Minister said that the construction industry contributes to around 8% to 9% to the country’s gross national product.
“In addition about 20% of the country’s population is in the construction industry and hence paying back due payments will once again reactivate this industry that collapsed in this country due to the C-19 pandemic and the economic crisis.”
On a directive of President Ranil Wickremesinghe we appointed five committees to suggest solutions to bail out the industry and one such was the repayments to construction sector constructors.”
In addition, the Construction Industry Development Authority is currently registering ‘construction contractors’ without charging late fees. Accordingly, small and medium contractors (C4 – C9) late payment fees that were due dating back to three years are also waived off. In addition, the government is also assisting in the training of youth to be absorbed to numerous sectors of the industry in the future.
