Sunday Times E-Paper

Secs. told to work out post-covid project proposals within weeks

The Finance Ministry has given Ministry Secretaries just a month to formulate project proposals and action plans--complete with cost estimates--for implementation next year under the post-COVID economic recovery programme announced in the Budget.

In a circular issued on Tuesday, Treasury Secretary S. R. Attygalle says the Government has embarked on a development path to stimulate the economy amidst the global and local challenges that arose from the COVID-19 pandemic.

“For this purpose, the public investment allocation for 2022 is Rs 930 billion,” he states. “Accordingly, the implementing agencies need to implement the budget proposals as outlined in the Budget Speech 2022.”

Ministry Secretaries have been directed to formulate project proposals and action plans, including cost estimates, for budget proposals coming under the purview of each line ministry. They are to be submitted to the Department of National Planning by December 20. Only project proposals that need “considerable time period for formulation” can be submitted by December 31.

Last week, the Finance Ministry also cracked the whip on State- owned enterprises ( SOEs), requiring Boards of Directors to be held accountable for their decisions and actions, laying down strict guidelines for recruitment and payments, and demanding performance targets to be met across all institutions.

"Guidelines on Corporate Governance for State- Owned Enterprises" (CG) and a separate ‘ Operational Manual’ were released, targeting about 400 institutions. The objective was to “ensure transparency, fairness, accountability and responsibility in line with international best practices,” the circular said.

Presenting the budget recently, Finance Minister Basil Rajapaksa proposed an appraisal system based on client satisfaction and key performance indicators ( KPIs). Director Boards of SOEs have now been asked to formulate clearly- defined KPIs and hold periodic performance reviews to ensure targets are met.

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2021-11-28T08:00:00.0000000Z

2021-11-28T08:00:00.0000000Z

https://sundaytimes.pressreader.com/article/282003265697956

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