With the kind permission of the island
Dr. Nandalal Weaasinghe
The governor of the central bank, Dr. Nandalal Weerasinghe, emphasized yesterday (14) how important it is to promote a sustainable and inexpensive construction industry in the country and to emphasize the most important challenges and opportunities in the industry.
At the 'Construction Expo 2025', Dr. Weerasinghe the need for Sri Lanka to adapt to the global trends in the sustainable construction, and integrated inexpensive energy solutions and environmentally friendly building practices.
I have to say that my views are not necessarily as governors of the central bank of Sri Lanka, but as a person who looks at this construction industry and how this can be developed and what the problems are. Sustainability in construction is not only essential for new projects, but also for existing buildings, ”he noted.
Dr. Weerasinghe admitted that the construction sector was one of the most affected industries due to the several economic pressure in recent years, including the decline in public investments, the high material costs and the industry that depends on state projects.
The CBSL governor, who recognized that the government was exposed to tax restrictions, restricted infrastructure expenses and delayed payments to contractors, said that the outstanding arrears had now been solved.
The government had no place to spend money on public investments, especially for construction, and this has had significant effects on the industry and the inability of the government in recent years to pay the residues for a long period of time. That was another problem that we all recognize
This was one of the adverse effects of the industry in the past, ”he said.
The material costs also increased significantly, partly due to a lack of foreign exchange. As a result, the defect had increased the prices for building materials and the depreciation of the currency, high interest rates, financing costs and other factors. We all recognize that it affected the industry negatively. Because of all these factors, it is one of the worst affected industries. “