Minister of Finance Ravi Karunanayake said that a favorable tax policy will be implemented for the benefit of the construction sector. He said that since the prices of building materials such as cement was reduced in the interim budget; the local construction expenditure has gone down. The Minister made these comments addressing the construction sector representatives at the finance ministry auditorium yesterday (Feb. 9).
The Minister said that problems have cropped up about several projects implemented by the previous government since many of the projects have been implemented without proper mechanism.
He said that allegations have been made that corruption and malpractices have taken place due to implementation of these projects without a proper tender procedure. The Minister said it is the objective of the Government to expand the manufacturing and the construction sectors and necessary concessions will be given for this purpose.
Prior to the media conference the minister met the Norwegian Ambassador in Sri Lanka Mrs. Grate Lochen. At this meeting she told the Minister that Norway is ready to make more investments in Sri Lanka. She emphasized that Norway always stands for people's welfare.