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“ An Update on Foreign Assistance ”

“ An Update on Foreign Assistance ”. Development Forum 2007. Sujatha Cooray Director General Department of External Resources Ministry of Finance and Planning. Foreign Assistance at a Glance. Foreign Assistance received in 2006 accounted for: 17% of the Government expenditure

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“ An Update on Foreign Assistance ”

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  1. “An Update on Foreign Assistance” Development Forum 2007 Sujatha Cooray Director General Department of External Resources Ministry of Finance and Planning

  2. Foreign Assistance at a Glance Foreign Assistance received in 2006 accounted for: • 17% of the Government expenditure • 54% of Public investment • 4.5% of GDP reflecting the important contribution towards the country’s development efforts.

  3. Foreign Assistance Mobilization-2006 • Total commitments : US$ 1220 mn Project grants US$ 195 mn Project loans US$ 1025 mn

  4. Major Sectors Financed During 2006 • Road Sector Development US$ 390 mn • Power Sector Development US$ 160 mn • Water Supply & Sanitation US$ 150 mn • Education Development US$ 80 mn

  5. Foreign Aid Disbursements -2006 • Total Disbursements by all development partners in the year 2006 was US$ 1052 mn which is the highest aid disbursement. These include: Project Loans US$ 722 mn Programme Loans US$ 52 mn Project Grants US$ 278 mn • In addition, there was a capital market borrowing of US$ 100 mn.

  6. Foreign Assistance for the Next Three Years 2007-2009 • Project pipeline for the next three years has been prepared in terms of the Medium Term Budgetary Framework developed within the overall policy vision of “Mahinda Chintana”

  7. Foreign Assistance Mobilization Framework • Growth Target of 8% in the next 6 years. • Significant up scaling of investments to achieve the target. • Increase investment GDP ratio gradually from 30% to 38% in ten years. • External funding to finance part of the Savings Investment gap while maintaining debt sustainability.

  8. Contd ……… • Mobilization of funding for the development projects in priority areas in line with “Mahinda Chinthana-Vision for a New Sri Lanka” • Broader consultative approach to ensure new aid programmes are better targeted and utilization is accelerated. • Investment is expected mainly in support of infrastructure development programmes envisaged in the “Mahinda Randora” and make faster progress towards achieving the Development objectives.

  9. Major Projects 2007 - 2009Major Projects in the pipeline for which we have already entered into discussions with the development partners to secure funding are; Port Development • Colombo Port Expansion Project US$ 300 mn • Hambantota Sea Port Develop. US$ 310 mn • Oluvil Port Project US$ 44 mn • Rehabilitation of KKS Port US$ 23 mn

  10. Contd… Road and Railway Sector Development • Greater Colombo Urban Transport Project (Outer Circular Highway) Phase 1 – US$ 185 mn. • Greater Colombo Urban Transport Project Phase 11 – US$ 150 mn. • Road Network Improvement Project – US$ 150 mn. • Proposed Northern Highway to Jaffna - US $ 250 mn

  11. Contd. • Colombo- Katunayake Expressway US $ 200 mn. • Improvement of Colombo – Matara Railway line US $ 100 mn

  12. Contd… Power Sector • Construction of Kerawalapitiya Combined Cycle Power Plant – US$ 210 mn. • Construction of Jaffna Power Plant – US$ 20 mn. • North East Transmission Development Project – US$ 30 mn. • Renewable Energy Development Project – US$ 40 mn.

  13. Contd … Water Supply Sector • Water & Sanitation Sector Development – US $ 90 mn. • Jaffna Water Supply – US $ 65 mn. • Negombo Water Supply Project – US $ 52 mn. • Greater Colombo Waste Water Management – US $50 mn. • Greater Kurunegala Water Supply and Sanitation –US $ 18 mn. • Secondary Towns Water Supply - phase 11 – US $ 65 mn. • Ampara Water Supply - Phase III –US $ 92 mn.

  14. contd… Education Sector • Education Sector Development –US$ 70 mn. • Infrastructure Improvement at South Eastern University - US$ 9 mn. • Upgrading of Niyagama Technical College - US$ 9 mn. Fisheries Sector • Dickovita Fishery Harbour - US$ 60 mn. • Equipment for Fishery Harbours - US$ 21 mn.

  15. Total Aid Portfolio • These major projects together with all other development projects for which we are making progress in securing funding amount to US$ 4.5 billion. • These expected commitments will be planned annually, as given below: 2007 : US$ 2.3 billion 2008 : US$ 1.8 billion 2009 : US$ 0.4 billion

  16. Contd… • Committed Funds available for projects being implemented by end 2006 : US$ 4.5 billion. Therefore, total aid portfolio to be utilized during the next 3-5 years would be around US$ 9 billion.

  17. Conclusion “ We, both the government and development partners should put our best efforts to make this positive outlook a reality”

  18. Thank You

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