The information came to light during a meeting of the commission in Colombo, which was attended by representatives of associations of small, medium and large construction companies from all provinces.
In front of the architects’ and engineers’ associations, the development authority and the construction industry chamber, the experts added that the associated institutions had also collapsed, their assets had been destroyed and many of their specialists had left the country.
As an emergency measure, the sector’s authorities first decided to draw attention to the need to cut material prices immediately, they said.
In addition, with the intervention of the Department of Commerce, they urged government institutions and industry representatives to work on the priorities to address such an important area.
Since late 2021, Sri Lanka has been mired in what is believed to be the worst economic crisis in more than seven decades.
Most recently, the country received help from neighboring India and the Asian Development Bank (ADB) to alleviate the serious situation.
The ADB approved a $350 million loan as part of a broader International Monetary Fund financial assistance package to support basic needs and livelihoods.
Meanwhile, New Delhi extended its $1 billion credit line to Sri Lanka for another year, allowing the island to continue importing products and buying urgent supplies of fuel, medicines, food and industrial commodities according to government priorities.
jcm/lrd