Finance Minister meets Colombo District Coordination Committee over floods

Finance Minister Ravi Karunanayake yesterday said approximately Rs.150-250 billion will be required to reconstruct property damage resulting from the floods and landslides.

Addressing the Colombo District Coordination Committee meeting Karunanayake noted that the Government is yet to estimate the total loss of properties and said the estimations will be done as quickly as possible. 

The Minister added the Government expects to pay compensation via the National Insurance Trust Fund according to the 2016 budget, for all small and medium scale entrepreneurs whose enterprises and boutiques were damaged.

Commenting over donations received from overseas for flood victims, Minister said such foreign aid will be directly spent for assisting displaced people without any mediator. Karunanayake stressed if any fraud is reported the Government will take strict action against it.