ECONOMY

Construction has ground to a halt since last week

construction-has-ground-to-a-halt-since-last-week
The construction sector is desperate for the economy and banking transactions to restart, as the companies active in it – particularly the weakest – are suffering under the pressure of the credit crunch.

Sector professionals say that the imposition of capital controls came as the fatal blow to construction after the government stopped making payments at the start of the year.

Since the beginning of last week the rate of the slowdown in work at construction sites has been astounding, mainly due to the companies’ inability to obtain the necessary materials to continue.

An official at one of the country’s three main companies in the sector said that “the suppliers of raw materials and fuel have been asking for 100 percent advance payments since early last week, which is very difficult.”