"We will be finalizing the portfolios by today and by tomorrow the respective cabinet ministers will be taking up their responsibilities," Conrad told journalists after a cabinet meeting.
The chief minister, who is likely to keep the finance portfolio, also held a briefing with the top officials of the finance department, official sources said.
"We are in the process of preparing the budget, it is an exhaustive exercise. The government is also trying to come up with a development roadmap for the state," Sangma asserted.
"We are facing problems when it comes to execution of projects. It requires committed efforts on the part of the state officials to ensure that the projects are executed on time," he said.
Conrad, who is leading the five-party Meghalaya Democratic Alliance (MDA), has fielded UDP chief Donkupar Roy for the Assembly Speaker's post.
Roy has been pitted against Congress legislature party candidate Winnerson D Sangma.
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