11 December 2010

Sri Lanka Looks for Private Investment for Reforming Loss-Making Public Enterprises

11th December 2010, print.dailymirror.lk, By Kelum Bandara and Yohan Perera

The government will look for private investments and management expertise as a means of converting loss-making public enterprises into profitable ventures, the Finance Ministry said yesterday in its Performance Report.The report submitted to parliament said the Finance Ministry would consider amalgamating public enterprises as another step towards making these institutions either profitable or enable them to break-even.

It said major re-structuring programmes had been introduced to the Ceylon Electricity Board, the Ceylon Petroleum Corporation, SriLankan Airlines, the Sri Lanka Insurance Corporation, Sri Lanka Transport Board, and the Water Supply and Drainage Board to improve their operational effectiveness.

The State Resources and Enterprise Development Ministry has been informed of 26 defunct or underperforming public ventures and while steps have been taken to invite private investors to develop six of these ventures plans are also underway to call for expressions of interest from prospective private investors who may wish to develop the other 20 enterprises.

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