Sri Lanka has decided against liquidating its national airline and will scout for a foreign investor, a minister said Thursday, despite warnings the loss-making carrier could drag on the economy.
A panel convened by President Maithripala Sirisena to determine the fate of debt-saddled SriLankan Airlines recommended it be retained, but subjected to a major financial restructuring.
The airline is estimated to be carrying loans and accumulated losses of nearly USD 2 billion.
"We have ruled out the closure of the airline because the process of winding down will also be expensive," State Minister of Finance Eran Wickramaratne told reporters in Colombo.
"We have decided to go with the option of financial restructuring with a foreign investment partner."
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