Business Standard

Sri Lanka to form unit to help restructure state-owned enterprises: Prez

He also said value-added tax will be increased from 12 to 15 per cent effective from September 1 and the retirement age of government and semi-government employees will be reduced to 60 years

Ranil Wickremsinghe

President Ranil Wickremesinghe

IANS Colombo
The Sri Lankan government has decided to establish a State-Owned Enterprise Restructuring Unit to help with the restructuring of state-owned enterprises, President Ranil Wickremesinghe said while presenting the Interim Budget 2022 in the parliament.
Wickremesinghe added on Tuesday that nearly $556,000 have been allocated to implement the unit establishment proposal.
Some of the state-owned enterprises have been seeing losses for long due to structural issues, he said, adding that the treasury cannot keep on funding these entities and a mechanism to make them effective needs to be found, Xinhua news agency reported.
Significant fiscal risks arise from a few state-owned enterprises, particularly SriLankan Airlines, Ceylon Electricity Board and the Ceylon Petroleum Corporation, said the President.
He also said value-added tax will be increased from 12 to 15 per cent effective from September 1 and the retirement age of government and semi-government employees will be reduced to 60 years.
--IANS
int/khz/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 31 2022 | 9:11 AM IST

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