Sri Lanka is set to enact new laws to stop any public enterprise from being privatized and safeguard and protect government and state· owned entities ensuring an efficient, profit making national public entity.
Plans have been floating to set up National Enterprises Authority and action will be taken to amalgamate similar kind performing State enterprises.
A special Treasury monitoring system will be established for the monetarily important State enterprises and a scheme to monitor their performances.
The chairmen and Board of all State owned Enterprises have been directed to devise a strategic plan. While ensuring the accountability of all State owned Enterprises for all forms of malpractices of their institutions.
Out of the 422 SOEs, 54 SOEs have been identified as strategically important State Owned Businesses Enterprises (SOBEs) that plays a catalytic role in transforming the country’s economy to a high growth trajectory.
At present, 287 SOEs are being monitored by the Department of Public Enterprises (PED) and the rest comes under the purview of the Department of National Budget (NBD).
In 2018, the total revenue generated by 54 SOBEs amounted to Rs. 1,916.02 billion, of which 37 SOBEs, recorded a net profit amounting to Rs. 130.66 billion while 16 SOEs reported net losses amounting to Rs. 156.73 billion in 2018.
In the overall context, SOBEs has recorded a loss amounting to Rs. 26 billion, Finance Ministry data showed.
(LI)