Govt. looking at privatising non-strategic investments to cut debt

15 March 2016 11:08 am - 23     - {{hitsCtrl.values.hits}}

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Finance Minister Ravi Karunanayake this morning told an investment forum in Singapore that the government would be looking at privatizing some of the non-strategic investments to cut public-debt.

He also said that the government would be listing another set of non-strategic state-owned bodies in the Colombo Stock Exchange in the next three months.

He pointed out that three-state owned entities—SriLankan Airlines, Ceylon Petroleum Corporation and the Ceylon Electricity Board— account for 75 to 80 percent of the public debt.

Karunanayke said Sri Lanka is aiming at 6 to 9 percent economic growth in the next five years and cutting the country’s growing budget deficit to 3.5 percent of the GDP.

Sri Lanka’s budget deficit is estimated to have hit7.2 percent in 2015 and plans to keep it under 6 percent this year.

The Central Bank Governor who also spoke at the event expressed confidence Sri Lanka growing at a rate of 6.5 percent in 2016 with Chinese investments continuing.

The country is estimated to have grown at 5.7 percent in the last year. (Indika Sakalasooriya in Singapore)

  Comments - 23

  • lankan Tuesday, 15 March 2016 01:56 PM

    Good move. It should have been done very early. via DM Android App

    Sharon Tuesday, 15 March 2016 05:04 PM

    Fully agree with you NAF. Very destructive government.

    RAVI Wednesday, 16 March 2016 09:51 AM

    China will buy all.

    words Tuesday, 15 March 2016 11:35 AM

    Why should we have any faith in this moron? did nothing but destabilize our country. via DM Android App

    Missaka Tuesday, 15 March 2016 12:16 PM

    Country heading towards a downfall with this government is inevitable!

    dilip Tuesday, 15 March 2016 12:25 PM

    Yes, do it. These institutions are to fill with political appointments, specially CPC airline port, etc. See the difference of private banks and hospitals etc.

    Rosh Tuesday, 15 March 2016 12:33 PM

    Now dependant on Chinese investment. Shame on all you guys how you ridiculed the previous government.

    Zabir Gee Tuesday, 15 March 2016 12:40 PM

    Better to Privatize the Parliament. Can save lot of money...

    NAF Tuesday, 15 March 2016 12:52 PM

    This man sell entire country, In year 2001 he did same thing with CBK

    Citizen Tuesday, 15 March 2016 12:54 PM

    How about another Central Bank Bond issue paying interest well above market rates?

    Palle Tuesday, 15 March 2016 01:03 PM

    Forget the 6 to 9 percent growth. At least try to prevent Greece style collapse.

    Lal Tuesday, 15 March 2016 01:10 PM

    He seema to be doibg the right thing now

    Lal Tuesday, 15 March 2016 01:11 PM

    ALL loss making companies needa to be privatized.

    Lal Tuesday, 15 March 2016 01:13 PM

    How are we goibg to succeed without liberalizing the economy?

    K.senaratne Tuesday, 15 March 2016 01:15 PM

    Privatizing the SriLankan is the right thing to do. Govt cannot run airlinea

    K.Senaratne Tuesday, 15 March 2016 01:18 PM

    We NEED privatization or we cannot move forw

    Kaido Tuesday, 15 March 2016 01:20 PM

    Please privatize them and then establish regulators to monitor them like in the UK. via DM Android App

    Simmi Tuesday, 15 March 2016 01:30 PM

    I do not trust Ravi however certain SOEs need to privatized

    Lal Tuesday, 15 March 2016 01:31 PM

    There is no shame in ridiculing the former regime who had looted and murdered.

    Sapi Tuesday, 15 March 2016 01:33 PM

    Current govt. came to have neutral relations. We will ridicule for his crimes and no shame in it.

    Sapu Tuesday, 15 March 2016 01:37 PM

    Explain why you are against privatization?

    Lal Tuesday, 15 March 2016 01:49 PM

    We aren't ridiculing but cursing the former regime. The current govt. will have good relations with everyone.

    Sap Tuesday, 15 March 2016 01:52 PM

    Airlines were doing well when privatized but MR nationalized them and appointed his bro-in-law and cronies that destroyed Sri Lankan.


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