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Last Updated : 2024-05-06 19:12:00
26 April 2024 03:05 pm - 44 - {{hitsCtrl.values.hits}}
COLOMBO, April 26 (Reuters) - Sri Lanka will hand over management of its $209 million Chinese-built airport to two Indian and Russian companies, a cabinet statement said on Friday, as the island nation attempts to reduce losses from its state enterprises.
Mattala Rajapaksa International Airport (MRIA), funded by China EXIM Bank, has stoked controversy since its opening in 2013 due to a low number of flights, environmentally sensitive location and persistent financial losses.
The airport's management will be handed over to Shaurya Aeronautics (Pvt) Ltd. of India and Airports of Regions Management Company of Russia for 30 years, a cabinet statement said, without mentioning the deal value.
Sri Lanka is negotiating with China EXIM Bank to restructure the airport loan, part of $4.2 billion borrowed for other infrastructure projects.
The airport was built during the tenure of former president Mahinda Rajapaksa who shifted the country closer to China and away from its traditional neighbour India. The airport is located in Rajapaksa's home town.
Sri Lanka defaulted on its foreign debt in May 2022 after the island nation's foreign exchange reserves fell to record lows triggering the worst financial crisis in more than seven decades.
Sri Lanka is working to reduce losses made by dozens of state owned companies after securing a $2.9 billion bailout from the International Monetary Fund (IMF), which has helped stabilise the economy and move it closer to returning to growth in 2024 after two years.
Bandara Friday, 26 April 2024 03:24 PM
Most of the people in the country believe these are assets of the county. But in financial terms these are liabilities of the nation. Anyway these liabilities should be settled using the best possible way.
Tissa Fernando Friday, 26 April 2024 04:13 PM
Only the asset is sold not the liabilities. The liabilities will remain with the country without the corresponding asset. That is the strategy of Ranil.
Ruwan Saturday, 27 April 2024 01:15 AM
The liabilities should be transferred to MR and family as he is sole beneficiary of the Chinese funding.
Karma Saturday, 27 April 2024 03:06 AM
One can agree on the Type of Asset - a non- performing liability. BUT the question here is how was this liability arrived at and what was the kick-back to MaRa
Jagath Saturday, 27 April 2024 03:26 AM
These massive projects are undertaken without any cost benefit analysis and are a burden to future generations. These are the outcomes when the only intention of the leaders are to enrich themselves and their relatives.
FredSnR Saturday, 27 April 2024 05:35 AM
Own nothing and be happy the philosophy of the global elite (for others) is that what this govt is practising.
sach Sunday, 28 April 2024 03:14 PM
It became a liability bcs the Hambanthota development prog was stopped by the Yahapalana
sam Friday, 26 April 2024 03:53 PM
Nothing can be managed. Hand over govt management as well.
Business intelligent analyst. Friday, 26 April 2024 04:02 PM
The 6.9 were fooled by building unwanted unnecessary massive projects. The country and its people will have to carry the burden for generations to come. Instead of Mattala, Pakses should have had the basic intelligence to upgrade Ratmalana and Palaly airports. Are you going to worship the Pakses again. It should be once bitten twice shy.
Sam Silva Friday, 26 April 2024 05:21 PM
What has in the past it can't be changed and talking about it waste of time.
Shera Friday, 26 April 2024 04:15 PM
Russia and China are allies. India and Russia are somewhat allies. China and India are enemies. Russia will always work with their communist counterpart China to dethrone India from the powerhouse it has becomd. Sri Lanka has a wonderful way of treating their big brother India!!
WE THE PEOPLE NEED TO BELIEVE MIRACLES DO TAKE PLACE WITH THE GRACE OF GOD, WHO KNOWS OUR SUFFERINGS AND RETRIBUTION WILL COME TO THE WICKED AND EVIL ONES WHO BROUGHT OUR COUNTRY DOWN TO ITS KNEES, IN Friday, 26 April 2024 09:57 PM
WELL SAID SHERA. COMMUNIST DICTATORS WILL ALWAYS STICK TOGETHER. INDIA WILL ALWAYS STAY LOYAL TO OUR COUNTRY, NO MATTER WHAT ANYONE SAYS IN HERE OR OUTSIDE IN PUBLIC.
Tissa Fernando Friday, 26 April 2024 11:08 PM
What a stupid statement, India is buying cheap Russian oil and India is a big economic partner with Russia. Russia is not stupid to severe relationship with India to prove a failed communist theory. But our modayas are still embracing communism wholeheartedly.
jagathleanage@gmail.com Friday, 26 April 2024 04:17 PM
Similarly will government sell people who live in Sri Lanka ?
Traitors Ruling Sri Lanka Friday, 26 April 2024 04:26 PM
When India is trying get as much as Sri Lankan asserts , this airport is being handed over easily to the Indians. We need a revolution in Sri Lanka and chase away all the politicians and replace by a new generation of educated patriots.
FORTUNE TELLER Friday, 26 April 2024 06:58 PM
TRAITOR, YOU MAY HAVE A PERSONAL GRUDGE WITH INDIANS OR A SIDE KICK OF A DICTATORSHIP! WE NEED A REVOLUTION TO KICK OUT ALL THE PRISONERS WHO WERE BROUGHT INTO THE COUNTRY AS LABOURERS. THE RAJAPASKE CLAN AND THEIR STOOGES INCLUDING ALL THE CORRUPT POLITICIANS WILL HAVE THEIR DAY IN COURT WITH A COMPLETE CHANGE OF GOVERNMENT KARMA CXOMING TO YOU ALL VERY SOON. REPENT NOW BEFORE IT IS TOO LATE.
Murali Friday, 26 April 2024 05:29 PM
Can we know the stand of JVP/NPP, SJB and of course WW
Ismet Zaheed Friday, 26 April 2024 05:41 PM
Let the "Pakses" (including Ranil Pakse) hand over the country to China so that they could make Cantonese the official language of Sri Lanka with reasonable use of our "Ammata" language. The "pakses" have eaten the whole pie and there is nothing left for some of our grass eating voters!
M fahim Friday, 26 April 2024 05:49 PM
It’s high time to manage and maintain the Full Cabinet including the MP’s from Ruling Party and main opposition parties including its opposition leader to Bangladesh to control the country economy for at least 25 years would be ideal for the people of the country.
Rishan Friday, 26 April 2024 06:55 PM
Congratulations..... what's next .... SriLankan Airlines , SLT...
Jeanne Saturday, 27 April 2024 03:03 AM
@Rishan: Yes, please! Just get rid of that miserable, moosala airline. They should also revert to its original brand AIR LANKA.
naveen bandara Friday, 26 April 2024 07:38 PM
they handing over management rights? not selling the airport right?
Dharmatileke Friday, 26 April 2024 07:54 PM
Change the miserable name of that air port
environmentally sensitive location won't change Friday, 26 April 2024 08:03 PM
If it is in a environmentally sensitive location then that is bad. The harm from ramping up the operations of the airport is only going to get worse. Ranil the con artist failed to trick westerners with his Climate Change trick. Getting rid of any tree or vegetation for construction or farming for is adding to Climate Change. With all the farming here, and giving land for houses, and building houses, and other construction that is the peak of causing Climate Change.
RP Friday, 26 April 2024 08:21 PM
Best news for the losing State Entities. Please continue this action with the rest of the corrupt to the core and money losing State entities one by one. Sri Lankans are very capable people but, un-necessary Political interference is the detrimental to the successful operation!
මහ බැංකු හොරා Friday, 26 April 2024 08:21 PM
Ranil is the biggest liability. We should sell that too. Ranil becoming the Prez is the worst thing that happened to Sri Lanka through the Aragalaya.
Financier Friday, 26 April 2024 09:09 PM
@Sam Silva - I whole heartedly agree to your comment on B I ANALYST. However since 1948, we are being ruled by the same morons. The 6.9 who keep electing them will have to be educated, by reminding the blunders, murders that have been carried out .
Jeanne Saturday, 27 April 2024 03:06 AM
@Financier: How true. We blame the "invaders" for everything that goes wrong in this country. Yet, we are the biggest fools who vote in these murderers and crooks. And we are even considering knowingly voting in a group of people who are notorious for their guerrilla tactics ....1971 and 1989 ring any bells?
Anne Fez Friday, 26 April 2024 11:25 PM
If you type in 'World's loneliest airport' into Google. Guess what you get? Mattala Rajapaksa Airport !!
Bindu Huddhist Saturday, 27 April 2024 05:17 AM
State of the country after a 'great war victory'. Still blame each other and argue that will no way help the country politically, socially or economically. Fool-proudness prevented a political solution for North
Foot note Saturday, 27 April 2024 05:31 AM
All the politicians who ruled, since 2005 are mainly responsible for the downfall of the country they name it as Maththru-bhumiya or Peeththru-bhumiya. All those so-called patriots should be where Aba-Saranaya is now and the Cardinal is obliged to visit them if he follows the teachings of his Master.
Ranasinghe Saturday, 27 April 2024 05:57 AM
What a joke, these politicians were not able to produce a single talented airport management entity to handle the operations of an Airport. What were they doing since 1948. One bu...r is saying he hopes to make Sri Lanka another "Shangri la" in 2040 or 2045. In the meantime, they will continue to sell our national assets. For now Mattala is Chinese Built but Manage by Russian/Indians.
Gama rala Saturday, 27 April 2024 07:58 AM
We should lease Kandy to the Chinese for 99 years.
Nodaking kalakanni Saturday, 27 April 2024 08:02 AM
Typical SL politicians. Buy for a billion and sell for a million. If you want to make a big business a small business give it to a politician to run.
NOT A HALUCINATING READER Saturday, 27 April 2024 08:10 AM
TISSA, STOP MAKING IDIOTIC STATEMENTS. EVERYONE KNOWS INDIA IS CLOSELY CONNECTED TO RUSSIA FOR THEIR ECONOMIC PROGRESS (INDIA PAYS FOR WHAT THEY ORDER CHEAP OIL OR OTHERWISE). RUSSIA IS POLITICALLY WORKING WITH CHINA AND IRAN. MY POINT IS THAT ANY DICTATOR HAVING A FOOTHOLD IN THE COUNTRY CAN TURN TABLES AROUND TO HELP EACH OTHER IN ANY SHAPE OR FORM. TIME WILL TELL AND HOPE YOU IN PARTICULAR WILL BE AROUND TO WITTNESS THE POSSIBILITIES!!.
common sense required to read in between the lines. Saturday, 27 April 2024 08:20 AM
Fernando, the comment above you was only trying to state that India is a honest and trustworthy country, in comparison to China, Russia and Iran. It did not come across to me that just because companies of India and Russia are selected, India and or Russia are going to clash in management of the said Airport. At times one needs to read between the lines, the comment indirectly meany India being included to manage the Airport is a smart move, to be our eyes and ears in the operation!!.
Jude Saturday, 27 April 2024 09:13 AM
They owned most of them Why not manage them too.???
Mahesh Saturday, 27 April 2024 09:58 AM
MR has done most damages to our country in every aspect during his tenure.He has made his family circles as billionaires and we will be bearing this impact for the decades to come
Punchi Saturday, 27 April 2024 01:34 PM
I wouldn’t know why India or Russia would want to take over management of a loss making entity with a remote possibility of turn around to profitability. It is unlikely that the Indians and Russians are going to throw good money at bad. Now China will see some benefit in managing a loss marking airport which they can covert to a military cum civilian use contributing to their strategy of encircling India
Ronnie Saturday, 27 April 2024 05:35 PM
All major portfolios that continuously run at a lost must be hand over for forigen investment at least government can make a income without missive losses whithing few years country will prosper first and foremost is employees they have to do the job without any nonsense punctuality work standards procedures guidlines and professionalism had to be on top which is good for the nation that been so niglected for far too long majority countries that are doing we'll once semi or fully privertise investers want to make money and to expand
Anura Saturday, 27 April 2024 08:18 PM
What’s going to happen about the BRAND NAME RAJAPAKSE in it? Is it going to have a share to it? Is it going to have value added benefits to it? Will it have a plus point for Indian and Sri Lankan elections?
Namal Saturday, 27 April 2024 08:25 PM
Please sell Mrs. Rajapakse also and settle off the rest of the loans.
Buddhist Saturday, 27 April 2024 10:02 PM
Sleepy Minister would have definitely got his commission.
Sambo Sunday, 28 April 2024 08:20 AM
This place is good to be used as a storage facility for re exports.
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