Cabinet nod to establish special unit to restructure SOEs

The Cabinet of Ministers has granted the approval to establish a “State-Owned Enterprise Restructuring Unit”.

This special unit will be set up with the objective of identifying the methods for minimizing the financial burden shouldered by the General Treasury as well as enhancing the total performance of public entrepreneurship.

The government, in a statement, said the performance of the state-owned commercial enterprises has not been satisfactory for a long time and some of those enterprises are continuously running at loss.

Since this has alarmed the General Treasury causing extreme pressure, a remedial mechanism needs to be introduced for maintaining such enterprises more efficiently and productively, the government said further,

Accordingly, the Cabinet of Ministers granted approval for the resolution furnished by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilization and National Policies.

This special unit will be established under the Ministry of Finance, Economic Stabilization and National Policies to provide necessary guidance and assistance as necessary on the matter.