The Finance Ministry emphasized that nearly 400 State-owned Enterprises (SOEs), which lost Rs. 743 billion in 2022, has managed to record a profit of Rs.456 billion in 2023.
Finance State Minister Shehan Semasinghe pointed out that restructuring has been the reason for overcoming inefficiency and increasing productivity.
State Minister Semasinghe said state enterprises which suffered a loss of 743 billion rupees in 2022, made a profit of 456 billion rupees in 2023.
He said further that, especially institutions that operated on subsidies such as the Electricity Board and the Petroleum Corporation set a price commensurate with the cost of their products,
which resulted in earning profits.
However, he pointed out that the government is working to obtain the contribution of the private sector in order to make state enterprises more effective, and as a result,
the government can focus more on its basic responsibilities. He also said that it would provide an opportunity to confirm the productivity of people’s tax money and focus more attention on sectors such as education, health, agriculture and infrastructure.
State Minister Semasinghe stated that by restructuring public enterprises, their inefficiency will be minimised and political interference will also be eliminated. The Minister further said that it will motivate relevant institutions to make decisions based on market conditions and it will create an opportunity to move the country towards a more competitive and sustainable economy.
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