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Over 50 loss-making SOEs turned around generating Rs. 313 Bn profit

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The government has been able to turn around 52 loss-making State Owned Enterprises (SOE) and convert them into profit making ventures, said State Minister for Finance Shehan Semasinghe yesterday. He said that these government institutions lost around Rs. 743 bn in 2022. 

“But with new management techniques and other focused initiatives they have now made a profit of Rs. 313 billion in the first 9 months of 2023.”

The Minister at an event in Colombo observed that among these are institutions such as the Petroleum Corporation and the Ceylon Electricity Board. The Minister said that the steps taken by the government to set a price mechanism and also current economic reforms also contributed to this turnaround.  “ Every previous government implemented a subsidized price system for essential services such as fuel and electricity to provide relief to the people but on a long-term basis this resulted in Sri Lanka facing a severe economic crisis. Today, without providing subsidized price systems for essential services to all, we selected low-income people to take steps to successfully implement a relief program, ‘Aswasuma’.”  Semasinghe opined that although 2 million people will get relief directly through the ‘Aswesuma’ program, 22 million people will also get relief  indirectly.”

The Samurdhi program offered a minimum amount of Rs.1, 500 and a maximum amount of Rs.4,500. But the minister said that the minimum benefit has now been raised to Rs. 5,000 and the maximum benefit is Rs. 15,000.’ Under the second phase, ‘Aswasuma’ aims is to provide relief to 2.4 million people.

The post Over 50 loss-making SOEs turned around generating Rs. 313 Bn profit appeared first on DailyNews.

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