Major programme to restructure SOEs | Daily News

Major programme to restructure SOEs

The Government has launched a major State Owned Enterprises (SOE) restructuring programme, Senior Advisor to the Finance and Mass Media Ministry Mano Tittawella yesterday said responding to questions posed by the business community on the ailing public sector.

Tittawella speaking at the post budget forum organised by Ernst and Young at the Hilton explained that they were looking at either listing non-strategic enterprises on the stock market or handing them over to private sector management.

The Government previously announced that they would sell the government owned stakes in the SOE’s of Hilton and Hyatt. One of the main proposals for SOEs in the 2018 Budget was the proposal to allow state banks such as the Bank of Ceylon and People’s Bank to raise their own debt and equity capital,

“We will not pump any more money into these state banks. The minority stakes here would be listed on the stock market and most of it would be offered to the customers and employees of the banks so that they can be stakeholders in their own institutions,” Tittawella said. He said it would be a major point in capital market development in the country.

Thilan Wijesinghe, Chairman, of the Public Private Partnership (PPP) Unit at the Finance Ministry envisioned PPPs to make up 40-50 percent of all FDIs into the country in future.

“The PPP Unit’s role is to assist the line ministries with the PPP and the SOE reform processes,” 

 


 

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