ECONOMYNEXT – Sri Lanka will present a new electricity law to the parliament in May 2023 as part of reforms to state-run Ceylon Electricity Board, Energy Minister Kanchana Wijesekera has said.
The cabinet of minister had given approval this week for a “roadmap and timeline of the CEB restructuring process”.
“The final draft of the new Electricity Act will be presented to the Parliament for approval by the end of May,” Wijesekera said in a twitter.com message.
Cabinet approval was also given to get assistance from Asian Development Bank, World Bank, the United States Agency for International Development (USAID), and the Japan International Cooperation Agency (JICA) for the process, he said.
A financial and human resource audit is planned. The work is to be completed by October 2023, he said.
Under an IMF program the CEB will have to recover costs and any balance will have to be covered by a budgetary transfer. Its will be re-structured.
A bulk supply transaction account will be improved and costs determined by December 2023. (Colombo/Apri19/2023)