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Sri Lanka state SOE to get Coronvirus bailouts for salaries

ECONOMYNEXT – Sri Lanka’s cabinet of ministers had approved bailouts to several state enterprises which are in financial trouble in a Coronavirus crisis, Information Minister Bandula Gunewardene said.

“The state-owned enterprises have been subjected to financial difficulties during this disaster period and are facing problems such as paying salaries,” Minister Gunewardene told reporters.

“It was decided to provide financial facilities to public enterprises such as Sathosa, Janatha Estate Development Board and State Engineering Corporation.”

Many private companies have cut salaries of workers.

Lanka Sathosa is Sri Lanka’s largest state-owned wholesale and retail chain. It gets into regular financial trouble and get tax-payer funded bailouts regulator.

Janatha Estate Development Board (JEDB), which runs a number of loss making commercial tea estates and State Engineering Corporation, a state construction firm will also get bailouts.

Sathosa began home delivery services partnering with PickMe in order to deliver essential items to public under mandatory curfew in these past months. (Colombo/May07/2020)