Sri Lanka wants professional management at SOEs: finance minister

COLOMBO (EconomyNext) – Sri Lanka wants professional management at state enterprises and no policy decision has been taken on privatization, Finance Minister Ravi Karunayake said.

The Rajapaksa Regime reversed several privatizations including SriLankan Airlines, Sri Lanka Insurance and also expropriated a number of privatized and private entities.

"There is no policy decision on privatization," Karunanayake said. "But we want professional management from every corner and we want to eliminate corruption."

He said SriLankan Airlines had "concealed information" from a parliamentary committee on public enterprises.

SriLankan was running profitably under Emirates management until they were driven away by the Rajapaksa administration.

Around 24 billion rupees of allocations have been made to loss making state enterprises in the 2015 budget, including SriLankan Airlines, Mihin Lanka (150 million US dollars or 19.8 billion rupees) and expropriated sugar companies (5 billion rupees).

The new administration has said that it will re-allocate expenditure without increasing total spending.