Sri Lanka in discussion with IMF on SOE restructuring

Says privatization is not first option

Sri Lanka
By Editor_1
The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, the International Monetary Fund (IMF) said Wednesday (April 17, 2024) in year despite economic worries and geopolitical tension -OLIVIER DOULIERY / Contributor / Getty Images

COLOMBO – The ruling National People’s Power (NPP) government is in discussions with the International Monetary Fund (IMF) on the restructuring of state-owned enterprises (SOE), Cabinet Spokesman Nalinda Jayatissa said, adding that privatization would not be the first option.

Soon after the election of President Anura Kumara Dissanayake, his interim government said it would not privatize state-owned national carrier SriLankan Airlines. Later, it said a decision would be taken after the November 14 parliamentary election.

It is not clear what will be done with SriLankan which also has a defaulted bond and other loans. The previous administration’s plans to privatize several state ventures, including SriLankan, were hit by procedural delays.

“The last government appointed a committee to look into restructuring,  which was only meant for selling the assets,” Jayatissa, also the Minister of Mass Media and Health told reporters at the weekly post-cabinet media briefing on Tuesday (Dec 31).

Noting that the previous government was planning to divest by selling, he said the current government policy was different

“We have handed over these institutions to ministries to assess them and see how best we can use them for the country’s development,” he said, elaborating that the government looks at institutions like Sri Lanka Telecom and SriLanka in the context of where they stand in the country’s economy and tourism in the future.  “We consider all the institutions in that way. So, we are trying to manage these institutions with that vision,” he said.

The SOE restructuring is considered as important as debt restructuring because most of the state-run institutions have been mismanaged and running at a loss with the taxpayers compelled to bear the losses.

The previous government led by Ranil Wickremesinghe called bids for state-owned Hotel Developers Lanka Ltd, Canwill Holdings Pvt Ltd, Lanka Hospitals Corporation PLC, Sri Lanka Telecom PLC, Litro Gas Lanka Limited, Sri Lanka Insurance Corporation Life Ltd, and Sri Lanka Insurance Corporation General Ltd.

Jayatissa said privatization will only be the second step if the current move with regard to SOEs fails.

“Let’s see how we can make these institutions productive without corruption in the government and institutions. Our first effort is to keep these institutions under the government and make them contribute to the country’s development. If that effort fails only we will have to consider the second step.”

The impact of state enterprises on public finances as well as state banks has been an issue that the IMF program has tried to address, particularly as the debt of Ceylon Petroleum Corporation (CPC) and SriLankan figured in the default restructuring.

“We are discussing with the IMF. Some concessions are being given while discussing with the IMF and within the existing (IMF) framework,” he said, pointing out that the IMF has not put forward rigid conditions that can’t be changed.

He also noted that if the IMF has confidence in the country’s spending and revenue, certain things can be changed.

-economynext.com

Editor_1
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