The Sri Lankan government has decided to establish a State-Owned Enterprise Restructuring Unit to help with the restructuring of state-owned enterprises, President Ranil Wickremesinghe said while presenting the Interim Budget 2022 in the parliament.
Wickremesinghe added on Tuesday that nearly $556,000 have been allocated to implement the unit establishment proposal.
Some of the state-owned enterprises have been seeing losses for long due to structural issues, he said, adding that the treasury cannot keep on funding these entities and a mechanism to make them effective needs to be found, Xinhua news agency reported.
Significant fiscal risks arise from a few state-owned enterprises, particularly SriLankan Airlines, Ceylon Electricity Board and the Ceylon Petroleum Corporation, said the President.
He also said value-added tax will be increased from 12 to 15 per cent effective from September 1 and the retirement age of government and semi-government employees will be reduced to 60 years.
--IANS
int/khz/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app