Budget 2023 | Major State-Owned Enterprises to be restructured

COLOMBO (News 1st) - The 2023 Sri Lankan budget has made significant reference to the restructuring of State-Owned Enterprises (SOEs).

The budget document noted that the urgency of restructuring State-Owned Enterprises (SOEs) was reiterated several times during the last 6 months, and a Unit has now been established at the Ministry of Finance with the specific task of restructuring SOEs.

Initially measures will be taken to restructure SriLankan Airlines, Sri Lanka Telecom, Colombo Hilton, Waters Edge and Sri Lanka Insurance Corporation (SLIC) along with its subsidiaries, the proceeds of which will be used to strengthen foreign exchange reserves of the country and strengthening the Rupee.

In addition, the  Gem and Jewellery Research and Training Institute will be merged with the National Gem and Jewellery Authority in order to provide services with better quality and efficiency to the gem-related craftsmen to increase export revenue. 

The government will also explore the possibility of setting up of a Gem Emporium (Gem Zone) for the benefit of the industry participants.