Government to consolidate scattered savings
The Government’s capital market policy is to bring isolated savings and scattered savings together, to create platforms to formulate these savings and recognise them as single investments, a top government minister said.
The government has not ruled out the option of state-owned enterprises to raise capital through the capital markets, he added, noting that the government has appointed a separate committee to look at state-owned enterprises (SOEs) and other government entities, and come up with appropriate solutions for them.
Labour Minister and Deputy Minister of Economic Development Anil Jayantha Fernando told the Sunday Times Business, that there is a committee studying state-owned enterprises and how best to deal with them, noting that the restructuring unit under the Finance Ministry established under the previous government was absorbed into the ministry, but their work is being considered so as not to reinvent the wheel. “We are looking at how best SOEs can contribute to the market efficiency.”
All government agencies are required to be restructured, he said, noting that restructuring essentially means changing the structure, changing the management, to enhance the entity’s position, and efficiency etc. “In public enterprises, there are entities that play a very critical role for the public.”
Nothing that restructuring does not mean selling the entity or relinquishing the state interest in it, he said, the government is trying to identify the entities according to their role. “We will review the role of these entities to see if they are required to do that particular role, and how best it can increase efficiency, how best it can create a competitive environment without creating monopolies and oligarchies, and overall, how best we can maintain an efficient market.”
In the case of Sri Lankan Airlines, he said the present board has given a revival plan. “They are in the process of restructuring Sri Lankan Airlines’ debt. They have requested certain support and facilitations from the government. We will study their multiple options, such as selling an asset, privatisation, changing the management, amalgamating with another entity, etc, and see the feasibility of these options.”
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!