Thirteen top SOEs’ incurring losses - State Minister Semasinghe

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The treasury will no longer protect State Owned Enterprises (SOE)s that incur losses or that have not reached the desired goals, State Minister of Finance Shehan Semasinghe said.

He said out of the 52 strategically important public institutions, 39 are making profits and 13 are making losses. The 13 loss making government institutions have recorded an accumulated annual loss of Rs.1029 billion. The profit earned by the 39 state owned enterprises has been a mere Rs.218 billion, making the annual loss from top government institutions over Rs.811 billion, the Minister said.

Minister Semasinghe said profit making institutions have paid only Rs.28 billion to the treasury.

“Parties should understand that the allocation of money from the treasury means the allocation of money collected from the general public in this country to maintain these institutions. The government will not continue to run these loss making institutions by adding the burden on the public, but will continue to be the main regulatory body,” the Finance Minister said.

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