The government has transformed 52 loss-making state-owned enterprises (SOEs) into profit-making ventures in 2023, State Minister for Finance Shehan Semasinghe said on Tuesday.
Those SOEs had lost around Rs 743 billion (about 2.4 billion U.S. dollars) in 2022, he said.
The State Minister said the Ceylon Petroleum Corporation and the Ceylon Electricity Board, two of the most loss-making SOEs in the past, were now earning profits due to the cost-reflective pricing mechanism and economic reforms.
The minister said previous governments had provided essential services at a subsidised price to provide relief to the people, but on a long-term basis, that policy had led to the economic crisis. At present, the government is focusing on providing targeted welfare for the poor instead of providing across-the-board subsidies. (SI)
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