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Sri Lanka Equity Forum » Political and Socio-Economic Analysis » Govt. looking at privatising non-strategic investments to cut debt

Govt. looking at privatising non-strategic investments to cut debt

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roshana7549


Manager - Equity Analytics
Manager - Equity Analytics
Finance Minister Ravi Karunanayake this morning told an investment forum in Singapore that the government would be looking at privatizing some of the non-strategic investments to cut public-debt. He also said that the government would be listing another set of non-strategic state-owned bodies in the Colombo Stock Exchange in the next three months. He pointed out that three-state owned entities—SriLankan Airlines, Ceylon Petroleum Corporation and the Ceylon Electricity Board— account for 75 to 80 percent of the public debt. Karunanayke said Sri Lanka is aiming at 6 to 9 percent economic growth in the next five years and cutting the country’s growing budget deficit to 3.5 percent of the GDP. Sri Lanka’s budget deficit is estimated to have hit7.2 percent in 2015 and plans to keep it under 6 percent this year. The Central Bank Governor who also spoke at the event expressed confidence Sri Lanka growing at a rate of 6.5 percent in 2016 with Chinese investments continuing. The country is estimated to have grown at 5.7 percent in the last year. (Indika Sakalasooriya in Singapore) - See more at: http://www.dailymirror.lk/106881/Govt-looking-at-privatising-non-strategic-investments-to-cut-debt#sthash.SZVYrNw0.dpuf

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Last unp governments most of privatisation had been totally failed
Because of crony capitalism

Privatisation should be transparent and  through stock maket

According to available information MR govt was not able to misuse funds of Lanka hospital funds even though manged by Family members

It shows privatisation through stock market is better

Chinwi

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
We know how they did it in last time.

They converted good state owned bodies with lot of lands and buildings into  bad hells by mismanaging them purposely and sell the 'useless & loss making'  bodies  to friends at bargain prices , hiding real values of fixed assets.

Some of them cost the friends nothing.
For eg. They sold 100% XXX to Mr. H for 150 million LKR. The new owner issued 30 % of it to public and collected 150 million. ! Now the wealth is in many billions.

Hence, as DG said selling 51% to a good entrepreneur  , keeping some % to the Govt and issuing rest  to public is a better way.

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