Crisis-hit Sri Lanka government is forced to restructure loss making, strategically important 39 state corporations, institutions, statutory boards, State owned Business Enterprises including the Ceylon Petroleum Corporation, Ceylon Electricity Board and Employees Provident Fund and some public funds under an ambitious public sector reform initiative, high-level official sources confirmed. This plan has been devised in [...]

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39 strategically important state entities jumpstart reforms

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Crisis-hit Sri Lanka government is forced to restructure loss making, strategically important 39 state corporations, institutions, statutory boards, State owned Business Enterprises including the Ceylon Petroleum Corporation, Ceylon Electricity Board and Employees Provident Fund and some public funds under an ambitious public sector reform initiative, high-level official sources confirmed.

This plan has been devised in accordance with the International Monetary Fund (IMF)’s suggestion of minimising the pressure extended by state institutions on the country’s economy. This is ahead of talks in Washington in mid-April for a bailout package for Sri Lanka to weather the current economic crisis.

This public reform initiative will be implemented to streamline its operations to provide efficient and productive service for the people as an urgent attempt to avert a major breakdown in public administration, a senior official, who is involved in the planning of system change, disclosed.

Several strategically important state institutions such as Inland Revenue Department, Excise Department, Sri Lanka Customs, state banks, Airport and Aviation Services, Employees Trust Fund, Fisheries Corporation, Tea Board and Coconut Cultivation Board have been listed among the 39 state entities earmarked for restructuring.

The financial viability of these entities remain crucial in order to continue their services without being a drain on the Treasury and further intensifying costs of the pandemic to the country.

The plan of rolling out a broad reform package targeting strategically important state institutions has become an urgent need to regain loss confidence of Sri Lanka’s donor countries and international financial institutions, he pointed out.

Accordingly, as an initial step financial provision allocated for these institutions will be curtailed while halting all non essential projects and unnecessary expenditure of relevant ministries overseeing these entities, senior official divulged.

The Finance Ministry will issue a new circular to secretaries of subject ministries of these 39 public entities with necessary guidelines and details of the reform plan.

Action will be taken to cut overheads and staff that is not essential for the operations of these institutions while suspending all additional allowances and overtime.

Among the other 39 state institutions are Foreign Resources Department, National Salaries Commission, Sri Lanka Railways Department, Sri Lanka Tourism Promotion Bureau, Sri Lanka Transport Board, Motor Traffic Department and National Water Supply and Drainage etc.

Also included are the Postal Department, Overseas Foreign Missions, Labour Department, Sri Lanka Standards Institution, Consumer Affairs Authority and Pensions Department etc.

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