Five SOEs sign Statements of Corporate Intent to strengthen governance
View(s):The Government has expedited the State owned Enterprise (SOE) reforms to meet one of its main tasks in the 48 commitments including 9 prior actions and 39 structural benchmarks stipulated by the International Monetary Fund (IMF) under the mutually agreed economic reform programme.
It has already fulfilled nine prior actions and 33 per cent of 39 structural benchmarks paving the way for the IMF Executive Board to approve the US$ 3 million Extended Fund Facility, Finance Ministry sources said.
Taking the first step towards the SOE reforms, the Ministry has signed the Statements of Corporate Intent (SCI) with five SOEs selected by the government on Tuesday at a ceremony held in Colombo.
These five SOEs are National Lotteries Board, Development Lotteries Board, Sri Lanka Transport Board, Chilaw Plantations Ltd and Kurunegala Plantations Ltd.
This was a preliminary commitment of the fiscal authority to further strengthen SOE governance by clarifying the mandates of key SOEs through SCI and by reviewing the framework for selecting SOE board members suggested by the IMF.
SOE reforms agreed by the Government will include the cabinet approval of a comprehensive strategy to restructure the balance sheets of the Ceylon Petroleum Corporation, Ceylon Electricity Board, the Road Development Authority, and SriLankan Airlines by June 2023 (structural benchmark).
Even in the the Interim Budget 2022, it was proposed to sign the SCI as a tool to strengthen the performance, governance, accountability and transparency in public enterprises.
The SCI is a tripartite agreement which is signed to enhance the operational, financial and service delivery performance of SOEs within an agreed time frame in line with the Macroeconomic Policy Framework of the Government.
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