More

    Sri Lanka Engages IMF for Restructuring of State Owned Enterprise; Prioritises Poverty Alleviation and Rural Development

    GovernanceFinance and EconomySri Lanka Engages IMF for Restructuring of State Owned...
    - Advertisment -

    Sri Lanka Engages IMF for Restructuring of State Owned Enterprise; Prioritises Poverty Alleviation and Rural Development

    Dissanayake reiterated his government’s commitment to a political culture free from nepotism and corruption, aiming for inclusive growth and digital transformation. His address highlighted the urgent need for systemic reforms, including restoring the rule of law, combating corruption, and protecting public assets.

    Sri Lanka’s newly elected government, led by President Anura Kumara Dissanayake and the National People’s Power (NPP) party, has outlined a transformative agenda focusing on economic reform, rural empowerment, and the restructuring of state owned enterprise. While maintaining a firm stance against privatisation as a first option, the government is working closely with the International Monetary Fund (IMF) to navigate these reforms and address structural issues in the economy.

    Cabinet Spokesman Nalinda Jayatissa emphasised the government’s commitment to retaining state-owned enterprises (SOEs) under public ownership wherever possible. Speaking at a media briefing on Tuesday, Jayatissa stated that the government is evaluating SOEs to determine their potential contributions to national development.

    “Our government policy is different,” he said, contrasting with the approach of the previous administration. “We have handed over these institutions to ministries to assess them and see how best we can use them to the country’s development.”

    Jayatissa clarified that privatisation would be considered only as a secondary measure if internal efforts to reform and manage these institutions fail. “Our first effort is to keep these institutions under the government and make them contribute to the country’s development,” he explained. “If that effort fails, only then will we consider the second step.”

    - Advertisement -

    SOEs, including SriLankan Airlines, Sri Lanka Telecom, and Ceylon Petroleum Corporation, have long been plagued by mismanagement and inefficiencies, burdening taxpayers. Jayatissa noted that discussions with the IMF remain flexible and aim to align with public interests while addressing fiscal challenges. “The IMF has not put forward rigid conditions that can’t be changed,” he said, underscoring the government’s focus on minimising public impact.

    Economic Reform for Rural Empowerment

    In a speech launching the “Clean Sri Lanka” initiative, President Dissanayake outlined his administration’s vision for economic reforms aimed at bridging the urban-rural divide and eradicating poverty. “Economic benefits must reach rural communities,” the President said. “An economy concentrated in the hands of a small group can never bring stability to society.”

    Dissanayake reiterated his government’s commitment to a political culture free from nepotism and corruption, aiming for inclusive growth and digital transformation. His address highlighted the urgent need for systemic reforms, including restoring the rule of law, combating corruption, and protecting public assets.

    “Our nation has faced severe challenges, leading to a state of near-collapse,” he said, reflecting on the country’s recovery from bankruptcy. While acknowledging surface-level economic stability achieved in 2024, he stressed the importance of deeper structural reforms in 2025 to ensure long-term sustainability.

    Clean Sri Lanka Initiative: A Holistic Vision

    The “Clean Sri Lanka” project aims to rejuvenate the country’s environmental, social, and economic landscape. Beyond addressing environmental concerns, the initiative seeks to instill a new value system emphasising inclusivity, empathy, and respect for life.

    Dissanayake highlighted alarming statistics, including 484 elephants killed in human-wildlife conflicts and 2,321 lives lost due to accidents in 2023 alone. These figures, he argued, reflect a societal disregard for life and shared resources. “It is essential to heal our society and introduce a new system of values and principles,” he said.

    The initiative also focuses on improving road safety, ensuring food security, and integrating marginalised communities, including the elderly and disabled. “A society that lacks empathy and compassion cannot be considered just or humane,” the President asserted.

    Leadership Through Selfless Service

    President Dissanayake commended the voluntary contributions of experts and leaders in key sectors, including aviation, telecommunications, and economic policy. These individuals, he noted, have prioritised national progress over personal gain, setting an example for collective effort and responsibility.

    “This is a moment for us to rise as a nation,” he declared, calling on citizens to seize the opportunity for transformative change. “Is this responsibility solely that of the government? No. This is a collective effort.”

    Yet, despite significant progress, Sri Lanka faces substantial hurdles, including public debt, inefficiency in state mechanisms, and environmental degradation. The government’s dialogue with the IMF remains pivotal in addressing these challenges while safeguarding public interests. Jayatissa assured that discussions are progressing with an emphasis on minimising pressure on the populace.

    President Dissanayake concluded his address by urging unity and collective action. “Throughout history, nations have risen through collective effort,” he said. “We must rise together, setting aside divisions and distrust.”

    With a clear focus on inclusive growth, sustainable development, and governance reform, Sri Lanka’s leadership is charting a path toward a more equitable and resilient future. As 2025 begins, the government’s initiatives signal a decisive break from past practices, laying the groundwork for a nation striving to achieve its full potential.

    - Advertisement -

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest news

    Sri Lanka’s Elephant Corridor Plan ‘Unscientific’

    Nearly 5,000 elephants and 1,600 people have been killed in the last 15 years in clashes between elephants and humans in Sri Lanka, home to one of the largest remaining populations of Asian elephants, according to official figures.

    New Projections Show Extreme Glacier Loss Already at 2°C

    Staying close to 1.5°C on the other hand preserves at least some glacier ice in all regions, even Scandinavia, with 20-30 per cent remaining in the four most sensitive regions; and 40-45 per cent in the Himalayas and Caucuses; stressing the growing urgency of the 1.5°C temperature goal and rapid decarbonization to achieve it.

    Government Extends Interest Relief for Farmers, Reinforces KCC and MISS as Pillars of Agricultural Credit

    Through the KCC framework, farmers benefit from revolving credit facilities for up to five years. This flexible structure allows them to draw and repay funds as per their seasonal requirements without having to reapply for loans each season.

    Legal Battle Brews Over Rampant Illegal Sand Mining in Meghna River

    The massive profits coupled with a weak legal framework have drawn influential individuals with political connections into the sand mining business, making it dangerous for environmental activists and journalists to speak out.
    - Advertisement -

    Yunus Warns of ‘War-Like Situation’ Amid Political Crisis and Rising Tensions

    The high-stakes meeting brought together 20 leaders from various political parties and organisations in two separate sessions, as Yunus sought to shore up support amid reports of internal tensions within his interim government and growing external pressure.

    Vice President Calls for Direct Subsidies and Agri-Entrepreneurship at Madhya Pradesh Conclave

    He urged agro-based industries, NGOs, MPs, and MLAs to adopt villages and help build agri-entrepreneurial ecosystems.

    Must read

    Sri Lanka’s Elephant Corridor Plan ‘Unscientific’

    Nearly 5,000 elephants and 1,600 people have been killed in the last 15 years in clashes between elephants and humans in Sri Lanka, home to one of the largest remaining populations of Asian elephants, according to official figures.

    New Projections Show Extreme Glacier Loss Already at 2°C

    Staying close to 1.5°C on the other hand preserves at least some glacier ice in all regions, even Scandinavia, with 20-30 per cent remaining in the four most sensitive regions; and 40-45 per cent in the Himalayas and Caucuses; stressing the growing urgency of the 1.5°C temperature goal and rapid decarbonization to achieve it.
    - Advertisement -

    More from the sectionRELATED
    Recommended to you