Bus Bailout

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

Jan 20, 2013 (LBO) – Sri Lanka Transport Board, a loss-making state bus utility has been given a 2.8 billion rupee bailout from tax payer money, the state information office said. In 2011 the SLTB had being given a 3.939 billion rupee subsidy on top of a 4.6 billion rupee cash handout the year earlier, according to finance ministry data.

The cabinet had approved a proposal by transport minister Kumar Welgama to give the cash inejection.

The money will be used to give a salary increase and allowance to SLTB employees.

SLTB was built by expropriating bus companies owned by citizens sometime after gaining self-determination from British rule.