The newly re-constituted Strategic Enterprises Management Agency (SEMA) says it is reviewing all state institutions under its management and developing action plans to make them profitable.
It’s really a burden to the government, the treasury, and to the people of this country. SEMA will guide these State Owned Enterprises (SOEs) to be profitable ventures, says Willie Gamage, CEO, SEMA.
State banks, energy and transport utilities and even some plantations companies come under the SEMA.
The two state commercial banks, People’s Banka and Bank of Ceylon are already on the road to recovery.
But, most other institutions coming under SEMA including, the Ceylon Electricity Board need changes.
The Secretary to the Ministry of Plan Implementation Nivard Cabraal, who is also a director of SEMA, says that these changes are in line with the Mahinda Chinthanaya, the economic framework of the current administration.
It should make a return on capital. In the Mahinda Chinthanaya it is very clearly stated that the reforms would be created not through privatization, but through good management, says Cabraal.
One of the key factors of good management i