Shifting Gear

Public Enterprise Reforms Commission (PERC) is expecting cabinet approval this week to expedite its privatisation program, chairman Dr. P.B. Jayasundara told LBO. "We are developing the privatisation strategies for different sectors and have been assured of top level commitment. PERC is holding extensive discussions with authorities concerned, since many proposed privatisations are not mere overnight sales" , Dr. He indicated that programme could start as early as the end this month. The state holdings in the pipeline for privatisation include the government quote s remaining stake in Sri Lanka Telecom (SLT) and Sri Lanka Insurance Corporation. SLT was in the privatisation schedule for last year at an expected price of around US$ 200 mn, but unfavourable market conditions prevented the sale. Economic Reforms Minister Milinda Moragoda at an earlier interview said government would try its best to complete the sale during 2002