Key public enterprises should be managed through an independent authority: Minister

June 23, 2015 (LBO) – Sri Lanka’s Power and Energy Minister Champika Ranawaka says that the CPC, CEB, Port and Airport should be managed through an independent authority.

“Key public enterprises, namely, Ceylon Petroleum Corporation, Ceylon Electricity Board, Port and Airport should be run through an independent authority,”

“However this proposal has not got the required support yet,” Ranawaka said.

“To take the economy forward these institutions need to be managed in a more effective manner and we need to identify the issues and latest trends in the world in this regard to make it a success.”

The Minister was speaking at an event held at the Sri Lanka Foundation Institute on Policy Planning, Monday.

Central Bank data shows, state-run Ceylon Petroleum Corporation (CPC) reported a 1.7 million rupee profit in 2014 recording a turnaround from a loss of 7.9 billion rupees in 2013 while the state-owned power utility recorded a loss in 2014, CEB’s operating loss in 2014 was 11.7 billion rupees.

Operating profits at Sri Lanka’s Ports Authority fell 53.4 percent to 2.4 billion rupees, official data showed.