A special trustee will be appointed to manage the fund, with the Central Bank coming in to act as the custodian bank.
Meanwhile, the government plans to infuse capital into People’s Bank in a phased out manner, based on its quarterly performance, which is currently before cabinet.
The state-run National Water Supplies & Drainage Board has been set deadlines to focus on operational efficiencies, ease off non-water revenues and better Treasury management.
The Ceylon Petroleum Corporation, financial viability and operational efficiency, will hinge on market base prices, while its ageing refineries will also be upgraded.
Cash strapped Ceylon Electricity Board’s balance sh