Colombo, Sri Lanka – The State Engineering Corporation is in a severe financial crisis, burdened with a debt of RS. 9 billion, according to Urban Development, Construction, and Housing Minister Anura Karunathilaka.
Speaking in Parliament, the Minister stated that the corporation is struggling to even pay interest amounts of Rs. 200,000 to 300,000, further worsening its financial situation. He acknowledged the difficulties in running operations under these circumstances.
The Minister also revealed that valuable machinery worth billions of rupees belonging to the corporation has been left abandoned in various locations. He assured that a formal audit would be conducted to evaluate these assets and explore possible solutions.
The ongoing financial struggles of the State Engineering Corporation highlight concerns over the sustainability of state-run enterprises and the need for urgent intervention to prevent further economic decline.
Unfortunately, this government seems reluctant to pull the plug on non-viable state institutions. One of a small number of things on which I think they are wrong. The SEC is one and Sri Lankan Airlines is a glaring additional example.