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Audit Exposes Widespread Financial Mismanagement in Sri Lanka Railways

4 min read

Audit Exposes Widespread Financial Mismanagement in Sri Lanka Railways

Editor December 2, 2024

A 2023 audit report on Sri Lanka’s Railway Department has revealed extensive financial mismanagement, highlighting improper overtime...

Investigation Shelved: NSSF President Linked to Illegal Importation of Weapons, Ammunition & Fraud

Editor December 1, 2024

A shocking revelation has emerged, reigniting a cold case that raises grave concerns about national security and...

**New Government Takes Cautious Approach to SOE Restructuring, Focuses on Private Sector Growth** Duminda Hulangamuwa, Senior Economic Advisor to Sri Lankan President Anura Kumara Dissanayake, emphasized that the new government is prioritizing a liberal market strategy, encouraging the private sector to lead the country's economic development. Speaking on *Ada Derana’s* *@HydePark* program, Hulangamuwa highlighted that while the government supports privatization in certain areas, it will maintain control over strategic sectors essential to public interest. ### Careful Evaluation of State-Owned Enterprises (SOEs) Addressing concerns about the restructuring of state-owned enterprises (SOEs), Hulangamuwa clarified that the government is taking a measured approach. Rather than rushing into decisions, authorities are carefully analyzing which SOEs are financially burdensome and which can continue to operate without draining the national treasury. “Restructuring does not mean selling off assets recklessly,” Hulangamuwa said, underscoring the importance of formulating a well-structured policy before making significant changes. He also noted that some SOEs are currently operating without being a financial burden, indicating that privatization may not be necessary for all state entities. ### SriLankan Airlines Under Review One of the key SOEs under consideration is SriLankan Airlines, which has long been a financial strain on the government. Hulangamuwa revealed that discussions are underway to restructure the airline’s balance sheets. He stressed the importance of maintaining a national airline but reiterated that the country's broader economic interests must take precedence. “Sri Lanka must have an airline,” he said, “but the country comes first.” This suggests that while SriLankan Airlines will likely undergo significant financial restructuring, its strategic importance to the nation will be preserved. ### Balancing Liberalization with Public Interest The government's liberal market strategy aims to create a favorable environment for private investment while ensuring that key sectors remain under public control. This approach reflects a broader effort to balance economic liberalization with safeguarding national interests, particularly in areas critical to public welfare and national security. Hulangamuwa concluded by emphasizing that the government needs time to implement its policies effectively. The focus will remain on encouraging private sector growth while carefully navigating the complexities of SOE restructuring to ensure long-term economic stability.

New Govt Takes Cautious Approach to SOE Restructuring, Focuses on Private Sector Growth

Editor December 1, 2024

Duminda Hulangamuwa, Senior Economic Advisor to Sri Lankan President Anura Kumara Dissanayake, emphasized that the new government...

Sri Lanka to Defer Imputed Rental Tax Amid Revenue Concerns

Editor December 1, 2024

Sri Lanka has decided to defer the implementation of a controversial imputed rental tax on owner-occupied houses,...

Israel-Hezbollah Ceasefire Quietens Lebanon, But Gaza Conflict Intensifies

Editor December 1, 2024

A ceasefire between Israel and Hezbollah has brought a temporary sense of relief across parts of the...

Biden Issues Pardon for Son Hunter

Editor December 1, 2024

In a controversial and unprecedented move, U.S. President Joe Biden has issued a full and unconditional pardon...

Sarvajana Balaya Is the Only Party to Rise Amid the Collapse of Traditional Politics – Dilith Jayaweera

Editor December 1, 2024

Dilith Jayaweera, leader of the Sarvajana Balaya movement and prominent entrepreneur, declared that his party is the...

“Fuel Prices to Be Strictly Regulated in January” – Minister of Science and Technology "Fuel Prices to Be Strictly Regulated in January" – Minister of Science and Technology

“Fuel Prices to Be Strictly Regulated in January” – Minister of Science and Technology

Editor December 1, 2024

Minister of Science and Technology, Professor Krishantha Abeysena, announced that while fuel prices have seen an increase,...

“The Government is Immature, and We Have No Choice but to Endure Its Actions” – Prof. Nirmal Devasiri – (Video) "The Government is Immature, and We Have No Choice but to Endure Its Actions" – Prof. Nirmal Devasiri - (Video)

“The Government is Immature, and We Have No Choice but to Endure Its Actions” – Prof. Nirmal Devasiri – (Video)

Editor December 1, 2024

Professor Nirmal Ranjith Devasiri, a political analyst and academic associated with Malima, has criticized the government’s recent...

“If Another Govt Had Done This, Namal Would Be on the Streets” – Seelarathana Thero "If Another Govt Had Done This, Namal Would Be on the Streets" – Seelarathana Thero

2 min read

“If Another Govt Had Done This, Namal Would Be on the Streets” – Seelarathana Thero

Editor December 1, 2024

Janasetha Peramuna leader, Battaramulla Seelarathana Thero, has criticized the current government for what he describes as its...

Popular

Audit Exposes Widespread Financial Mismanagement in Sri Lanka Railways

New Govt Takes Cautious Approach to SOE Restructuring, Focuses on Private Sector Growth

Sri Lanka to Defer Imputed Rental Tax Amid Revenue Concerns

Israel-Hezbollah Ceasefire Quietens Lebanon, But Gaza Conflict Intensifies

Biden Issues Pardon for Son Hunter

Sarvajana Balaya Is the Only Party to Rise Amid the Collapse of Traditional Politics – Dilith Jayaweera

“Fuel Prices to Be Strictly Regulated in January” – Minister of Science and Technology

“The Government is Immature, and We Have No Choice but to Endure Its Actions” – Prof. Nirmal Devasiri – (Video)

“If Another Govt Had Done This, Namal Would Be on the Streets” – Seelarathana Thero

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