• These SOEs collectively shifted from a loss of Rs. 740 billion in 2022 to a profit of Rs. 340 billion in 2023 after implementing reforms.
• The introduction of Aswesuma was noted to alleviate the impact of cost-reflective pricing on the poor and vulnerable.

State Minister Shehan Semasinghe discussed the turnaround of 52 State-owned Enterprises (SOEs) in Sri Lanka, which collectively shifted from a loss of Rs. 740 billion in 2022 to a profit of Rs. 340 billion in 2023 after implementing reforms. He emphasized the importance of SOEs operating at or above private sector standards to benefit the entire population. Semasinghe noted the introduction of Aswesuma to alleviate the impact of cost-reflective pricing on the poor. He stressed that providing relief isn't a long-term solution, advocating for SOE restructuring to prevent burdening the economy. Regarding debt negotiations, Semasinghe expressed confidence in restarting discussions with bondholders, emphasizing Sri Lanka's commitment to transparency and equitable treatment.

52 key SOEs made Rs. 340 b profit in 2023 | The Morning