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Treasury will not bail out loss incurring SOEs: State Minister

Published

3 years ago

2023/04/7

State Minister of Finance Shehan Semasinghe on Wednesday said that the Treasury could not save the State-Owned Enterprises that incurred losses.Sri Lanka must follow the globally accepted economic methods, he said. During a ceremony held at the Ministry of Finance on Tuesday (04), the state minister emphasised that Sri Lanka’s adoption of counter economic measures was a direct response to a major economic crisis.

He emphasised that each country must identify and implement its own strategies to stabilise its economy. The Minister’s comments were made in conjunction with the signing of Corporate Intention agreements between the Ministry of Finance and several state-owned enterprises.

The state minister provided insight into the financial performance of 52 strategically important public institutions. According to his report, 39 of these institutions have been generating profits, while the remaining 13 are currently running at a loss. Shockingly, these 13 institutions have collectively incurred losses of over 1029 billion rupees. In contrast, the total profits generated by the profitable institutions amount to only 218 billion rupees.

He also drew attention to the alarming fact that the overall annual losses of government institutions exceed 811 billion rupees. However, he acknowledged that the profit-making institutions have contributed Rs. 28 billion to the national treasury.

The state minister also acknowledged that while the government enjoys a market monopoly in several related businesses, many of its institutions are still incurring losses. In light of the current economic crisis, the Minister emphasised that the treasury can no longer sustain institutions that have not met their financial targets or that continue to operate at a loss. He pointed out that any allocation of funds from the treasury ultimately amounts to an allocation of taxpayer money for the maintenance of these institutions. Therefore, the government cannot afford to burden the public any further by continuing to financially support such institutions. Instead, the government will take a regulatory role in overseeing the operations of these entities.

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Cabinet aporives recruitment of Nursing Instructors for Nursing Schools under the Ministry of Health and Mass Media on Contract Basis

Published

1 hour ago

2026/09/1

Priyan

There are 17 nursing schools under the Ministry of Health and Mass Media including the postgraduate primary nursing school.

There are 142 vacancies in the posts of Grade I / Special Grade Nursing Officer (Education) as on 31.03.2026 in those schools while 24 officers are to be promoted to the special grade on 31.12.2025 owing to the vacancies existing in the post of Special
Grade Nursing Officer (Education). Therefore, the number of vacancies is to be 166.

In addition, there are 24 vacancies in the post of Special Grade Nursing Officer (Education).

Although at present action has been taken to upgrade the nursing schools to nursing colleges and upgrade the nursing diploma course to nursing degree course, no action has been taken so far to carry out recruitment for the training relevant to the appointment for the post of Grade I / Special Grade Nursing Officer (Education).

Accordingly, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Health and Mass Media to recruit retired nursing instructors and nursing instructors who served in the nursing schools belonging to the three armed forces and are retired or have resigned legitimately from service to the post of Grade I / Special Grade Nursing Officer (Education) on contract basis.

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Signing agreement for the establishment of BIMSTEC Technology Transfer Facility in Sri Lanka

Published

2 hours ago

2026/09/1

Priyan

It has been decided to establish a BIMSTEC technology transfer facility in Sri Lanka by entering into a Host Country Agreement at the second leaders’ summit of BIMSTEC (Bay of Bengal
Initiative for Multi-Sectoral Technical and Economic Cooperation) held in New Delhi, India, in 2008, with the objective of enhancing regional cooperation.

The relevant cooperation agreement was signed by the member countries at the 5th BIMSTEC summit on 30-03-2022 in Colombo.
The prime objective of this technology transfer facility is to provide technology, capacity building, and management of intellectual property for the micro, small, and medium-scale
enterprises of the BIMSTEC member countries.

According to the cooperation agreement, an agreement should be entered into between Sri Lanka, as the host country, and BIMSTEC Secretariat for formalizing the legal status, privileges, and immunities of the technology transfer facility.

The drafted agreement has received the relevant institutional approval and legal clearance.

Accordingly, the Cabinet of Ministers has approved the resolution furnished by the Minister of Science and Technology to sign the proposed agreement.

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The cabinet approves agreement on mutual legal cooperation in criminal matters between the Republic of Sri Lanka and the Republic of Korea

Published

2 hours ago

2026/09/1

Priyan

Approval has been granted at the cabinet meeting held on 11-12-2023 to sign an agreement between the Republic of Korea and the Government of Sri Lanka regarding mutual cooperation
in criminal matters.

However, according to the aforementioned approval, the relevant agreement could not be signed between both parties.

Through this agreement, opportunities will be provided
for mutual assistance to other countries in handing over judicial documents and collecting evidence for the use of criminal case matters.

Accordingly, the Cabinet of Ministers has approved the resolution provided by the Minister of Justice and National Integration to sign an agreement between the Republic of Korea and the Government of Sri Lanka to cooperate in criminal matters.