For many years, most of the government's commercial enterprises have been underperforming, resulting in both poor-quality goods and services to citizens and a substantial negative impact on the economy. Recognizing this issue, the government, following a Cabinet decision, established The State-Owned Enterprise Restructuring Unit (SRU) under the Ministry of Finance, Economic Stabilization, and National Policies with the mandate to reform state-owned commercial enterprises (SOCE).
The overall objectives of SOCE reforms are twofold; firstly, provide citizens with better quality products and services at reasonable pricing and convenient availability through a competitive and well-regulated marketplace and secondly, to create sustainable enterprises that are not a burden on public finances. These objectives will be achieved through:
- professional management of enterprises that remain under State control with a focus on governance, accountability, efficiency and effectiveness and
- divesting those enterprises that will better serve the public interest when placed under private control.
By addressing financial challenges, operational inefficiencies, and other underlying issues, the profitability and long-term viability of these enterprises and the optimal utilization of government resources will be ensured whilst better serving the interests of citizens.
The SOE Policy, approved by the Cabinet of Ministers provides greater detail on the proposed reforms. Further, legislation is being drafted to govern the SOCE sector and will be presented to Parliament for its approval shortly.
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As SRU embarks on this transformative journey, it welcomes collaboration and partnerships with stakeholders from both Sri Lanka and the world. Together, we can contribute to the overall economic development and welfare of Sri Lanka.
The need for change is critical, the time for change is now; join us in shaping a prosperous future for our nation.
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