UNP Deputy Leader MP Ravi Karunanayake has warned that unless Sri Lanka’s state institutions are reformed to eliminate financial losses, future generations will be burdened with their debts.
Speaking in an interview with a private television channel, Karunanayake highlighted that following Sri Lanka’s bankruptcy in May 2022, a review conducted with the International Monetary Fund identified the state institutions incurring the highest losses.
He revealed that among the country’s 527 state-owned institutions, 88 have been commercialized. Of these, the Ceylon Electricity Board, the Petroleum Corporation, the Road Development Authority, and the Water Supply Board were found to be the biggest loss-making entities. While the port was also among them at the time, it has since become profitable.
Karunanayake pointed out that in 2022, these four institutions collectively incurred losses amounting to 830 billion rupees. However, by 2024, a significant transformation had taken place, with these institutions turning their losses into a 250 billion rupee profit.
He further noted that the Ceylon Electricity Board alone had recorded a profit of 180 billion rupees last year, reducing its previous losses to 190 billion rupees.
The MP stressed the importance of maintaining state institutions through accurate financial planning and proper management to prevent future generations from inheriting unsustainable debts.
