Sri Lanka president says state need not do business; seven SOEs to be divested

The State need not engage in business as its mandate is to provide services such as education and maintain law & order, Sri Lanka President Ranil Wickremesinghe said defending plans to divest government-held shares of seven state owned enterprises (SOEs).

At a discussion held at the presidential secretariat Thursday March 23 morning, Wickremesinghe said responding to a question about the decision that Sri Lanka must no longer hold on to corporations and enterprises owned by the government.

Sri Lanka has been spending more on the state-run Ceylon Electricity Board (CEB) and the Ceylon Petroleum Corporation (CPC) than it has been on education, he said.

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