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| Sunday, 12 June 2005 |
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CEB debt runs into Rs. 89 billion The Ceylon Electricity Board (CEB) is in debt amounting to Rs 89 billion Finance Minister Dr Sarath Amunugama said. Most of its debts were to the state owned People's Bank and National Development Bank (NDB). Sri Lanka is known as the "Sick Man of Asia" because of the "monsters" being the CEB and Petroleum Corporation which carries liabilities of Rs. 500 million, Railway - Rs 100 million, state banks and Central Transport Board. Unless these "monsters" are reformed, the nation will not be able to realise the magical economic growth of 8 percent per annum, Dr Amunugama said delivering a lecture on `Advertising and marketing in a developing economy.' The Finance Minister did not mind these loss making organisations being state owned. Privatisation may not be the answer. What matters is that these organisations be properly managed, he said. EL |
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