It has been revealed that the Ceylon Petroleum Corporation (CPC) is the government institution that owes the highest amount to banks and that it has reached the Rs. 389 billion mark by April 2014.

By end last year the CPC owed the banks Rs. 419 billion, indicate the Mid-Year Fiscal Position Report 2014 released by the Finance Ministry.

The next in line that owes the banks is the Ceylon Electricity Board (CEB). This report states that the CEB owes Rs. 44.3 billion to banks by April 2014.

By last April, SriLankan Airlines owed banks Rs. 30.1 billion, the Sri Lanka Ports Authority Rs. 5.8 billion and the State Pharmaceutical Corporation owed Rs. 04 billion.

By this time the Ceylon Fertilizer Corporation had to repay Rs. 17.7 billion to the banks.

Accordingly, by April 46 state institutions owed banks an amount of Rs. 500.4 billion while by end last year these institutions owed the banks Rs. 502.9 billion.

Most of these loans have been provided by state owned banks.