March, 20, 2014
The Finance Ministry is preparing to push several government institutions like the Ceylon Electricity Board (CEB), Ceylon Petroleum Corporation (CPC), the National Water Supply and Drainage Board (NWS&DB) obtain credit ratings from international credit rating organizations.
As the first move towards this, the Finance Ministry is to convert the massive government loans owed by these institutions into share equity in their balance sheets.
While speaking to AdaderanaBiz over this issue, Deputy Secretary of the Treasury said, “Our aim is to push these state institutions to obtain international credit ratings. Then they have to maintain these institutions as profit making ventures. Currently, state banks have international credit ratings. Our aim is to obtain credit ratings for the CEB and the CPC.”
The Ceylon Electricity Board and the Ceylon Petroleum Corporation are two state owned institutions which incur massive losses.