Cabinet approves program for restructuring State-Owned Enterprises

The Cabinet of Ministers approved the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stability and National Policies to make necessary arrangements to establish a parent company affiliated to the Treasury with 100% equity ownership by the Secretary of the Treasury and to make necessary arrangements to register the State Enterprises identified for restructuring as subsidiaries of the said parent company in order to accelerate the state-owned enterprises restructuring program.

The resolution for the restructuring of state enterprises was presented to the Parliament by the Hon President in the interim budget of 2022 as well as in the budget presented for the year 2023. Accordingly, the State Enterprises Restructuring Unit has already been established under the Ministry of Finance, Economic Stabilization and National Policies to facilitate the restructuring process of State Enterprises. Some of the entities targeted for restructuring are state-owned companies of which the government is the majority shareholder. Some state owned enterprises operate as corporations.

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