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Statements of Corporate Intent signed

ITN News Editor
By ITN News Editor June 11, 2019 19:07

Statements of Corporate Intent signed

The Government has signed the Statement of Corporate Intent with ten selected State Owned Enterprises with a view to enhance the performance of these institutions.

The agreements were signed on 10thJune at the “Randora” Auditorium of the Ministry of Finance. The Department of Public Enterprises introduced the concept of SCI in 2017 with a view to enhance the performance of SOEs.

This concept was approved by the Cabinet of Ministers on 7th February 2017 and was initiated by signing SCIs with five Key SOEs; Ceylon Petroleum Corporation, Ceylon Electricity Board, Sri Lanka Ports Authority, Airport and Aviation Services Limited and National Water Supply and Drainage Board. Subsequently, followed by the approval of the Cabinet of Ministers, it was planned to sign SCIs with another 10 selected SOEs – Sri Lanka State Plantation Corporation, Urban Development Authority, Lanka Sathosa Private Ltd, Central Engineering Consultancy Bureau, State Timber Corporation, Kurunegala Plantation Private Ltd, State Pharmaceuticals Corporation, Milco Private Ltd, National Livestock Development Board and Geological Survey and Mines Bureau. SCI is a tripartite Agreement, signed among the Secretary to the Ministry of Finance,Secretary of the relevant line Ministry and the Chairman of the respective SOE on behalf of the Board of Directors with the mission of creating a platform for SOEs to operate in a commercially viable manner in order to achieve macroeconomic objectives of the country. On the success of the implementation of this program, the government is expecting to extend this move for the other 400 SOEs as well by time to time, the Ministry of Finance said.

ITN News Editor
By ITN News Editor June 11, 2019 19:07