The Cabinet sub-committee for strengthening the finances of the Ceylon Petroleum Corporation (CPC), headed by Prime Minister and Minister of Finance Mahinda Rajapaksa, is to meet for the first time on 8 March.
The sub-committee will meet at the Ministry of Finance with the participation of several other Ministers. The Minister of Power Dullas Alahapperuma, Minister of Industries Wimal Weerawansa, Fisheries and Aquatic Resources Minister Douglas Devananda, Money and Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal and Minister of Energy Udaya Gammanpila would be among the members of the subcommittee.
During its discussions the committee would focus on the management of the kerosene subsidy given to the fishing community, the diesel and furnace oil subsidy given to the Ceylon Electricity Board and managing the CPC without increasing the retail prices of the fuel.
Co-Cabinet Spokesman Gammanpila at the Cabinet briefing on 16 February said that, “as a result of continuing to conduct business in a non-profitable manner, the CPC has to pay debt to the tune of Rs. 600 billion. Once the Cabinet was informed regarding this threat of bankruptcy on the account of the CPC, a sub-committee was appointed under the patronage of the Prime Minister.”
He added that the sub-committee is tasked with creating a plan to reverse the state of bankruptcy of the CPC.
Cabinet committee to brainstorm CPC turnaround
05 Mar 2021
Cabinet committee to brainstorm CPC turnaround
05 Mar 2021
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