The management of the financially-burdened Mattala International Airport will soon be entrusted to a joint venture between an Indian and Russian firm within the next few weeks, according to Sri Lanka’s Minister of Ports, Shipping and Aviation, Nimal Siripala de Silva.
Minister de Silva also confirmed that SriLankan Airlines, the national carrier, will undergo restructuring rather than being sold. He emphasized that existing regulations allow only up to 49% of the airline’s shares to be transferred to another entity, and so far, no suitable investors have shown interest.
Speaking at the “Collective Path to a Stable Country” press briefing at the Presidential Media Centre (PMC) today (03), Minister Siripala de Silva stated:
“President Ranil Wickremesinghe addressed Parliament yesterday (02), highlighting the ongoing debt restructuring essential for the country’s economic recovery. Despite political skepticism from the opposition, the message conveyed was largely positive for the country’s interests.
Furthermore, the International Monetary Fund is actively involved in the restructuring process based strictly on legal frameworks, regulations, and objective criteria, without personal considerations. Sajith Premadasa noted examples such as Argentina, Ecuador, and Ghana, which have successfully negotiated a 25% reduction in commercial loans, distinct from bilateral debts. Discussions to restructure commercial debt within Sri Lanka are ongoing, with evolving criteria influenced by IMF assessments of each country’s economic resilience.
It is crucial to pursue broad, internationally accepted strategies rather than narrow political objectives.
President Ranil Wickremesinghe has taken the first step towards rebuilding the country from its recent challenges. The next crucial step is to safeguard and propel it forward, preventing a regression to conditions of two years ago.
This year’s budget allocates funds not only for provincial councils, Pradeshiya Sabha, and government departments but also for social security benefits like ‘Aswesuma.’ These activities are not being conducted in anticipation of the elections.
Regarding SriLankan Airlines, our approach involves restructuring the airline rather than selling it outright. Under Sri Lankan law, only 49% of SriLankan Airlines’ shares can be transferred to another entity. However, there has been minimal global interest in this opportunity, with only six individuals expressing interest, none of whom were deemed suitable. Even if we were to extend this opportunity to a Sri Lankan entrepreneur, their capabilities would need to be demonstrated.”
Minister de Silva also confirmed that SriLankan Airlines, the national carrier, will undergo restructuring rather than being sold. He emphasized that existing regulations allow only up to 49% of the airline’s shares to be transferred to another entity, and so far, no suitable investors have shown interest.
Speaking at the “Collective Path to a Stable Country” press briefing at the Presidential Media Centre (PMC) today (03), Minister Siripala de Silva stated:
“President Ranil Wickremesinghe addressed Parliament yesterday (02), highlighting the ongoing debt restructuring essential for the country’s economic recovery. Despite political skepticism from the opposition, the message conveyed was largely positive for the country’s interests.
Furthermore, the International Monetary Fund is actively involved in the restructuring process based strictly on legal frameworks, regulations, and objective criteria, without personal considerations. Sajith Premadasa noted examples such as Argentina, Ecuador, and Ghana, which have successfully negotiated a 25% reduction in commercial loans, distinct from bilateral debts. Discussions to restructure commercial debt within Sri Lanka are ongoing, with evolving criteria influenced by IMF assessments of each country’s economic resilience.
It is crucial to pursue broad, internationally accepted strategies rather than narrow political objectives.
President Ranil Wickremesinghe has taken the first step towards rebuilding the country from its recent challenges. The next crucial step is to safeguard and propel it forward, preventing a regression to conditions of two years ago.
This year’s budget allocates funds not only for provincial councils, Pradeshiya Sabha, and government departments but also for social security benefits like ‘Aswesuma.’ These activities are not being conducted in anticipation of the elections.
Regarding SriLankan Airlines, our approach involves restructuring the airline rather than selling it outright. Under Sri Lankan law, only 49% of SriLankan Airlines’ shares can be transferred to another entity. However, there has been minimal global interest in this opportunity, with only six individuals expressing interest, none of whom were deemed suitable. Even if we were to extend this opportunity to a Sri Lankan entrepreneur, their capabilities would need to be demonstrated.”
