ECONOMYNEXT - Sri Lanka's state-run carrier Mihin Lanka has lost 17 billion rupees over the past seven year, and has received a 15 billion rupee 'letter of comfort in 2015, a Finance Ministry report said.
Mihin Lanka was founded by ex-President Mahinda Rajapaksa and a close ally Sajin Vass Gunewardene, with tax-payer money and has made losses from day one.
The Finance Ministry report said it had been given a 15 billion rupee 'letter of comfort' in 2015 to continue operations.
President Rajapaksa also re-nationalised SriLankan Airlines driving out Emirates as managing shareholder which then generated large losses.
The finance ministry said in 2015/16 Mihin was expected to reduce losses to 938 million rupees, from 1.48 billion rupees a year earlier.
Total losses made so far was 17 billion rupees. Sri Lanka's state-owned enterprises are a major burden on society making large loses and providing an avenue for the elected ruling class to appoint highly paid director and stuff them with their supporters.
Mihin Lanka was founded by ex-President Mahinda Rajapaksa and a close ally Sajin Vass Gunewardene, with tax-payer money and has made losses from day one.
The Finance Ministry report said it had been given a 15 billion rupee 'letter of comfort' in 2015 to continue operations.
President Rajapaksa also re-nationalised SriLankan Airlines driving out Emirates as managing shareholder which then generated large losses.
The finance ministry said in 2015/16 Mihin was expected to reduce losses to 938 million rupees, from 1.48 billion rupees a year earlier.
Total losses made so far was 17 billion rupees. Sri Lanka's state-owned enterprises are a major burden on society making large loses and providing an avenue for the elected ruling class to appoint highly paid director and stuff them with their supporters.
No comments:
Post a Comment