State-owned enterprises (SOEs) continue to play a key role in the Sri Lankan economy, particularly in strategic sectors such as energy, water, banking and insurance, public transportation, ports, and aviation.
Currently, the Department of Public Enterprises of the Ministry of Finance overlooks 287 SOEs, while the Department of National Budget has oversight over the remainder. 52 SOEs have been identified as key State Owned Business Enterprises in the Annual report of Ministry of Finance. These SOEs are particularly significant since they also have material fiscal implications for government finances. Whilst some of the 52 SOEs are profit making, others make substantial losses, resulting in negative fiscal impacts and have broader adverse macroeconomic implications.
As per the latest online availability of data, 25 of the 52 key State Owned Enterprises (SOE) identified by Ministry of Finance do not have financial information available online after the 2017 Annual Report. Furthermore, 11 of the 52 SOEs have recorded negative Retained Earnings/Accumulated Losses as per the latest available financial data.
Guidelines on Corporate Governance for State-Owned Enterprises