Feb 27, 2017

IMF chief to visit as state plans to sell its assets Featured

Head of the IMF Christine Lagarde is due to arrive in Sri Lanka on March 05 to advise the government on how to evade an economic crisis.

The IMF has already advised that the state should sell its assets, and the government is considering selling the Colombo Hilton, Water’s Edge and Hyatt hotels as well as Lanka Hospitals.

However, president Maithripala Sirisena has told the cabinet that he would not agree to sell profit-making state enterprises like Lanka Hospitals.

He has not objected to a sale of Hyatt Hotel, which is presently under construction.

Its construction was launched by Ceylinco Group, but with its collapse, the state-run National Insurance Corporation and Litro Gas bought its shares during the Rajapaksa regime.

The government has so far spent around Rs. 35 billion on Hyatt and a further Rs. nine billion is said to be required to complete the work.