Cabinet approves Public Enterprise Restructuring Unit

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Cabinet approved establishing a Public Enterprise Restructuring Unit under the Ministry of Finance, Economic Stabilisation and National Policies.

This is to guide and assist as necessary in regard to restructuring public enterprises with the objective of identifying methods to minimise the financial burden shouldered by the Treasury as well as to enhance the total performance of public enterprises for the resolution furnished by the President as the Minister of Finance, Economic Stabilisation and National Policies.

The performance of the commercial enterprises owned by the Government has been unsatisfactory for an extended period and some of these enterprises have been continuously running at a loss. As this has alarmed the Treasury, causing extreme pressure, a remedial mechanism should be introduced to maintain such enterprises more efficiently and productively.

(TR)