CEB Restructuring According To IMF Guidelines

Shakila Ifham

March 7, 2023


The restructuring of the Ceylon Electricity Board is on the cards, a senior official said

This follows Power and Energy Minister Kanchana Wijesekera meeting the expert committee members of the restructuring programme on Saturday and seeking suggestions and recommendations to restructure the CEB.

It is understood that restructuring would take place based on the recommendations of the International Monetary Fund (IMF).

A senior spokesman of the Power and Energy Ministry said that IMF is pleased with the recent power rate hike by the debt ridden CEB. “We don’t want to make profits but want to do away with losses,” an official said.

The Minister also said that the progress of the restructuring of power boards will be reviewed.

In conjunction with the restructuring programme of the CEB, a meeting was recently held with the members of the Electricity Board Restructuring Committee and high officials including the CEB Chairman Nalinda Illangakoon, General Manager, Additional General Managers and Chief Financial Manager.

Attention was drawn to the restructuring plans that can be carried out before the new draft laws are presented to the Parliament, and as the first part of this, the requirements related to maintaining separate accounts and activities in the allocated regions related to electricity distribution will be completed.

It was also decided to expedite the audits required for human resource management, asset management and financial management, which are essential for restructuring.

Proposals to use technology more in this programme and to increase efficiency and reduce costs were discussed and the higher control authority pointed out to the minister that a general restructuring is necessary, a spokesman of the Ministry said.