CPC and CEB cut losses: IMF

Saturday, 16 June 2012 01:17 -     - {{hitsCtrl.values.hits}}

The IMF yesterday stated that 0.75 per cent of GDP has been cut off in losses from State giants Ceylon Petroleum Corporation (CPC) and Ceylon Electricity Board (CEB)

In response to questions on State Owned Enterprise (SOE) losses, Mission Head John Nelmes mentioned that they have a “keen awareness of adjustments made”.

The delegation had not discussed the possibility of passing on relief of reduced world market prices to the consumer.

However, they pointed out that the Government was working on low cost power generation methods that would reduce electricity costs and result in the long-term health of the energy giants.

In 2011 the CPC and the CEB made a combined loss of Rs. 119.5 billion, according to statistics released in Parliament.