Thursday, 07 March 2024 08:31

Govt. absorbs $ 512 m debt to dress up SriLankan Airlines for sale Featured

The Treasury will absorb $ 512 million of debt owed by SriLankan Airlines, in a bid to make the national carrier more attractive to prospective investors.

Aviation Minister Nimal Siripala De Silva told journalists the Government hopes to add a further $ 70 million over the next six months through revenue generated from ground-handling and catering, and the overall debt burden of SriLankan Airlines will come down to about $ 500 million.

National carrier’s short-term interest bearing liabilities amounted to Rs. 234.5 billion as at 31 March 2023 and long-term amount was Rs. 154 billion.

The Minister said in this manner there is no burden imposed on the Sri Lankan taxpayer, and the Government hopes to complete the restructure of the airline within six months

 

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