“If the underperforming, debt-ridden, Sri Lankan economy is to transition into a competitive, dynamic and prosperous environment, SOE reforms are non-negotiable,” SRU said in its statement.

“These reforms will ensure that resources are released for investment in essential but under-resourced public service obligations such as education, healthcare, energy, transportation and digitisation.

Without these reforms public funds will continue to be wasted on poorly managed entities that, in the first place, don’t need the state’s involvement,” it added.

In parallel to the divestiture process, SRU said work has been done to set up a structured, efficient and well governed process to manage the SOE sector going forward.