State banks suspended lending money to CEYPETCO: Gammanpila

Date:

The amount of debts to be settled by the Ceylon Petroleum Corporation (CEYPETCO) to state banks in Sri Lanka has exceeded Rs. 740 billion, awakening a suspension of further debt provision, revealed Energy Minister Udaya Gammanpila,

Pointing out that the CEYPETCO is suffering from such a weight of debt is due to the provision of fuel subject to debt for many state bodies, Gammanpila added that the CEYPETCO is now paying the price for other state-run bodies.

Rs. 80 billion is due to receive over the fuel lent to the Ceylon Electricity Board (CEB) and fuel amounting to Rs. 63 billion and subject to debt has been provided to the SriLankan Airlines, the Energy Minister revealed.

In the backdrop, provision of fuel subject to debt to the CEB and the SriLankan Airlines will no longer take place, he added.

MIAP

Share post:

spot_imgspot_img

Popular

More like this
Related

South Asian Think Tank ambitions Test Sri Lanka’s Policy Credibility

Sri Lanka entered a new chapter in its intellectual...

Sri Lanka’s Growth Outlook Faces Conflicting Fiscal, Monetary Forecasts

Sri Lanka’s economic growth projections for 2025 are under...

Planters renew socio-economic push to reinstate palm oil cultivations 

The Planters’ Association of Ceylon (PA) has renewed calls...

VAT Hikes Deepen Poverty While Rich Escape Fair Tax Share

Sri Lanka’s fragile path to fiscal recovery has exposed...