President Pushes Forward SOE Reform Bill

COLOMBO (News 1st) - The Cabinet of Ministers has granted approval to proceed with the drafting of a new legislative framework titled the State Commercial Enterprises Management Act, aimed at reforming and strengthening the governance of government-owned business entities.

The preliminary decision was made during the Cabinet meeting held on April 28, 2025.

A ministerial committee was previously appointed to review the initial draft of the bill and recommend necessary revisions. Following a detailed review, the committee submitted its report along with recommendations for further development of the legislation.

Based on these recommendations, the Cabinet approved a resolution presented by the President, in his capacity as the Minister of Finance to instruct the Legal Draftsman’s Department to formally prepare the bill.