Sri Lanka to absorb national airline’s $510 million debt
Sri Lanka’s cabinet has approved a proposal to absorb Sri Lankan Airlines’ outstanding debt of $510 million by the government.
The Minister of Ports, Shipping, and Aviation, Nimal Siripala de Silva, said the cabinet approved allocating funds to maintain the national carrier’s services for another six months.
The Sri Lankan government called for bids from interested parties for the divestiture of the state-owned national carrier.
Mr De Silva said the deadline for submission of bids for Sri Lankan Airlines would be extended by 45 days.
It was reported that Sri Lankan Airlines’ total debt amounted to $1.2 billion, and the government intended to retain 51 per cent of the airline’s shares.
(Xinhua/NAN)
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