Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe said that Lanka Sathosa accumulated a total loss of Rs. 22,000 million by the end of 2024.
“When we took over in 2024, at the end of 2024, the loss of Lanka Sathosa was Rs. 22,000 million,” the Minister stated, detailing the government’s intervention to address short term debt obligations. “Our government came and zeroed the Rs. 5,300 million overdraft that existed. Lanka Sathosa was paying Rs.30 to 40 million a month in interest Rs. 480 million a year. That means the loss was increasing further.” he added.
The minister further explained “The loss of 22,000 million as of December 2024 was tied to payments owed to suppliers, not a small amount, Rs. 14,000 million. So, we are reducing the payments owed to suppliers, reducing loss making operations, freeing up the burden and talking about rebuilding Sathosa,”
He also said, “When Ravi Karunanayake was asked this question, he gave an answer about Lanka Sathosa, asking why it shouldn’t be given away or sold. That is what they said. But as a government, Lanka Sathosa is built as an institution that fulfills a responsible role in the goods distribution process,”
Samarasinghe emphasized that Lanka Sathosa must not be viewed merely as a state venture, but as a key market mechanism. “This is not just a state institution; this is the mechanism we have to use, along with the private sector, to control goods prices,” he added. (Newswire)
The post Lanka Sathosa recorded Rs. 22,000 million loss by end-2024: Trade Minister appeared first on Newswire.