Energy Minister discusses restructuring of CEB with World Bank and IMF

Minister of Power and Energy Kanchana Wijesekera yesterday (30 May) held a meeting online with the International Monetary Fund (IMF), World Bank and the Ceylon Electricity Board (CEB).

The meeting in question focused on the restructuring of the balance sheets of CEB, in line with Sri Lanka’s commitment towards the IMF programme.

As per the said commitment, a plan to restructure the balance sheets of CEB is anticipated by the end of June, Minister Wijesekera said in a Twitter statement.

Accordingly, the World Bank experts will work with both the CEB and IMF, providing them with advice on the options available for the restructuring process, including that of existing project loans, payments due to the Ceylon Petroleum Corporation (CPC), renewable developers, Independent Power Producers (IPPs) and other suppliers, working capital loans obtained from state banks, other loans obtained, recovery of losses for 2023 and the business plans of CEB.

Thus, with the options made available, the Ministry will submit the strategy to restructure the balance sheets of CEB to the Cabinet of Ministers for further approval.