Sri Lanka launched a tender for the public airline SriLankan Airlinesas the country seeks to reduce losses suffered by state-owned enterprises under a $2.9 billion International Monetary Fund (IMF) program.
The Ministry of Finance has issued a tender notice for the Sri Lankan national airline by December 5. The aim is to complete the sale by June 2024. The International Finance Corporation (IFC), a member of the World Bank Group, is the transaction advisor.
SriLankan Airlines, one of Sri Lanka’s largest loss-making state-owned enterprises, has struggled in recent years due to a fall in tourism due to the Covid-19 pandemic and economic crisis. It has racked up operating losses of $575 million since 2015, but posted an operating profit of $93 million this year, according to financial information disclosed as part of the tender documents.