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Government to absorb National Airline’s 510 Mn USD debt

Cabinet has approved a proposal to absorb SriLankan Airlines’ outstanding debt of 510 million U.S. dollars by the government, a minister said on Tuesday (05).

Minister of Ports, Shipping and Aviation Nimal Siripala de Silva told the media that the cabinet approval was also given to allocate funds to maintain services of the national carrier for another six months.

The Sri Lankan government has called for bids from interested parties for the divestiture of the state-owned national carrier. The minister said the deadline for submission of bids for SriLankan Airlines has been extended by 45 days.

Local media reported earlier that SriLankan Airlines’ total debt amounted to 1.2 billion U.S. dollars, and the government intended to retain 51 percent of the airline’s shares.

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