Apr 19, Colombo: Sri Lanka Cabinet has granted approval to the establishment of ‘Jathika Isura’, an institute to properly manage the government assets as proposed in the 2007 budget proposals.

A Memorandum in this regard was submitted by President Mahinda Rajapaksa in his capacity as the Minister of Finance and Planning.

The institute is responsible for the management of government owned lands, assets and government stakes in various privatized enterprises which takes place without proper coordination and investment skills.

Establishing of ‘Jathika Isura’ will provide institutional structure and skills required for the proper management of above assets properties through enhancement of income, government said.

An initial capital of Rs.100 million will be allocated from the treasury for the establishment of the institute which will function as a fully government owned company under company act. The institute will be supervised under the Ministry of Finance.