CEB faces more problems

Dec 6 (IL) The World Bank and the International Monetary Fund during a recent meeting with Prime Minister Ranil Wickremesinghe warned that if the Ceylon Electricity Board (CEB) does not accelerate its restructuring process the agencies would not release any funds, sources said.

Following this notification Premier Wickremesinghe had asked Power and Energy Minister Karu Jayasuriya to complete the restructuring of the CEB as soon as possible.

"The CEB has been given time till end January to complete the restructuring", sources said. However, CEB Chairman M. Zubair clarifying these reports said the funding agencies had rather than warning pointed out that it would be better if the restructuring process would be quickened, as it would help the country and economy.

He said the funding agencies had not only pointed a finger at the CEB but even at other institutions as well. He defended the WB and IMF saying they would not issue such a warning but would rather only issue necessary advice.

Mr. Zubair said though initially the restructuring of the CEB was to be completed by October 1, the work had to be postponed due to various reasons.

He assured that by January the major part of the work would be completed and added that in the next two weeks a collective agreement or a MoU would be signed with theworkers. "Hopefully everything should be in place by January" Mr. Zubair said.