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40 CERTIFIED MANAGEMENT ACCOUNTANT

hence privatization remains an area
of focus which require appropriate
attention.

With increased focus of the government
as a regulator and facilitator in a
country, they have been moving away
from the commercial enterprises/
profit-oriented sector. In the Sri Lankan
context, successive governments have
continued to move towards a more
neoliberalist economic model and
as a result of this, they have started
privatizing many different industries.
This has contributed to many positive
as well as negative issues related to
these areas.
“

The main
expectation

associated with

the privatization

is the increased

productivity of
the organizations funding by another party. Thus, the some of the important areas of concern

that will enable private companies are compelled to that require attention.
focus on the overall performance whilst
the continued achieving sustainable development. With privatization, the employees are
This would improve the financial
expected to be more performance-
improvement of the focus and because of this, the state oriented as they have to achieve
enterprises can be converted to more
performance levels efficient operating units that will certain targets if they want to sustain or
upgrade. They will be required to work
generate profits.
and achieve the with a specific set of outcomes in mind
to safeguard their jobs. These will allow
desired outcomes. They will also have the ability to focus them to look into achieving certain
benefits in the future. The career growth
on market needs. When they have the
right focus on the market expectations, of the employees also can be better
they will be able to develop the facilitated through privatization as the
The expectations products and services according to private enterprises continue to look
market demand. This means that they for growth opportunities. Particularly
The main expectation associated will be able to modernize the activities in the Sri Lankan context, the majority
with the privatization is the increased in line with the customer expectations. of promotions of the government
productivity of the organizations that This shows that the markets will also employees are driven by seniority.
will enable the continued improvement benefit from the privatization of these Whether they perform or not, they are
of the performance levels and achieve enterprises due to competition. The promoted after completing the required
the desired outcomes. Basically, the economy is ultimately expected to number of years. Consequently, the
private sector should generate profits, benefit because of the privatization, as government enterprises could allow the
which is one of its main objectives. the government will be able to utilize employees to stagnate in their comfort
Moreover, the private companies also its funds for other development works zones.
do not have the liberty to depend on as well as welfare activities. These are

www.cma-srilanka.org | Volume 06 - No. 2 - September 2021