Thursday, March 3, 2016

Sri Lanka to lease vehicles on 5-year contracts for state work

ECONOMYNEXT - Sri Lanka plans to lease vehicles on five year contracts instead of purchasing vehicles outright for use by state agencies and state enterprises, cabinet spokesman, Gayantha Karunathilake said.

Finance Minister Ravi Karunanayake had proposed to get vehicles on 'operating leases' to support leasing companies and system is expected to be more efficient and cost-effective than maintaining a large state vehicle fleet.

The vehicles will be returned after 60-months and leasing companies will bear the cost of insurance and maintenance. 

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