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Water Supply and Estate Infrastructure Development Minister Jeevan Thondaman announced that options to reduce water prices and revise electricity tariffs are being studied and a decision is expected by the end of this week.
The Minister also stressed that the Water Board, which previously suffered a loss of 2.8 billion Sri Lankan Rupees per month, has now achieved a profit of 6.2 billion Sri Lankan Rupees.
Minister of Water Supply and Estate Infrastructure Development Jeevan Thondaman made the remarks during a press conference on “The Collective Path Towards a Stable Nation” held at the Presidential Press Centre (PMC) today (17th).
Minister Jeevan Thondaman further elaborated:
We commend Minister Kanchana Wijesekera for taking steps to reduce electricity prices. The water supply industry is closely tied to electricity prices, so this revision will likely result in lower water prices.
Water supply is affected by many factors. We have previously promised to reduce water rates at the same time as reducing electricity rates. Currently, the Ministry of Water Affairs is not only focusing on electricity, but is also evaluating the impact of reducing interest rates from 26% to 11%. In addition, we are studying the possibility of reducing water rates based on changes in the US dollar exchange rate. It is worth noting that the cost of procuring chemicals for water supply boards is affected by the US dollar exchange rate.
A decision on the extent of the water tariff cuts is expected this weekend. When I took over in January 2023, the ministry was challenged to provide even 1,000 new water connections. In addition, I inherited a ministry with a debt of $800 million and the Water Board was losing about LKR 2.8 billion per month. The Board’s monthly recurring expenditure of LKR 4.5 billion has a significant impact across the country.
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