Home / BUSINESS / Financial discipline was totally ruined during the past regime

Financial discipline was totally ruined during the past regime

The Auditor General H. S. Gamini Wijesinghe says that since the former Secretary to the Ministry of Finance during the past decade has violated the financial regulations, the country became trapped in a severe debt crisis.

At a press briefing held today at the Government Information Department in Colombo, Wijesinghe said that an increase in the assets of the country is apparent during the past three years.

The Auditor General said that he is unable to provide a definite figure on the amount of loans taken during the past decade since the management of debt in the government sector has been in chaos over the past decade. The reasons were because large loans have been obtained and they had moved beyond loan restrictions according to the legal acts. In order to cover them up, the records of loans have been written off the books and also loans have been transferred to different places.

Due to these malpractices the country has faced a severe problems in the finance management and the former secretary to the Ministry of Finance has totally ruined the financial discipline in the country, Wijesinghe said.

He said the officials are still not ready to correct the old system of finance management since the law in the country is outdated. A main issue that should exist in order to build financial discipline is to get the Audit Bill adopted by the Auditor General’s Department.

Prime Minister Ranil Wickremesinghe is due to submit the draft Audit bill to the cabinet on the 14th February.

About neo

Check Also

Cost of aircraft lease agreements much higher than market price

The cost of aircraft lease agreements, signed by SriLankan Airlines in recent times, was 30-40% …

Leave a Reply

Your email address will not be published. Required fields are marked *