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Wednesday Nov 06, 2024
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In a bid to boost the State revenue amidst the dire straits of the economic crisis, the Government has decided to introduce a new State Asset Management Act.
The move will enable it to prepare a national asset register and to introduce a central database related to State assets.
“The absence of a focal agency for the management of the public assets has led to misuse of multiple Government assets over decades. However, the management of those assets have now recognised as a priority, as those could earn a significant amount of revenue to the Government coffers with the introduction of this new Act, especially given the ongoing economic crisis,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
Following Cabinet of Ministers approval, the Legal Draftsman can now prepare a Bill to introduce a new State Asset Management Act.
The provisions will enable to expand the duties of the Comptroller General Office, which is under the purview of the Finance, Economic Stabilisation and National Policies. It will also permit to establish a comprehensive and definitive legal framework to preparer a national assets register and introduce a central database for State assets.
The Comptroller General's Office was established in 2017 for the management of non-financial assets of the Government. In 2018, it was assigned the function of Revenue Accounting Officer in respect of sales of non-financial assets.
“Although it is the responsibility of the Government agencies to maintain records of the assets under their purview, such action has not taken place for years. There are many assets like, State-owned lands, buildings, and warehouses. Thus, the timely proposal will help the Government to increase its revenue,” Gunawardena added.
The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation, and National Policies was approved by the Cabinet of Ministers on Monday.
