State institute losses exceed Rs. 50 b in 2017: Speaker

Tuesday, 19 June 2018 00:00 - - {{hitsCtrl.values.hits}}

By Skandha Gunasekara

Speaker Karu Jayasuriya yesterday stated that state institutions had incurred losses exceeding Rs 50 billion in 2017.

The Speaker made this disclosure while addressing a media workshop on the Committee on Public Accounts (COPA) held yesterday afternoon at Water’s Edge Battaramulla.

He said that the latest reports of the Ministry of Finance had revealed that State institutes had wasted more than 40% of allocated funds each year, with the total exceeding Rs. 50 billion last year.

“These funds, if saved, could be utilised for the betterment of the people, and for development work. Parliament has been able to carry out investigations and monitor State institutions to a preferred level. There are over 837 State institutions that have been probed by COPA last year. All these institutions are being monitored by COPA, the Auditor General and Parliament. There is satisfactory progress by COPA currently,” the Speaker said.

He then asserted that no State institute would now be able to waste money, as they would be under close scrutiny of COPA and the Committee on Public Finance.