OF 219 STATE CONCERNS ONLY 4 LOSE HEAVILY - COPE

*219 state institutions investigated in 2012

*“Internationally accepted methods when preparing reports”

Indunil Hewage

Of the 219 state institutions, only four have recorded losses of over 95 per cent, and only 11 are running at a loss, Chairman of the Parliamentary Watchdog, Committee on Public Enterprises (COPE) and Human Resources Senior Minister D.E.W. Gunasekera said.

Senior Minister Gunasekera was speaking at the presentation of the Annual Report 2012 of the Finance and Planning Ministry, to President Mahinda Rajapaksa. The ceremony was held at the MILODA -Academy of Financial Studies, Colombo.

“With the establishment of the COPE, we were able to create a unique record, as almost all state institutions were investigated. In 2012, 219 state institutions were investigated. This was at an average of 25-30. A maximum of 75 state institutions were investigated until 2012,” he said.

Minister Gunasekera said he was not satisfied with the standards of the auditing and accounting in the state sector and it was high time to adopt internationally

accepted methods, when its comes to preparing the financial reports of the state institutions.

During the last couple of months, we have summoned the entire board of officials and institutions to scrutinize their internal affairs and have completed scrutinizing of over 200 institutions and made recommendations to push institutions for transparency and financial accountability. According to the Minister, SriLankan Airlines, Mihin Air, Ceylon Electricity Board and the Ceylon Petroleum Corporation have recorded immense losses.

President Rajapaksa while paying tribute to the Officials of the Finance Ministry for tabling the Annual Report on time observed that in the past state institutions, Department and Ministries took 10 to 15 years to issue the due annual reports. But since this government took over the reigns, things have changed and now we receive Officials’ reports on time. The President also went on to say that there was freedom of expression and all were free to express their views.” We welcome and appreciate your point of view “, the President added.

Finance and Planning Ministry Secretary Dr. P.B. Jayasundara said there was remarkable economic development in the country and and that infrastructure facilities were not limited to the City of Colombo, but there was commendable growth in infrastructure facilities in the rural sector as well.

“Today, economic growth is 6.4 per cent. Inflation has remained at single digit level for the past four years. The unemployment ratio is around 4 per cent and poverty level is around 6.4 percent. Over 93 per cent of the population has electricity while 84 per cent enjoy clean water. The standard of public road network s around 95 per cent and 98.3 percent have access to primary education”, Dr. Jayasundara pointed out.

Ministers Basil Rajapaksa, Senior Ministers Sarath Amunugama D E W Gunasekera, Central Bank Governor Ajith Nivard Cabraal and Secretary to the President Lalith Weeratunga were also present.