Sunday, 14 August 2016 - 19:37
Special Unit to supervise Ministries allocated with funds over Rs. 100 billion; Separate officer appointed for the task
The government has decided to establish a Financial Management Unit to manage finances of Ministries that receive financial allocations worth over Rs. 100 billion.
Finance Minister Ravi Karunanayake told our news team that the unit will be established under the purview of the Finance Ministry.
In addition, he noted that a special officer will be appointed to supervise the tasks.
Accordingly the Unit will be established to manage the finances of several ministries including Defence, Education, Health and Highways.
The Financial Management Unit is due to produce a report within a given period of time, concerning the manner in which the funds allocated by the Budget are spent.
It has also been proposed to appoint separate officers for individual ministries to prepare the relevant reports.
Finance Minister Ravi Karunanayake noted that based on these reports, measures would be taken to curtail additional expenses, and decide upon sections requiring further funds.
The relevant cabinet paper would be presented by the Finance Minister to the cabinet in due course.