Cabinet has given approval to submit the annual report of the Finance Ministry for 2016 to Parliament.
It was reported recently that the Auditor General had disclaimed the accounts of the Finance Ministry in a shocking development, saying he cannot given an opinion on the numbers, and national debt was 83.3 percent of gross domestic product and not 79.3 percent as reported.
It was reported that the Auditor General had noted that total government debt was understated the finance ministry accounts of 2016 by several measures and actual debt totalled 9,864 billion rupees, which was 83.3 percent of the estimated 11,839 billion rupees in gross domestic product.
The annual report of the Finance Ministry should be issued to the parliament and public at the end of each financial year under the article 13 of Fiscal Management (Responsibility) Act No. 3 of 2003, and accordingly, a proposal made by Mangala Samaraweera, Minister of Finance and Mass Media, to present the said report related to the financial year 2016, which is comprised of 13 chapters and the respective report of the Auditor General in the parliament, was approved by the Cabinet of Ministers. (Colombo Gazette)