Auditor General reveals Rs826bn off balance sheet items of previous regime

Feb 09, 2018 (LBO) – Auditor General’s Department has found out that 826 billion rupees received during Rajapaksa regime, had not been included in the financial statements. These off balance sheet items include certain debt balances of Puttalam Coal Power Plant, Hambanthota Port and Mattala International Airport payable by the government.

Auditor General’s latest report on the public debt management also identified a 487 billion rupees worth item as a failure in accounting unmatured Treasury bonds to the face value (Issued prior to 2016). Additionally, non-inclusion of 7 billion rupees debt obtained from 04 public and private banks for the construction of Secretariat of Personal Identification had not been included. According to the financial statements presented to audit, the debt balance payable by the government as at 31 December 2016 amounted to 8,861 billion rupees.

“However, it was revealed at the audit test checks that the following debt balance, remained as further payable amounting to Rs.826 billion received in several preceding years, had not been included in the financial statements,” AG report said. The objective of this report was to forward an analytical report on the management of debt of the republic of Sri Lanka during the period from 01 January 2005 to 31 December 2016 to Parliament. Related: Sri Lanka debt sustainability: public debt Rs8.9tn; assets Rs1.1tn