Treasury Secretary emphasises the need of right to information on public finances
View(s):Sri Lanka should show the world that it has ensured the right to information by disseminating correct information on public finances handled by state institutions constantly on time, Finance Ministry and Treasury Secretary Dr. P.B. Jayasundera said .
He noted that heads of public sector institutions have a responsibility to release annual reports on time so that the people will get correct and credible information on their activities, handling of public finances, and progress of projects.
This practice will prevent the wrong and misleading communication of information, he said.
Public trust could only be gained through the dissemination of correct data on public finances and procurement procedures, he told a vast gathering of heads of state institutions, senior officials of banks and financial institutions at the launch of 2013 Central Bank Annual Report at the Atrium auditorium, Bank Central Bank premises in Colombo this week.
He categorically stated that spending money for development projects from the consolidated fund is being made in accordance with financial regulations and proper tender procedures with technical evaluation. “But when dealing with foreign agency funding provided by lending agencies like World Bank and ADB, we have to abide by their conditions, “he said. Some people raise questions about the credibility of data and other information on public finances, he said adding that these data are provided by various institutions and the Census and Statistics Department is putting it together and compiling economic data.
This was the practice during a long period and no one has challenged its credibility, he said adding that it is unbecoming to undermine the public service.
He expressed optimism that the country’s per capita income will surpass the expected target of US $4000 in 2016 as it has risen to US $ 3,280 in 2013. He pointed out that the economic growth during the year 2003 was7.3 percent of GDP and during 1970’s when he was serving at the Central Bank it was 3 percent. He reminded that they called it as a significant achievement at that time and today‘s economic progress is being considered as a marginal improvement.