Dec 08, 2016

Treasury takes over Public Funds

With the aim of tackling the current cash flow problem, the government explores the possibility of taking over the management control of public funds functioning under the purview of state institutions and bringing those funds under the Treasury.

The Employees Provident Fund (EPF), Employees Trust Fund (ETF), Investment Fund, Cultural Board Fund, Mahapola Trust Fund, and Public Trustee’ Fund, are to bring under the Treasury initially. 

At present the Treasury is overseeing departmental and other public funds. The Government will make necessary amendments to the Finance act and other acts concerning the relevant public sector funds transferring the power to the Treasury to handle those funds, reliable official sources said.

The Government plans to act in the face of mounting reports of blatant breaches of regulations and guidelines on the use of public funds and resources, a top official said adding that some of the Public Trust Funds are being badly managed by its new administrators.

“The matter of maintaining trust funds is under review… we are committed to making sure that the requisite regulations and legislative provisions to better hold all persons accountable, he added.