Apr 20, Colombo: The government has decided to introduce a new system to subject all the statutory and non-statutory funds that will be implemented by various state institutions to achieve their objectives under the direct and strict monitoring of the Treasury.
Accordingly, all these funds will be made more efficient and transparent service providers, a senior official of the Ministry of Finance and Treasury has told state media.
The official said converting the funds currently managed by various state institutions into funds implemented under the national budget will raise the quality of the government's fiscal policies and it will be a good act.
The government, considering the importance of direct and close monitoring of government public funds by the Treasury, in 2016 appointed a special committee to look into the fund management and submit recommendations.
Based on the recommendations of the committee, 12 public funds have already been placed under the national budget.
The Treasury is now holding discussions with individual ministries on how to implement the various public funds managed under those ministries in the future, the official said.