The Ministry of Finance will seek an extension from the International Monetary Fund (IMF) to comply with the requirement to publish audited financial statements of all 52 major State-Owned Enterprises (SOEs) for 2021 and 2022, originally due by end-June.
Under the programme Sri Lanka entered into with the IMF in March, in order to strengthen the governance of SOEs and enhance their financial transparency, Sri Lanka agreed to promptly publish audited financial statements of all 52 major SOEs for 2021 and 2022 by end-June.
Sunday Morning business reports that, Treasury Deputy Secretary R.M.P. Rathnayake had stated that while he was unaware of the precise number of SOEs that had met the end-June deadline, Sri Lanka would have to reach an alternate arrangement with the IMF, considering that the deadline had passed.
This alternative arrangement could potentially entail an extension of the original deadline.
“The SOEs will have to comply with our commitment to the IMF. If not, we will have to engage in discussions with the IMF to reach an alternate arrangement,” he stated.
According to Publicfinance.lk, out of the 52 key SOEs identified by the Ministry of Finance, only 11 have released their financial reports until 2022 as of 30 June 2023.
Publicfinance.lk further noted: “This progress does not align with Sri Lanka’s commitment to the IMF to ensure the publication of financial reports for all 52 key SOEs by the end of June 2023 as a part of its most recent programme. The publication of financial information plays a crucial role in enhancing the transparency and accountability of State-Owned Enterprises.”
Source: Sunday Morning Business
