IMF confirms Sri Lanka has additional Rs1.3 trillion liabilities

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June 09, 2016 (LBO) – Sri Lanka’s government has been informed by the International Monetary Fund (IMF) that they have identified 1.3 trillion rupees (8.9 billion dollars) of additional liabilities as at the end of 2015.

Prime Minister told Parliament that the fiscal affairs department of the IMF, with the help of treasury officials, recently concluded a forensic audit at the government’s request to find out the actual liability of the government.

He said the IMF has clearly stated that some contingent liabilities were not included in the budget and issued a report identifying several arrears and fiscal risks of the public finance.

“Based on the additional information provided by the department of public enterprises, the mission has identified 1,281 billion rupees of liabilities as at the end of 2015,” the Premier said quoting the report.

“This represents an increase of 33 percent compared to the previous year. Four SoBEs CPC, SLPA, SriLankan Airlines and CEB represents 94 percent.”

Few months back the government said it has identified a total of 1,151 billion rupees as unpaid bills of the previous Mahinda Rajapaksa regime and decided to carry out a forensic audit.

Related: Sri Lanka finds more hidden dues of past regime: Ravi Karunanayake