TISL Welcomes COPE report and Urges More Action

TISL Welcomes COPE report and Urges More Action

Transparency International Sri Lanka (TISL) notes that the Committee on Public Enterprises (COPE) has revealed financial manipulations and violations of accounting practices by many finance companies.

This will undoubtedly be an eye opener for numerous public sector institutions and to policy makers in Sri Lanka.The purpose of the COPE and Public Accounts Committee (PAC) is to be an effective regulatory body on public finance on behalf of the public.TISL is happy that the COPE has used their competence and has conducted an inquiry of this nature,and wishes to see further inquiries relating to major financial scandals and mismanagements in public sector.

Since this is a matter of national concern and importance,the Members of Parliament and all political parties are expected to address the issues arising out of the COPE report and take consequential steps at the earliest.TISL has for a long time agitated for more effective and transparent financial committees(COPE and PAC)and campaigned for reforms,including enhancing capacity.

We wish to remind the public that these committees are not open to public scrutiny and it is paramount that in order to have an effective system,there should be constant interaction with the public.

By taking these steps the Parliament will be able to discharge its commitments and duties in relation to protection of public finance.

TISL therefore urges all parties and Members of Parliament to take the opportunity toreform the COPE and PAC as an urgent priority.

TISL is looking forward to examining the entire COPE Reportand hopes to initiate a public debate on the structure of the Central Bank and exploring ways in which the Central Bank can be independent. By making such unprecedented changes we hope that any financial manipulations can be prevented.

/ Press Releases

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