ECONOMYNEXT – An ‘Electronic Government Procurement (e-GP) System’ commissioned Wednesday will improve transparency and efficiency and save Sri Lanka’s Treasury nearly 30 billion rupees, Finance Minister Mangala Samaraweera said.
“We, as a country, annually spend around a quarter of our government expenditure on public procurement, which amounts to nearly 15 percent of the GDP,” he said.
“Considering the magnitude of that total annual expenditure, it needs closer attention and scrutiny from all the stakeholders in the public management systems. Also procurement plays a strategic function.”
Samaraweera said the e-GP system was an important benchmark in realizing more transparency and efficiency in public services.
“I am convinced that this new e-GP system will save nearly 30 billion rupees to the Treasury, while improving the public financial management to a greater extent,” he said.
Transforming traditional manual procurement processes into a modern system places Sri Lanka on par with very advanced nations that include Singapore, European Union and Canada.
Samaraweera said corruption, misappropriation and mismanagement of public assets must be tackled with a policy of zero tolerance, which remains difficult because of systemic weaknesses.
The electronic government procurement system was launched to address the existing shortcomings and to fast track procurement decisions.
In Sri Lanka, many important projects are lagging behind because of the manual system that links to decades’ old complicated governance mechanisms, Samaraweera said.
(COLOMBO 29 May 2019)
ECONOMYNEXT- Sri Lanka’s Treasury Bill yields fell for the fifth straight week, with the rate
for the 12-month maturity down 02 basis points to 8.88 percent at Wednesday’s auction, data from
the state debt office showed.
The debt office, part of the central bank, rejected bids for 03-month bills for the second week.
The 06-month bill yield fell 08 basis points to 8.63 percent.
The state debt office sold 20 billion rupees of bills, the exact amount offered, after getting offers
of up to 49 billion rupees.
It sold 14 billion rupees in 12-month bills, the same amount offered, which drew bids worth
double the amount.
The debt office sold 06 billion rupees in 06-month bills, after offering 04 billion rupees and
getting bids of 15.8 billion rupees.
(COLOMBO 29 May 2019)