Petroleum Resources Minister Susil Premajayantha has suspended all payments by the Petroleum Resources Ministry and is to launch an audit into all the payments and purchases made by the Ministry up to 31st March.
The Minister said that the lack of proper Management had resulted in increased losses by the institutions under the Ministry during the past and steps would be taken to streamline the activities.
The Ceylon Electricity Board owed Rs. 55 billion to the Ceylon Petroleum Corporation (CPC) for fuel it availed and recovery of such arrears would be expedited and reasons for such a situation would be examined, he emphasized.
Productivity of the institutions under the Ministry would be enhanced by strengthening the staff of the institutions, the Minister disclosed.
Meanwhile,a representative from the International Monetary Fund (IMF) has warned that although Sri Lanka would achieve a growth target of 5.5% in 2010, the country’s economy would be in danger due to the widening budget deficit.
IMF Economist Abdul Arif has told journalists in Washington DC that the Fund predicted a 5.5% growth in Sri Lanka’s economy in 2010 after predicting 3.5% in 2009.