Saudi Arabia: Calls for Enhanced Accountability, Governance Mechanisms in Public Sector

Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat
Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat
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Saudi Arabia: Calls for Enhanced Accountability, Governance Mechanisms in Public Sector

Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat
Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat

Control specialists have called for the need to strengthen mechanisms of oversight and accountability and the implementation of governance in the Saudi public sector.

They also urged to apply tools of governance to official bodies in the Kingdom.

The specialists called for adopting independent government committees concerned with overseeing the auditing department’s work in government agencies. This, according to the specialists, will achieve continuous improvement and permanent monitoring of internal work.

These remarks were given at the first forum held on internal audits, organized by the General Auditing Bureau. Held in Riyadh, the forum witnessed the presence of 200 participants from various government agencies.

President of the Saudi General Auditing Bureau (GAB) Hussam Al-Anqari confirmed the importance of developing the role of internal audit departments in government agencies through identifying and implementing the most modern scientific and practical aspects of auditing.

The Saudi Electricity Company presented its personal experience in the process of internal control and auditing.

The forum, in its several sessions, discussed contemporary problems facing internal audits and means to develop the activation of governance mechanisms. It also highlighted the challenges faced by internal audit departments.

In addition to discussing the quality of performance of internal audit units in public sector establishments, the forum addressed ways to develop training workshops for auditors.

The forum aimed at highlighting the importance of internal audits and their role in enhancing control and governance in the government sector, as well as boosting the transfer of professional expertise, cooperation and intergovernmental agencies’ joint work in the areas of accounting and control.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
TT

IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.