Govt. lock horns with CAG over KIIFB again
The Hindu
Balagopal terms latest findings a repeat of last year’s report
The State Government on Friday appeared to find itself at loggerheads with the Comptroller and Auditor General of India (CAG) over Kerala Infrastructure Investment Fund Board (KIIFB) again.
Finance Minister K.N. Balagopal strongly objected to the CAG’s latest finding that KIIFB’s “off-Budget borrowings” via masala bonds and other instruments to “finance expenditures” violated the Kerala Fiscal Responsibility Act.
The CAG had tabled its State Finance Audit report ended 2020 in the Assembly on Thursday. For the second consecutive financial year, the CAG had observed that KIIFB’s borrowings lacked legislative approval or scrutiny and warned the State could find itself caught in a debt trap.
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