A total of 1417 Audit reports have Wednesday been officially handed over to the Speaker of Parliament, sildenafil Rebecca Kadaga by the Auditor General, viagra 40mg John F.S Muwanga a fulfillment of the constitution requirement under Section 82 (4).
1323 of these according to Muwanga are financial audits, viagra buy 83 are Forensic and Special audits, 8 are value for money audit and 3 are specialized audits.
While handing over the report, the AG noted that some issues have not been addressed since the last report calling for Government Intervention to improve performance.
According to the highlights of the report, there has been low debt absorption/ non-performing loans as at June 30, 2016 which stood at Sh18.1Tn undermining the attainment of planned development targets and render commitment charges of Sh20.9bn paid in respect of undisbursed funds nugatory.
The Auditor General highlighted that a trend analysis of the accumulation of government contingent liabilities over the last four years indicated that the figure has increased from Sh2.275tr in the financial year 2012/2013 to Sh6.532tr in the year under review.
“Further analysis of this contingency indicates that over 90 percent of this amount are as a result of the legal proceedings lodged against the government; in the event that all these contingencies crystallize, government will have to spend substantial amounts which will adversely affect the implementation of other government programs,” Muwanga said.
The report also noted that the trend of government outstanding commitments/ domestic borrowing arrears have continued to escalate for the past three years. The consolidated financial statements put the figure of domestic arrears at Sh2.254tr while the Auditor General puts the figure at 2.700tr.
“I have advised Government to review the current policies on commitment control with the aim of enhancing its effectiveness.”
The reports also indicate high interest rates on domestic borrowing with a significant increment over the last four years, in 2013 was standing at 13.1 percent and 2016 at 19.1 percent.
“Under the current circumstances, this has an effect of crowding out the private sector; going by the risk-return relationship, it is more lucrative to lend to government than to the Private sector.”