Financial supervisors to monitor the expenditures of public companies

Financial supervisors will monitor the volume of expenditures and liabilities of enterprises and commercial companies with state participation that have poor financial discipline, announced Deputy Prime Minister Simeon Djankov after the Cabinet's meeting yesterday. The new positon of a financial supervisor will be introduced after the Parliament amends the Financial Management and Control in the Public Sector Act. The supervisor will be appointed after the issuance of order by the Minister of Finance for a definite period of time, while only experts meeting specific terms and conditions could be designated to this position. The funds for the implementation of this function will be provided by the MF budget, stipulates the approved draft bill.

The financial supervisor will monitor the legality, efficiency, effectiveness and cost-effectiveness of all liabilities and expenditures before they are made. He will be entitled to free access to the official premises, the management, staff and assets of the organisation. Besides, he will be also authorised to require all documents and access to all the information stored by the organisation, necessary for the implementation of his monitoring activities. Minister Djankov specified that the financial supervisors would audit preventively specific state companies, but would have the power to suspend order contracts or conclusion of agreements.

The supervisor must draw up a monthly report, which will be submitted to the Minister of Finance. It will contain information on the inspections, referring to cases in which a liability was assumed or expenditure incurred against the decision of the supervisor, to the detected problems and the reasons for them, read the statement of the GERB (Citizens for European Development of Bulgaria) government press office. Currently, the State is the holder or co-owner of over 100 enterprises, including NPPs, mining factories, water supply and sewerage companies, hospitals as well as the National Railway Infrastructure Company (NRIC), the BDZ company (Bulgarian State Railways) and others. The approximate estimates of their assets stand at more than BGN 20 bn.

Прочети цялата новина

Свързани новини: