The National Audit Office has uncovered a startling revelation regarding the mismanagement of foreign grants in the fiscal year 2022. An astounding sum of one billion, eight hundred and thirty-seven crore, thirty-two lakhs, twenty-one thousand, four hundred and twenty rupees (1,837,321,420 INR) has been directly received for 20 projects by various ministries and departments, bypassing the oversight of the Treasury.
According to the audit findings, this substantial amount was neither provisioned for nor included in the financial statements, raising concerns about transparency and accountability in financial management.
Highlighting procedural violations, the audit report emphasizes that all transactions related to foreign aid should be conducted through the Director General of the Department of Foreign Resources of the Treasury, as per the Public Accounts Circular. However, it has been discovered that several ministries and departments received foreign grants without adhering to this protocol.
The Treasury management, responding to the audit, attributed the oversight to the responsibility placed on institutions implementing foreign grants to allocate budgets and ensure inclusion in financial records. Nevertheless, they assured that measures are being taken to prevent such occurrences in the future.
