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Sri Lanka: Backwards in Blacklisting
Sri Lanka the only South Asian nation to not blacklist corrupt contractors: Verité Research New report highlights gaps in guidelines as well as a lack of compliance Sri Lanka has the worst record among South Asian countries in blacklisting corrupt contractors in public procurement, according to a new report by Verité Research. The report shows that Sri Lanka is the only country in South Asia that 1) does not recognise engaging in corrupt and fraudulent activities during procurement as a valid reason for blacklisting 2) has not blacklisted contractors that have defaulted on contractual obligations despite having the provisions to do so. The first issue can be attributed to gaps in the procurement guidelines of 2006, which govern almost all public procurement in Sri Lanka — except in a few instances such as pharmaceutical procurement. The report emphasises the importance of urgently fixing these gaps to combat corruption and restore fiscal governance. The second issue – not blacklisting defaulting contractors – shows a lack of compliance with existing regulations. Sri Lanka has provisions not only to blacklist defaulting contractors, but also to publish their names in a public, online database. However, this database, maintained by the Department of Public Finance, is empty. By contrast, as of July 2023, Nepal had 629 entries on its online database, and Bangladesh had 510. High levels of corruption in procurement and the importance of fixing it have also been highlighted in the civil society governance diagnostic and the International Monetary Fund (IMF) governance diagnostic on Sri Lanka. In fact, one of the key IMF recommendations is to enact a public procurement law in Sri Lanka that reflects international best practices by December 2024. The report by Verité Research, titled “Backwards in Blacklisting: Gaps in Sri Lanka’s Procurement Framework Enable Corruption”, is available on the Verité Research website – https://www.veriteresearch.org/publication/sri-lanka-procurement-corruption-gaps/
Featured Insight
Sri Lanka: Backwards in Blacklisting
Sri Lanka the only South Asian nation to not blacklist corrupt contractors: Verité Research New report highlights gaps in guidelines as well as a lack of compliance Sri Lanka has the worst record among South Asian countries in blacklisting corrupt contractors in public procurement, according to a new report by Verité Research. The report shows that Sri Lanka is the only country in South Asia that 1) does not recognise engaging in corrupt and fraudulent activities during procurement as a valid reason for blacklisting 2) has not blacklisted contractors that have defaulted on contractual obligations despite having the provisions to do so. The first issue can be attributed to gaps in the procurement guidelines of 2006, which govern almost all public procurement in Sri Lanka — except in a few instances such as pharmaceutical procurement. The report emphasises the importance of urgently fixing these gaps to combat corruption and restore fiscal governance. The second issue – not blacklisting defaulting contractors – shows a lack of compliance with existing regulations. Sri Lanka has provisions not only to blacklist defaulting contractors, but also to publish their names in a public, online database. However, this database, maintained by the Department of Public Finance, is empty. By contrast, as of July 2023, Nepal had 629 entries on its online database, and Bangladesh had 510. High levels of corruption in procurement and the importance of fixing it have also been highlighted in the civil society governance diagnostic and the International Monetary Fund (IMF) governance diagnostic on Sri Lanka. In fact, one of the key IMF recommendations is to enact a public procurement law in Sri Lanka that reflects international best practices by December 2024. The report by Verité Research, titled “Backwards in Blacklisting: Gaps in Sri Lanka’s Procurement Framework Enable Corruption”, is available on the Verité Research website – https://www.veriteresearch.org/publication/sri-lanka-procurement-corruption-gaps/
Featured Insight
Sri Lanka: Backwards in Blacklisting
Sri Lanka the only South Asian nation to not blacklist corrupt contractors: Verité Research New report highlights gaps in guidelines as well as a lack of compliance Sri Lanka has the worst record among South Asian countries in blacklisting corrupt contractors in public procurement, according to a new report by Verité Research. The report shows that Sri Lanka is the only country in South Asia that 1) does not recognise engaging in corrupt and fraudulent activities during procurement as a valid reason for blacklisting 2) has not blacklisted contractors that have defaulted on contractual obligations despite having the provisions to do so. The first issue can be attributed to gaps in the procurement guidelines of 2006, which govern almost all public procurement in Sri Lanka — except in a few instances such as pharmaceutical procurement. The report emphasises the importance of urgently fixing these gaps to combat corruption and restore fiscal governance. The second issue – not blacklisting defaulting contractors – shows a lack of compliance with existing regulations. Sri Lanka has provisions not only to blacklist defaulting contractors, but also to publish their names in a public, online database. However, this database, maintained by the Department of Public Finance, is empty. By contrast, as of July 2023, Nepal had 629 entries on its online database, and Bangladesh had 510. High levels of corruption in procurement and the importance of fixing it have also been highlighted in the civil society governance diagnostic and the International Monetary Fund (IMF) governance diagnostic on Sri Lanka. In fact, one of the key IMF recommendations is to enact a public procurement law in Sri Lanka that reflects international best practices by December 2024. The report by Verité Research, titled “Backwards in Blacklisting: Gaps in Sri Lanka’s Procurement Framework Enable Corruption”, is available on the Verité Research website – https://www.veriteresearch.org/publication/sri-lanka-procurement-corruption-gaps/
Featured Insight
Sri Lanka: Backwards in Blacklisting
Sri Lanka the only South Asian nation to not blacklist corrupt contractors: Verité Research New report highlights gaps in guidelines as well as a lack of compliance Sri Lanka has the worst record among South Asian countries in blacklisting corrupt contractors in public procurement, according to a new report by Verité Research. The report shows that Sri Lanka is the only country in South Asia that 1) does not recognise engaging in corrupt and fraudulent activities during procurement as a valid reason for blacklisting 2) has not blacklisted contractors that have defaulted on contractual obligations despite having the provisions to do so. The first issue can be attributed to gaps in the procurement guidelines of 2006, which govern almost all public procurement in Sri Lanka — except in a few instances such as pharmaceutical procurement. The report emphasises the importance of urgently fixing these gaps to combat corruption and restore fiscal governance. The second issue – not blacklisting defaulting contractors – shows a lack of compliance with existing regulations. Sri Lanka has provisions not only to blacklist defaulting contractors, but also to publish their names in a public, online database. However, this database, maintained by the Department of Public Finance, is empty. By contrast, as of July 2023, Nepal had 629 entries on its online database, and Bangladesh had 510. High levels of corruption in procurement and the importance of fixing it have also been highlighted in the civil society governance diagnostic and the International Monetary Fund (IMF) governance diagnostic on Sri Lanka. In fact, one of the key IMF recommendations is to enact a public procurement law in Sri Lanka that reflects international best practices by December 2024. The report by Verité Research, titled “Backwards in Blacklisting: Gaps in Sri Lanka’s Procurement Framework Enable Corruption”, is available on the Verité Research website – https://www.veriteresearch.org/publication/sri-lanka-procurement-corruption-gaps/
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FX Global Code to be rolled out by end 2024
The Central Bank plans to implement the FX Global Code in the domestic forex market by the end of this year. The aim is...
2024-05-15
Daily Mirror
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[10:28 AM] Jason Hingert සේවක අර්ථසාධක අරමුදල ஊழியர் சேமலாப நிதியம்
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Import of 367 items restricted
Import restrictions have been imposed on 367 non-essential items including bottled water, beer, wine and alcohol (foreign liquor), tobacco products, dairy products, ornamental items, entertainment equipment, musical instruments, beauty produ...
2022-03-10
Daily News
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LKR allowed to ‘free float’ – CBSL
It has been decided to let the LKR to ‘free float,’ since yesterday (9) evening, following CBSL’s meeting with bankers, the CBSL sources said. Meanwhile, the Ministry of Finance on the same day announced to provide a specia...
2022-03-10
Ceylon Today
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SL sees small dip in forex reserves in Feb
Sri Lanka’s central bank said foreign currency reserves dropped to $2.31 billion by the end of February, a level that could provide a month’s breather in efforts to lure investment and curb imports to ensure debt repayments durin...
2022-03-10
Daily FT
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India gives US$500mn credit line, hopes to end fuel shortages
India has given effect to the a 500 million US dollar credit line using which Sri Lanka can import oil, as money printed to keep rates low, boosted imports to record levels, triggering forex shortages and made it difficult to import oil.
2022-03-10
EconomyNext
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