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Jun 26, 2015 News
The 2013 report of the Auditor General (AG) has revealed that there are eight accounts at Bank of Guyana holding a total of $1.8B. These moneys had been untouched for over a period of five years.
The country’s AG, Deodat Sharma, insists that these moneys belong to the Consolidated Fund and should be transferred to its rightful place henceforth.
He noted that the Audit Office’s assessment of the balances held in the special accounts at the Bank of Guyana indicated that there were 11 accounts with balances totaling approximately $4.3B.
The AG noted, however, that there were eight accounts that were not even touched since 2009 and up to the time of review.
In providing details on these eight accounts, he said that the Infrastructural Development Fund Account held $371M, the Accountant General-GEC Wartsila Account held $127M, the Agriculture Loan had $77M, the UK Programme Aid-GEA had a total of $474M, another UK Programme Aid-Rice held $55M and an Agriculture Rehabilitation Project Account had some $280M.
The other two accounts are the SIMAP Phase II Sub-Account with some $213M and the Financial Sector Reform Programme Account had some $172M. They gave a grand total of $1,773,525,000.
The AG said that on the assumption that such moneys were funds that should have been paid over to the Consolidated Fund, in addition to the total of all the other government bank accounts held at the Bank of Guyana, including the overdraft of the Consolidated Fund, there would be a positive balance of $56B.
He recommended to the Ministry of Finance to have all these funds transferred to the Consolidated Fund, in the shortest possible time. (Kiana Wilburg)
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