Sri Lanka to find billions of dollars hidden abroad

Sri Lankan government is to get assistance from the International Monetary Fund (IMF), World Bank and Reserve Bank of India to track down wealth hidden abroad belonging to key persons of the former government, the Cabinet spokesman said.

Cabinet spokesman Rajitha Senaratne said the government had information on the people who had hidden “billions of dollars” in foreign accounts.
Senaratne said the island lacks the expertise to track down and investigate the assets hidden and help was needed from the IMF and World Bank.

Government has also appointed a committee to investigate alleged financial misdeeds and corruption in the former government.

Power Minister Patali Ranawaka said according to a report by the Moratuwa University,about 200 billion rupees has been siphoned away from recent road development projects in 2013.

He said according to his calculations about 700 billion rupees has been siphoned from housing and other development projects.