ECG, energy sector flagged over procurement and financial breaches – IMF

4 percent of procurement commitments in the two sectors were found to be in breach of public financial management regulations or statutory requirements.

The energy and roads construction sectors have been identified among areas with significant financial and procurement weaknesses, with the IMF warning that breaches of public financial management rules could expose government to additional fiscal risks.

It argues that stronger oversight of SOE procurement, contracts and financial commitments is needed to contain fiscal risks and ensure state-owned entities operate within public financial management and statutory requirements.