Punish culprits behind overspending, say economists

PETALING JAYA: Tougher action must be taken if leakages and overspending in government agencies, Federal statutory bodies and state governments are to be reduced, say economists.
 
Socio-Economic Research Centre (SERC) executive director Lee Heng Guie said more punitive action should be taken against the culprits. SERC is a think tank.
 
“Year in, year out, we see reports of overspending and wastages. There needs to be follow-ups,” he said. “We have seen several people prosecuted and some brought before the Public Accounts Committee but I think more punitive measures are in order.”
 
On Monday, the Auditor-General’s Report 2016 Series 1, tabled at the Dewan Rakyat, gave 353 recommendations to assist the Government, Federal statutory bodies and state governments in rectifying such weaknesses.
 
A notable case was that of the National Entrepreneurial Group Economic Fund, better known as Tekun, which incurred losses of RM209.28mil at the end of 2015 due to failed financing schemes.
 
Sunway University Business School professor of economics Dr Yeah Kim Leng commended the hard work by the AG in identifying the leakages.
 
“It is good that the AG publishes reports every year to instil a culture of accountability in government agencies and ministries. But tighter enforcement and follow-up actions must be taken to ensure the AG’s efforts are not wasted.”
 
He said lack of scrutiny was a reason why the wastages and leakages continued, adding that the amount of losses was rising.
 
Yeah called for follow-up actions to be taken because the public demanded better accountability, good governance and operational efficiency in such bodies.
 
Lee, also an economist, said that every sen should be spent wisely and accounted for.
 
He suggested that a monitoring system be put in place to help avoid
 
Source : http://www.thestar.com.my/news/nation/2017/08/03/punish-culprits-behind-overspending-say-economists/#PAXjmkY0qvc2pG6h.99
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