Finance minister rejects CAG claims on off-budget borrowings
The audit report reiterated the observations that were rejected by the Public Accounts Committee (PAC) and the state assembly regarding the borrowings of the KIIFB. "As was made clear during the discussions in the assembly, borrowings by KIIFB are based on govt guarantees and are therefore not the state's direct liabilities but only contingent liabilities," the note said.
The audit report reiterated the observations that were rejected by the Public Accounts Committee (PAC) and the state assembly regarding the borrowings of the KIIFB. "As was made clear during the discussions in the assembly, borrowings by KIIFB are based on govt guarantees and are therefore not the state's direct liabilities but only contingent liabilities," the note said.
