Andhra Pradesh's borrowings show that it is following Sri Lanka's path: TDP

VIJAYAWADA: The Opposition TDP has expressed serious concern over the deep financial crisis in the State. The TDP has been saying for the past four months that the State is following the path of Sri Lanka, said Public Accounts Committee Chairman Payyavula Keshav.

Stating that the Centre has red-flagged 'disturbing trends' in the finances of several States, including Andhra Pradesh, he cited the severe economic crisis in Sri Lanka. Keshav opined that the high off-budget borrowings, escrowing of future revenue and loans secured against public assets are the primary reasons for the disastrous situation.

Speaking to mediapersons on Wednesday, the PAC Chairman alleged that the State had borrowed four times more than Sri Lanka and challenged the Jagan Mohan Reddy government whether it is ready for an open debate and special audit on the issue. 

He pointed out that the Reserve Bank of India has prepared a risk analysis and the Union Finance Ministry has made a presentation on this, in which Andhra Pradesh is either on top or in second place in all the indices.

The risk analysis has been made strictly on the guidelines of the International Monetary Fund (IMF). "This is only a tip of the iceberg," the TDP leader said.

Accounts for Rs 40,000 to Rs 50,000 crore have not been made public yet and if this too comes out then one can easily imagine the grave situation, he said. The Comptroller and Auditor General (CAG) should bring out the facts and the qualifying certificate issued to Andhra Pradesh by CAG is unique as no other State got such certificate till now.

If AP faces a situation like Sri Lanka, leaders may run away from the State, but the common man will be the worst-hit as he cannot go anywhere, he feared.

Making it clear that the TDP is committed to implementing welfare schemes for the poor, he alleged that the YSRC government was looting the State in the name of welfare. Stating that he is ready for an open debate on the economic crisis of the State, the PAC Chairman demanded a white paper on the present economic situation of the State.

VIJAYAWADA: The Opposition TDP has expressed serious concern over the deep financial crisis in the State. The TDP has been saying for the past four months that the State is following the path of Sri Lanka, said Public Accounts Committee Chairman Payyavula Keshav. Stating that the Centre has red-flagged 'disturbing trends' in the finances of several States, including Andhra Pradesh, he cited the severe economic crisis in Sri Lanka. Keshav opined that the high off-budget borrowings, escrowing of future revenue and loans secured against public assets are the primary reasons for the disastrous situation. Speaking to mediapersons on Wednesday, the PAC Chairman alleged that the State had borrowed four times more than Sri Lanka and challenged the Jagan Mohan Reddy government whether it is ready for an open debate and special audit on the issue.  He pointed out that the Reserve Bank of India has prepared a risk analysis and the Union Finance Ministry has made a presentation on this, in which Andhra Pradesh is either on top or in second place in all the indices. The risk analysis has been made strictly on the guidelines of the International Monetary Fund (IMF). "This is only a tip of the iceberg," the TDP leader said. Accounts for Rs 40,000 to Rs 50,000 crore have not been made public yet and if this too comes out then one can easily imagine the grave situation, he said. The Comptroller and Auditor General (CAG) should bring out the facts and the qualifying certificate issued to Andhra Pradesh by CAG is unique as no other State got such certificate till now. If AP faces a situation like Sri Lanka, leaders may run away from the State, but the common man will be the worst-hit as he cannot go anywhere, he feared. Making it clear that the TDP is committed to implementing welfare schemes for the poor, he alleged that the YSRC government was looting the State in the name of welfare. Stating that he is ready for an open debate on the economic crisis of the State, the PAC Chairman demanded a white paper on the present economic situation of the State.