Representative Image I Photo: Mathrubhumi
Thiruvananthapuram: Comptroller and Auditor General of India rejected the government’s claim that the liabilities of the Kerala Infrastructure Investment Fund Board (KIIFB) are off-budget borrowings. As per the 2021-2022 financial report of CAG, KIIFB loans will fall under the direct liability of the government.
The report says that the liabilities of KIIFB are not coincidental and the government must bear it. KIIFB does not have an income of its own. KIIFB has been utilising the revenue of the government. So, KIIFB’s liability should be borne by the government, observed CAG in its report.
The report tabled before the Kerala legislative assembly session on Wednesday reads that loans may have to be taken to pay the interests of the borrowings that have already been availed.
The loans taken from outside are hugely affecting the government. To date, KIIFB has borrowed Rs 8604.18 crore. The pension company has taken Rs 669.09 crore as loan for various purposes. The report says that if this situation continues, it will affect future generations.