Thiruvananthapuram: The state cabinet on Wednesday approved the report on the reorganisation of Kerala Infrastructure Investment Fund Board (KIIFB), submitted by a panel headed by former Union home secretary Sudha Pillai. The cabinet also decided to table the report in the assembly on Thursday.The expert committee has recommended a comprehensive restructuring of KIIFB following an assessment of its functioning and financial position. The decision to reorganise KIIFB was announced in the state budget in view of the financial crisis and the board’s liabilities.The five-member panel included former Federal Bank managing director and CEO Shyam Srinivasan; former Institute of Chartered Accountants of India chairperson Nilesh Vikamsey; H Subbalakshmi, a former Indian Audit and Accounts Service officer and former director of Comptroller and Auditor General’s Audit Board; and former Union revenue secretary Tarun Bajaj.UDF, which was in opposition when KIIFB was launched, had alleged that the flagship project of the Left govt had evolved into a parallel centre of financial power. Govt had announced that KIIFB would be restructured in the white paper on the state’s financial position released soon after it assumed office.The white paper had raised concerns over KIIFB’s functioning and utilisation of funds. KIIFB’s existing loan liabilities are estimated at around Rs 21,000 crore, while projects awaiting financial assistance would require more than Rs 35,000 crore.The document had also criticised the dilution of KIIFB’s core concept and the alleged prioritisation of projects on political considerations. It had recommended regulating KIIFB’s borrowings.
