Colombo, July 24 : Sri Lanka's Cabinet has approved a new Bill that will provide for investigation into fixed assets of 1,600 government institutions, a state minister said on Wednesday.

Minister of State for Finance Ranjith Siyambalapitiya told the media that the assets of all government institutions in Sri Lanka are ready to be investigated and put under proper management under the State Assets Management Bill, Xinhua news agency reported.

Siyambalapitiya said there are more than 1,600 government-owned institutions and their assets are not properly managed.

There are about 91,000 vehicles in those institutions. The government is ready to pay more attention to the fixed assets, manage them properly, and provide more effective service to the people, the minister said.

The Bill was presented before the Cabinet by President Ranil Wickremesinghe, who also holds the Finance portfolio.

/IANS