Thursday, 23 March 2017 8:01 AM

Cash Flow Stable: Rini

The Minister of Finance and Treasury, Hon Snyder Rini lashed out at a press statement by the Opposition Spokesman on Finance and Treasury, Hon Rick Hou, claiming there is a serious crisis in Government Finance.

Minister Rini said the claim is misleading and inappropriate, adding that, “the Government cash position is stable and payment to service providers, suppliers, contractors, scholarships and salaries are being met.”

“Revenue has been slow in the beginning of the year, but this is normal. To fill the current revenue gap, cash brought forward from last year was used. This is again normal and is provided for in the 2017 Budget.

“While this is attributable to the slow start of activities at the beginning of the year, the strong compliance checks and balances in the Treasury ensures that payment that are non-compliant with rules and regulations are being questioned, and referred to relevant authorities.

“Delays will be experienced and payees affected in these circumstances. The Ministry must however, do this in the interest of protecting Public Funds and the Public Financial Management System.

“I therefore, do not see a serious crisis in Government Finance,” Minister Rini said.

The Minister for Finance and Treasury said in urgent and unforeseen circumstances the government’s contingency provision under the Contingency Warrant is still intact to provide for the needs of those who may be affected.

“The DCCG Government is conscious of its priority programs and will ensure that available resource is managed properly and directed to key programmes and projects that are achievable and contribute significant impact to investment, economic growth and to improving the lives of our people,” he added.

Press Release: OPMC

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