MINISTER of Finance and Treasury Hon Snyder Rini has assured that the Government’s finances and cash flow is intact and that they are still meeting all their financial obligations for this year.

The Minister made the national assurance yesterday on the floor of Parliament when queried by the Chairman of the Public Accounts Committee (PAC) Hon Rick Hou.

Hon Hou’s question yesterday standing in his name states, “In view of the current disturbing public concerns regarding Government finances, more particularly non-payment of contractual obligations, can the Minister assure Parliament that Government finances are intact going forward into 2017 taking into account all financial obligations in terms of the 2017 Appropriation Act 2017?”

Minister of Finance Hon Rini strongly told Parliament that the misinformation provided to and recorded by the PAC and as alluded to by the media, is driving misconception of the country’s financial situation.

Rini told Parliament that the country’s cash reserves as at last year are healthy and that it is true that the first quarter of this year, the country’s revenue falls short by $93.1 million.

“But we should see here Mr Speaker, the budget is quite different from cash flow.

“In early this year we were down with Revenue shortfall of $93.1 million.

“This shortfall was financed by the cash reserves because we have a healthy cash reserve at the end of 2016.

“And that this how we paid out those deficits throughout 2016 and the previous years,” said Hon Snyder Rini.

The Minister of Finance and Treasury told Parliament that at the beginning of every first quarter of the year, revenue will always fall short.

The Minister of Parliament disclosed saying that the situation worsened this year due to heavy rainfall that led up to the halt of exportation activities including logs and oil palm.

He also added that Chinese New Year was also a contributing factor as major companies went operational until mid-February this year.

Rini told Parliament that he would like the nation to be assured that the country’s cash flow is intact and that the only issue being faced is ‘non-compliance by Government ministries’.

This he added, leads to big expectations from the Ministry of Finance and Treasury when it comes to contractual issues when the Public Financial Management Act is supposed to come into force.

Chairman of the PAC, Hon Rick Hou, then thanked the Minister of Finance and Treasury Hon Snyder Rini, for confirming to the nation on the floor of Parliament yesterday that the Government’s cash flows are stable.