THE country’s’ cash reserve total as at March 20, 2017 is $350 million.

The Minister of Finance and Treasury and Member of Parliament (MP) for Marovo, Western Province, Hon Snyder Rini disclosed this on the floor of Parliament yesterday.

Hon Rini made the statement based on queries by MP for Aoke-Langalanga, and Chairman of the Constitution Review Committee, Hon Mathew Wale.

According to Hon Wale, before Parliament, based on the figures provided to him by the Permanent Secretary (PS) of the Ministry of Finance and Treasury (MoFT), he queried if the Government still follows a two-month period given to cover for cash reserves.

According to figures provided to Hon Mathew Wale, figures on cash reserves from December 2016 to January 2107 opening balance this year was about $150 million, end of January to the beginning of February is $191 million and the end of February opening balance to March was $153 million.

In terms of Government expenditure, Wale added that January recorded $230 million and February recorded $160 million.

He then further added based on the list he was provided that March’s record of expenditure was ‘rushed’, with $140 million paid and the rest from January to March stockpiled with creditor records.

“If you take this and compare it against the pro rata $390m expenditure per month and take out revenue collection in January to March, it is a deficit right through.

“Then you hold into cash reserves to fund this and this is where we have a problem.

“We are running hand to mouth situations,” said Hon Mathew Wale.

Minister of Finance and Treasury, Hon Rini then said he was not sure where the MP for Aoke-Langalanga got his figures because they did not match the ones he (the Minister) was provided.

Rini told Parliament the Government still follows the three month cash reserve period but did not recently when it reached into cash reserves.

This he added will not cause much of a problem because the country’s cash reserves are healthy and have built up over the years into 2016.

He then added that the budget does not talk about cash reserves.

He then confirmed that as at March 20, 2017, the total of cash reserves is $350 million and that the Government’s cash flow is stable.

“I would like to assure Parliament, assure the nation that the Government’s cash flow is stable and we will meet our commitments this year,” said Hon Snyder Rini.