GEORGE TOWN – Penang was awarded top marks (clean audit certificate) by the Auditor-General’s Office for its management of its accounts for the last fiscal year.
Chief Minister Chow Kon Yeow said the state is transparent in its accounting practices, with an accumulated balance of the consolidated fund at the end of the current year amounting RM1.859 billion compared to RM2.117 billion at the end of 2021.
In 2022, the state was engaged in 2,420 projects of which 2,332 were completed.
The state public debt comprises loans from the federal government for development projects with a balance of RM41.11 million last year compared to RM45.41 in 2021.
The state managed to pare down its debt by RM4.30 million due to the decision not to take fresh loans, and an efficient rate of repayment.
“I was informed that Penang has not taken a federal loan since 2016,” said Chow in a statement.
Chow thanked the state civil service for its prudent management of funds. – The Vibes, October 10, 2023
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