Look like New Govt still busy cleaning up the mess...

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Former Member

Depositing semi-autonomous agencies' revenue

in Consolidated Fund

will help narrow deficit

Friday, 07 August 2015 12:48

Finance Minister Winston Jordan

Finance Minister Winston Jordan on Friday said government plans to withdraw an estimated GUY$30 billion in deposits being held by semi-autonomous state entities in commercial banks, saying that it would help to narrow the deficit.
Jordan, who is a former Budget Director at the Finance Ministry, said he told executives of the Guyana Association of Bankers that the monies to be withdrawn are not from the public sector deposits but are from entities that fall under the Public Corporations Act. They include the Guyana National Newspapers Limited, National Frequency Management Unit, Guyana Geology and Mines Commission and the Guyana Forestry Commission (GFC).
“The entities being targeted are semi autonomous agencies that are non commercial and not in the business of making a profit,” he told a news conference.

He said the GGMC alone has accumulated GUY$22 billion in deposits in the commercial banking sector.
The Finance Minister said the withdrawal of the estimated GUY$30 billion in deposits by the semi-autonomous agencies and putting them into the Consolidated Fund would help reduce the deficit to about GUY$2 billion.

“If you want to bring back

probity accountability and transparency

we must follow the law,” he said.
Latest figures show that government is running a deficit of GUY$27 billion in 2013 and GUY$34 billion in 2014.
Quelling fears that the withdrawal could affect lending by commercial banks, the Finance Minister said the banks could tap into an estimated GUY$62.2 billion in treasury bills that help to mop up excess liquidity, stabilize inflation and the exchange rate. He noted that the banking regulations also allow the commercial banks to borrow from the Bank of Guyana.

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Former Member

No more honour statements,

ministers will pay if they do not account for travel advances

-Finance Minister

Friday, 07 August 2015 13:45

The Ministry of Finance has put in place new measures to tighten possible squandering and dishonesty in relation to government officials travel allowances and advances effective June 16, 2015.

This revelation comes as government defended itself against a newspaper article claiming that the new government was setting to pay themselves big time when going on state business overseas.

Finance Minister Winston Jordan Friday August 7 strongly denied the article before saying that the system has gotten so tight since the new government took office, that ministers would no longer account for unaccounted travel advances with 'honour statements' and will now be demanded to repay some 60 percent of the travel advances if no receipts are provided for the expenditure.

To avoid that problem about clearing advances in the future, Jordan said the government has discontinued the practice of signing honour statements in lieu of presentation of bills.

"In the past-up to May, before the new government entered, (ministers) could have signed a honour statement saying I spent the money and I have no bills -and the advance would have been cleared. No more honour statements, ministers will pay if they do not account for travel advances-Finance Minister

Now, that practice has been stopped, you cannot sign anymore honour statements."
Jordan continued, "If you (minister) do not bring bills or you only bring part to substantiate your expenditure you will be required to repay 60 percent of the advance," he charged.
"So contrary to what people believe that we are raiding the treasury and so on, we are tightening up on this particular aspect of travel."

Jordan went on to say that a significant number of former (PPP/C) ministers are still to clear travel advances with the treasury.

Some of these advances are more than a year old and is creating the problem of recovering travel advances.
He urged these former ministers to clear their advances or face the Accountant General taking "drastic measures" against them.
Jordan also went into detail to show that there has been no increase in government officials' travel allowances or advances. He explained that the fees have remained the same as that under the former administration according to the category of officials. He pointed to certain changes however that improves accounting for advances and allowances.

8/7/153:46 PM

Former Member

Paz • an hour ago

I hope former ministers of ppp are going to toe the line with this call now without Accountant General resorting to drastic measures.

Is a similar manner ppp displayed with the diplomatic passports, they weren't supposed to be asked for it, then again, is bullies you dealing with, dem wanted to be ask.

Minister Jordan put the record straight by saying, "contrary to what people believe that we are raiding the treasury and so on, we are tightening up on this particular aspect of travel."

If ministers do not bring bills or only bring part to substantiate their expenditure they will be required to repay 60 percent of the advance,"

Such strict measures are needed since the past regime was running amock.

You have the backing of the nation

for such measures in place.

Money being saved from every angle.

8/7/153:51 PM

Former Member

So it's $30 bill and not $60 bill, US$144 mill.

8/7/154:28 PM

Former Member

Originally Posted by Jalil:

No more honour statements,

ministers will pay if they do not account for travel advances

-Finance Minister

Friday, 07 August 2015 13:45

The Ministry of Finance has put in place new measures to tighten possible squandering and dishonesty in relation to government officials travel allowances and advances effective June 16, 2015.

This revelation comes as government defended itself against a newspaper article claiming that the new government was setting to pay themselves big time when going on state business overseas.

To avoid that problem about clearing advances in the future, Jordan said the government has discontinued the practice of signing honour statements in lieu of presentation of bills.