Clean bill of health for state for 14 years running — Soon Koh

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Wong showing reporters his winding-up speech.

Wong showing reporters his winding-up speech.

THE STATE has been awarded a clean bill of health for the 14th consecutive year, with its credit rating affirmed as A3 by Moody’s and A- by Standard & Poors for prudent and responsible financial management.

In revealing this, Second Finance Minister Dato Sri Wong Soon Koh expressed his appreciation to all the state’s civil servants for their conscientiousness and perseverance in upholding sound financial management.

He also disclosed that the state continued to record a surplus budget in 2015, a trend maintained since 2013, adding that the healthy financial position of the state was a clear testimony of the government’s commitment to prudent management of its financial resources.

“The healthy financial position of the state does not happen overnight but it is a result of our collective, continual and cumulative efforts of prudent, disciplined and conservative approach to financial management over the years. I would like to assure this august house that the state government will continue to put in place strategic measures aimed at further strengthening its financial management,” he said when delivering his ministerial winding-up speech at the State Legislative Assembly (DUN) yesterday.

Soon Koh added that all strategies were to ensure the long term sustainability of the state’s socio-economic development and financial resources to cushion itself from any unforeseeable and unfavourable global economic conditions.

Going forward, he said the global economy was anticipated to remain challenging in the face of volatility in oil prices, uncertainty in commodity prices and the slowdown in China’s economy. As an open economy, the nation is not spared from all these challenges.

In light of these economic challenges, Soon Koh advised that it is vital for all ministries, government departments and agencies, local authorities as well as government-linked companies to continue to be agile and exercise effective leadership to ensure prudent and responsible financial management at all times, ultimately for the long term financial sustainability of the state.

“At the same time, we ought to prioritise our financial resources for productive and strategic projects and investments which would continue to provide the necessary growth impetus to support an enduring economic prosperity for the people.

“In addition, I would like to urge all controlling officers, heads of departments and chief executive officers of agencies and government-linked companies to continue to work cohesively and enhance inter-agencies’ collaboration as well as leverage on the strength of the private sector to optimise public value,” he advised.