NLIS 2
November 6, 2003
(Executive Council)

 

Premier announces external financial review

Premier Danny Williams announced today that government will issue a Request for Proposals to conduct a thorough review of the province�s financial condition. The successful bidder will report its initial findings to the Minister of Finance and President of Treasury Board, Loyola Sullivan, by the end of November.

"This external review will give us an accurate picture of our true financial status, and provide the basis for real financial management, real transparency and real accountability," the Premier said.

The decision to undertake a third-party review of the province�s financial situation was approved today by Cabinet during its first meeting just hours after the Premier and ministers were sworn into office.

"We are acting on our commitment to take swift and early action to determine the true picture of the financial situation of the province," Premier Williams said. He also reiterated his earlier commitment that the results from the external review will be made public.

He noted that the report of the Royal Commission on Renewing and Strengthening Our Place in Canada pointed out the need for government to get its fiscal house in order. The commission�s report called the trend in budgetary deficits in the province "unsustainable."

The new government has also committed to bringing in, during its current mandate, a Transparency and Accountability Act that will, among other things, provide the legislative framework for the conduct of fiscal policy.

Media contact: Elizabeth Matthews, Director of Communications (709) 729-3960

2003 11 06                                         4:35 p.m.


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