Financial crisis new LDF Government’s biggest challenge: Thomas Isaac

Monday, May 23, 2016,13:11 IST By metrovaartha A A A

Thiruvananthapuram | Thomas Isaac, who is touted as the incoming Finance Minister of the new LDF Government, has said that the biggest challenge that it is facing is financial crisis, due to empty coffers.

Talking to reporters after attending the CPM State committee here Monday, Isaac said the Government will issue a white paper on the financial situation of the state.

He said the previous government was meeting daily expenses using 60-70% of the loan amount. There is capital investment decrease.

The new government will have to start on a clean slate. It requires at least 1 year rectifying the UDF Government’s financial mismanagement.

Income from the sale of liquor has increased, he noted.

There needs to have a consensus regarding development, and a new development policy protecting the poor and the ecology.

Isaac pointed out that there were serious lapses in tax collection.

The strength of the personnel staff will be cut short, and non-essential expenses will be avoided.