GEORGE TOWN, Oct 10 — Penang’s financial performance is going on strong with a clean audit certification, Chief Minister Chow Kon Yeow said today.

He said the state’s total consolidated funds balance was RM1.859 billion for 2022, as seen in the Auditor-General’s (A-G) report for the same year released this morning.

He added that Penang’s state debts owed to the federal government to fund development projects have also reduced from RM45.41 million in 2021 to RM41.11 million at the end of 2022, which is a reduction of RM4.3 million or 9.5 per cent.

“The reduction in debts was because no new loans were taken and repayment of the debts were made according to schedule,” Chow said in a statement.


He added that he was informed that the state government has not taken any new loans from the federal government since 2016.

He said Penang had received the clean audit certification in previous years and had continued to maintain its financial performance by obtaining it again for the year ending 2022.

“According to the Auditor General’s report, Penang’s financial performance is strong with a balance of its consolidated funds totalling at RM1.859 billion as compared to RM2.117 billion for the year ending 2021,” he said.


He said in 2022, a total 2,420 projects were planned and from that number, 2,332 projects or 96.4 per cent were fully completed.

Chow said the state will continue with its efforts to increase its revenue in strengthening the state’s development and performance.

He thanked the A-G and the state Audit Department for the 2022 certification and also thanked the commitment of those in the state and federal agencies in obtaining the certification.