‘State Reeling Under Huge Financial Crisis Amid Covid-19’: Kerala FM Thomas IsaacKerala Finance Minister Dr T M Thomas Isaac

A month after the lockdown, Kerala Finance Minister Thomas Isaac on Saturday (25 April) said that the state has been reeling under huge financial crisis as all what the state government could raise in April was a mere Rs 250 crores.

"If we include what the Centre would give is in all we will be able to touch Rs 2,000 crores. For payment of salaries along we require Rs 2,500 crores," said Isaac to the media here.

"Then a way out is to draw from the Ways and Means and including overdraft it will come to Rs 2,500 crores. After that what happens would be, the treasury would be closed. Such is the situation that we are in," the Finance Minister said.

Isaac was peeved in the way the various staff organisations attached to the Congress led UDF strongly opposed the suggestion that he put forward by requesting all state government employees to contribute one month's salary to the CM Covid Relief Fund.

"We are at a loss to gauge the mentality of such people who opposed our request. We demanded it, so as to help our people who are suffering. Since they have opposed, we could not go forward with it. Hence we have decided to cut the salary of all and it would happen from next month, when six days salary every month will be cut for five months," said the economist turned Finance Minister, Isaac.

"We have decided that this is the only way out and we will collect that money and the state government can always contribute to the CM's fund. This money would be used for the needs of the sufferings. We will repay the money," he added.

This news has been published via Syndicate feed. Only the headline is changed.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement