Tuesday, July 23, 2024
31 C
Brunei Town

Call for measures to address new financial system issues

I am writing to express my concern and bring attention to a pressing issue affecting many contractors working with the authorities in the country. The recently-implemented system has significantly disrupted the payment processes across the board. It has created a financial bottleneck that is seriously hampering the cash flow of contractors, thus endangering their operations as well as the livelihoods of their employees.

It is commendable that the authorities are modernising its financial systems to improve efficiency and transparency. However, the transition to the new system has not been without significant problems. Many contractors, who are integral to the nation’s development and infrastructure projects, have found themselves facing prolonged payment delays. This has created a chaotic environment where their ability to meet financial obligations is severely compromised.

Despite acknowledgement by the authorities that these issues are of national concern, there has been a troubling lack of empathy and practical solutions for the affected. These businesses, which diligently fulfil their contractual obligations and contribution to the country’s economy by providing employment and services, are now struggling to stay afloat due to circumstances beyond their control.

It is particularly disheartening to note the discrepancy in how accountability is enforced.

Contractors are often held to stringent standards, with any delays or faults on their part being met with serious repercussions. In contrast, when delays in payment or decisions from the authorities occur, these are often treated with a lack of urgency. This one-sided approach to accountability is not only unfair but also detrimental to the collaborative spirit needed between the authorities and their contractors.

We urge the authorities to recognise the severe impact the situation is having on the business community. It is imperative that immediate measures are taken to address and resolve the payment delays caused by the new system. Contractors need assurance that their payments will be processed in a timely manner, to maintain their operations and continue contributing to the nation’s progress.

We would like to also call for a more balanced and equitable treatment of contractors. The relations between the authorities and their contractors ought to be built on mutual respect and understanding. Both parties should be held to the same standards, ensuring a fair and just working environment.

Frustrated Contractor