Senior Minister of State (Finance) Lim Hwee Hua said her ministry compiles annual returns from all ministries and organs of state on any guarantees they have provided.

This includes 'promissory notes issued, outstanding contributions to international organisations, as well as statutory obligations under the Acts,' she noted.

Mrs Lim added: 'Any guarantees provided by the Government must be approved by the President.'

She was responding to questions from Nominated MP Dr Loo Choon Yong in Parliament on Tuesday.

He had asked whether the Finance Minister was kept informed of the real or potential contingent liabilities of all Government agencies, government-linked companies and investment entities, and whether his ministry keeps a register of all such contingent liabilities.