Chief Minister Lim Guan Eng has countered Abdul Rahman Dahlan's remark about Penang's debts, telling the minister that the state has managed its finances competently.

He said the water debts mentioned by the Kota Belud MP were incurred by the previous BN government and it is only fair to return those debts to Putrajaya.

"The debts taken over by the federal government was not for free, but in exchange for water assets surrendered by the Penang Water Supply Corporation (PBAPP) and now owned by the federal government.

"The water restructuring deal, taking over of water debts and surrender of assets was not peculiar to Penang but also applied to seven other BN states," Lim said in a statement.

"Yet the debts of these other seven BN states did not reduce by 90 percent, like Penang, nor did these seven BN states pay up their outstanding debts on time. Is this not competent financial management?"...