"Financial challenges are there in the system whether it's the Centre, State Governments or organisations. Nobody is denying this fact. But this does mean that the system has collapsed," Conrad said while speaking to reporters here today.
According to him, the State Government will have to ensure that the balance is maintained.
Stating that the financial position needs to be worked out, he also stated that budgeting takes place to ensure that the committed expenditures, liabilities are met.
"It is a fact that there is slow down of the economy at the national level which is eminently clear from the numbers which are coming out in the GDP and the revenue collection at the central level. This directly affects the revenue share of all the State Governments and not just of Meghalaya. These challenges will always be there which is part of the economic cycle," Meghalaya Chief Minister said.