The government is expected to table a bill for the Fiscal Responsibility Act (FRA) in a parliamentary session soon, as it is also expected that the tabling of said bill should be done prior to the presentation of Budget 2024.
While addressing the audience at the ‘Invest Malaysia: Regaining ‘Malaysia’s Lead in Asia’ business forum in New York, Datuk Seri Anwar Ibrahim stated that the move will allow for greater transparency, accountability and clarity in government spending.
The move will also signal the current government’s commitment to effecting concrete reforms in the country’s financial management.
Among the key concerns that will be addressed in the FRA includes improved financial procedures, transparent procurement policies, and ease of doing business.
“These have been major concerns among investors,” said Anwar, who is also Malaysia’s finance minister.
“We need to introduce the FRA to bring transparency and clarity in procurement. Hopefully, the legislation will be tabled prior to the budget presentation,” he said.
In his speech, he also stressed that it is imperative that the bill is tabled before the announcement of Budget 2024, as otherwise the budget announcement will be seen as ‘all talk no action’.
Anwar’s call for FRA’s tabling follows a statement from the Finance Ministry one week prior.
In the statement, the Finance Ministry said that the Fiscal Policy Committee has unanimously agreed on the importance and urgency of tabling the FRA.
Tengku Zafrul, the Minister of Investment, Trade and Industry (MITI) has also spoken on the importance of the FRA during his tenure as the Finance Minister under the previous administration of the government.
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