{"id":58793,"date":"2023-09-22T16:51:14","date_gmt":"2023-09-22T08:51:14","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=58793"},"modified":"2023-09-22T16:51:14","modified_gmt":"2023-09-22T08:51:14","slug":"fiscal-responsibility-bill","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/fiscal-responsibility-bill","title":{"rendered":"Govt To Table Fiscal Responsibility Bill Before Budget 2024"},"content":{"rendered":"

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.<\/span><\/p>\n

While addressing the audience<\/a> at the \u2018Invest Malaysia: Regaining \u2018Malaysia\u2019s Lead in Asia\u2019 business forum in New York, Datuk Seri Anwar Ibrahim stated that the move will allow for greater transparency, accountability and clarity in government spending.<\/span><\/p>\n

The move will also signal the current government\u2019s commitment to effecting concrete reforms in the country\u2019s financial management.<\/span><\/p>\n

Among the key concerns that will be addressed in the FRA includes improved financial procedures, transparent procurement policies, and ease of doing business.<\/span><\/p>\n

\u201cThese have been major concerns among investors,\u201d said Anwar, who is also Malaysia\u2019s finance minister.<\/span><\/p>\n

\u201cWe need to introduce the FRA to bring transparency and clarity in procurement. Hopefully, the legislation will be tabled prior to the budget presentation,\u201d he said.<\/span><\/p>\n

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 \u2018all talk no action\u2019.<\/span><\/p>\n

Anwar\u2019s call for FRA\u2019s tabling follows a <\/span>statement<\/span><\/a> from the Finance Ministry one week prior.\u00a0<\/span><\/p>\n

In the statement, the Finance Ministry said that the Fiscal Policy Committee has unanimously agreed on the importance and urgency of tabling the FRA.<\/span><\/p>\n

Tengku Zafrul, the Minister of Investment, Trade and Industry (MITI) has also spoken on the importance of the FRA during his<\/span> tenure as the Finance Minister<\/span><\/a> under the previous administration of the government.<\/span><\/p>\n

Read More: Budget 2024 To Clarify Taxation Issues<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The move will allow for greater transparency, accountability and clarity in government spending.<\/p>\n","protected":false},"author":51,"featured_media":58794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,216],"tags":[1535,1396,1384,1534,430],"class_list":["post-58793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news-updates","tag-belanjawan-2024","tag-datuk-seri-anwar-ibrahim","tag-finance-ministry","tag-fra","tag-government"],"acf":[],"yoast_head":"\nGovt Looking To Table Fiscal Responsibility Bill In The Parliament<\/title>\n<meta name=\"description\" content=\"The Fiscal Policy Committee has unanimously agreed on the importance and significance of tabling the Fiscal Responsibility Bill in a parliamentary session.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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