MalayMail-Oct 11
With the passing of the Public Finance and Fiscal Responsibility Act, the country will for the first time in history have an Act related to fiscal policy management, to ensure the sustainability of public finances, preserve macroeconomic stability and protect the well-being of the people. Deputy Finance Minister I Datuk Seri Ahmad Maslan said the proposed Act contains clear fiscal objectives and targets to be achieved by the government in the medium term. “In addition, this proposed Act emphasizes the accountability of the finance minister to Parliament in managing public fiscal and financial policy. “The enactment of this Act reflects the government’s commitment to improve governance, accountability and transparency in the management of the country’s fiscal policy,” Ahmad told Parliament today. He added that this Act will open a new chapter in promoting the country’s fiscal reform agenda. Under Clause 5 of the Act, the minister is responsible for formulating and implementing the fiscal policy of the government with the objectives of ensuring sustainability of public finance, preserving macroeconomic stability and safeguarding the well-being of the people. The Act will also ensure that the minister formulates a Medium Term Fiscal Framework to guide fiscal planning, strategies and priorities over a three to five year period. However, the Act has also outlined the fiscal objectives the government needs to achieve. Read more at:
