Finance Ministry to introduce Fiscal Responsibility Bill by end of year


Tengku Datuk Seri Zafrul Abdul Aziz

KUALA LUMPUR: The Ministry of Finance (MoF) plans to table the Fiscal Responsibility Bill in Parliament by the end of this year and will also include a medium term revenue strategy and guiding principles on aspects such as a broader revenue base and legal debt limits.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said a country must be strictly supervised and financially controlled so that it has sufficient resources to implement appropriate reform programs and adhere to the environmental, social and environmental agenda. governance (ESG) of the country.

“All of this and more is also shared in the recently released pre-budget statement, which outlines the Ministry of Finance’s priorities for the 2023 budget,” he said in the 99th Laporan Kewangan Rakyat released this weekend. end.

Tengku Zafrul said that since 2020, the Ministry of Finance has focused on building socio-economic resilience so that people and businesses can bounce back stronger than before, should a crisis like Covid-19, or more serious crises, were to manifest themselves in the future.

He added that the Ministry of Finance is guided by three main principles, namely responsiveness, accountability and reform to lay the foundations for long-term reforms.

“Wherever possible, various policies are based on (ESG) principles as well as consideration of the Sustainable Development Goals (SDGs),” he said.

Tengku Zafrul said ESG-based reforms are capable of building long-term socio-economic resilience, and it is the best defense against future shocks and pandemics.

“In fact, the country’s sustainability efforts have already started with government-linked investment companies such as Khazanah Nasional Bhd, Employees Provident Fund and Permodalan Nasional Bhd, which have already launched their frameworks and targets. of sustainability”, he added. — Bernama


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