Finance Ministry releases pre-Budget statement to show govt spending plan

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In a first for Malaysia, Finance Ministry releases pre-Budget statement to show govt spending plan for next year

KUALA LUMPUR, Aug 31 ― The Finance Ministry released today its first-ever Pre-Budget Statement (PBS) ahead of the government’s parliamentary proposal on the country’s expenditure for next year in a bid to be more transparent.

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said the publishing today of the PBS for the Malaysian government’s Budget 2022 is part of efforts to improve the annual budget preparation process.

“This PBS is the first in the nation’s history,” he said in a statement.

Tengku Zafrul said the PBS could also help boost investors’ confidence in how the country manages its finances.

In the 19-page PBS for Budget 2022, the Finance Ministry said transparency and extensive involvement by Malaysians in the preparation of the annual budget is one of the basic principles of good governance, which enhances public confidence especially among investors.

The ministry also said the inaugural PBS is in line with the proposed Fiscal Responsibility Act aimed at improving the “governance, transparency and accountability” of the country’s fiscal management.

“Therefore, the public is able to have a preliminary view of the direction, approach taken and expected initiatives that will potentially be in Budget 2022,” the ministry said in the PBS.

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