KUALA LUMPUR: Malaysia is on track to fully restore its fiscal health by 2021 as open competitive tenders and zero-based budgeting have had a positive impact on the government’s finances, Finance Minister Lim Guan Eng says.
He said these measures allowed for development expenditure to increase by 13% or RM2.4 billion for the January-May 2019 period, compared to the same period last year.
“The government is on track to fully restore its fiscal health by 2021. With support from the rakyat, Malaysia has good prospects to overcome the financial legacy issues of high debt load and failed governance left behind by the previous administration,” he said in a statement.
Lim pointed out open competitive tenders and zero-based budgeting have a positive impact on the government’s finances.
In January to May, the government had successfully cut its fiscal deficit by 39% to RM21.4bil, down from a RM35bil deficit a year ago.