Malaysia on track to fully restore fiscal health by 2021


  • Business Premium
  • Wednesday, 24 Jul 2019

Malaysia is on track to fully restore its fiscal health by 2021 as open competitive tenders and zero-based budgeting help bolster government finances, Finance Minister Lim Guan Eng says in emailed statement.

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.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Oil price rises US$2/bbl after G7 vows new Russian sanctions Premium
Russia in historic default as Ukraine sanctions cut off payments Premium
Sri Lanka stops fuel supply to non-essential services as crisis worsens Premium
Wall Street ends down, pulled lower by growth stocks Premium
Nike revenue beats as Europe demand overshadows China sales slump Premium
Pertama Digital exploring with banks to provide digital products Premium
EPF recognition for external fund managers Premium
FGV explains increase in fees following study Premium
Change in ‘appetite for alternative’ investments Premium
Rising cost for stable prices Premium

Others Also Read