KUALA LUMPUR: The government will establish a legislative reform team to spearhead the updating of commercial laws, particularly the Contract Act 1950, to keep pace with changing times, says Prime Minister Datuk Seri Anwar Ibrahim.
Speaking during the tabling of Budget 2025 on Friday (Oct 18), he said more than 3,000 outdated laws needed to be reviewed.
Anwar announced that the allocation for Parliament has been increased from RM166mil in 2024 to RM180mil for next year.
He said that part of the allocation would be used to strengthen the roles of the Public Accounts Committee and the Special Select Committees of the Dewan Negara and Dewan Rakyat as platforms for checks and balances.
In addition, the Prime Minister said RM20mil had been set aside to support the All-Party Parliamentary Group for Malaysia’s Sustainable Development Goals, which encompassed various parliamentary constituencies and political parties.
Anwar also announced that the allocation for the Legal Affairs Division has been increased to RM209mil, up from RM194 mil, reflecting the government’s commitment to legal and institutional reform.
Meanwhile, he said the government would establish a Consumer Credit Monitoring Board to regulate non-bank credit providers and credit service providers such as factoring companies, non-bank leasing and those offering ‘Buy Now Pay Later’ schemes.
"The government will table the Consumer Credit Bill at the next Parliament meeting,” he said.
Anwar added that the role of the judicial institution as an independent body would continue to be strengthened, with more than RM60mil allocated for upgrading judicial infrastructure, including the development of an e-judicial system that supports the digital agenda.- Bernama
