Budget 2019 | The government recognises the need to enhance fiscal risk management and establish a more robust fiscal framework, with a commitment to further reduce debt and liability by being prudent and fiscally responsible.
The ‘’Fiscal Outlook and Federal Government Revenue 2019’’ report said the existing tools to enhance revenue and expenditure efficiency are fragmented and need to be complemented with a fiscal risk management framework, which is more strategic and forward-looking.
“Guided under the competency, accountability and transparency principles, the government will further embark on fiscal governance enhancement initiatives to ensure fiscal discipline and generate sustainable economic growth,” the report said.
Since independence, it said the government has embarked on 12 five-year development plans with the aim of achieving economic development and improving the wellbeing of the people.
Malaysia has gradually developed from an agriculture-based economy to an industrialised nation, with a well-diversified economic structure and per capita income of US$9,828, as at end of 2017, and one core element of the nation’s economic transition is the government development initiative…
