Proposed Fiscal Responsibility Act sets 4 targets, says deputy minister

Ahmad Maslan says the finance ministry needs to obtain the Dewan Rakyat’s approval if the target figures need to be adjusted.

Deputy finance minister Ahmad Maslan is expected to table the Public Finance and Fiscal Responsibility Bill for its second reading tomorrow.

He said the first target is an annual development expenditure of at least 3% of the gross domestic product , adding that the yearly average since 2015 has been 4%. The third target is a debt level as a percentage of GDP of 60% or less in the next three to five years. The figure currently stands at 56.3%.

He said the proposed law also provides for the ministry to give recommendations to the Dewan Rakyat in the event the targets are not met.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

fmtoday /  🏆 5. in MY

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ahmad Maslan presents public finance and fiscal responsibility bill in parliamentKUALA LUMPUR: The Public Finance and Fiscal Responsibility Bill (RUU) 2023 was presented for the first reading in the Dewan Rakyat today. Deputy Finan...
Read more »

Fiscal deficit must be slashed under Budget 2024, say economistsCutting expenditure and putting Financial Responsibility Act in place are among the steps recommended.
Read more »

JB’s proposed LRT system gets mixed viewsA transport expert questions the suitability of the system for Johor Bahru whereas an economist and a business association see benefits.
Read more »

Malaysia can get Indonesia’s cooperation for proposed haze law, says academicHowever, the country must learn from difficulties encountered by Singapore in enforcing its own legislation, says Universiti Malaya’s Helena Varkkey.
Read more »

Malaysia can get Indonesia’s cooperation for proposed haze law, says academicFree Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs. Since 2009, we have been presenting news and analyses round the clock, staying true to objectivity – the missing dimension in today’s news scene.
Read more »