Public Finance and Fiscal Responsibility Bill to improve public finance legal framework

KUALA LUMPUR: The Public Finance and Fiscal Responsibility Bill 2023 (RUU KATF 2023) is expected to improve the legal framework for public finance and...

: The Public Finance and Fiscal Responsibility Bill 2023 is expected to improve the legal framework for public finance and complement the Financial Procedure Act 1957 .said the RUU KATF 2023 will focus on the government’s policies and strategies on fiscal management, while ATK1957 emphasises public finance control and management.

The RUU KATF 2023 contains six clauses and two schedules based on responsible fiscal management principles similar to fiscal responsibility legislation found in many countries. The deputy minister said these targets would also ensure that the debt level as a percentage of GDP will be at 60 per cent or less within three to five years and financial guarantees as a percentage of GDP not exceeding 25 per cent.

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