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Author: savemalaysia   |   Latest post: Fri, 24 May 2019, 6:17 PM

 

Putrajaya to minimise off-budget provisions to avoid 1MDB, SPV scandals

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PUTRAJAYA (Jan 10): Starting this year, the government will minimise off-budget provisions, which is the practice of the previous administration that had contributed to the country's financial scandals such as 1Malaysia Development Bhd and special purpose vehicles, said Prime Minister Tun Dr Mahathir Mohamad.

"To improve the country's budget management, the government will implement pre-budget statement and mid-year review for all operating and development expenditures," Dr Mahathir told reporters after chairing the sixth special cabinet committee on anti-corruption here today.

"We will also ensure the accuracy and integrity of information related to the country's debt and liability," he added.

Currently, the country's debt amounts to RM1.087 trillion.

At the same time, Dr Mahathir said the government has found that certain ministries have large off-budget provisions, which is more than the original allocation of the actual budget tabled at the parliament.

"Now, the government will restrict the practice of off-budget provisions and will put in place special conditions such as determining the ceiling budget," he added.

Meanwhile, Dr Mahathir said the government will improve the governance of government-linked companies, particularly with regard to key appointments.

On Nov 23, 2018, Dr Mahathir said the cabinet has approved various suggestions related to enhancing the structure and governance of government-linked companies.

"All key appointments will have to go through strict integrity screening before the actual appointments of the candidate and not after the candidate has been appointed," he added.

 

http://www.theedgemarkets.com/article/putrajaya-minimise-offbudget-provisions-avoid-1mdb-spv-scandals

 

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