KUALA LUMPUR: His Majesty Sultan Ibrahim, King of Malaysia supports the government’s move to immediately take austerity measures including implementing targeted subsidies.
His Majesty said the government today is bearing an increasing debt burden due to the fact that since 1998, the government has always been in a position of fiscal deficit.
“The government’s weak financial situation will make it difficult for the government to implement new development projects or provide financial infusions to stimulate economic growth," His Majesty said while delivering the royal address in conjunction with the Opening Ceremony of the First Meeting of the Third Session of the 15th Parliament here today.
The King said that in addition, new and more comprehensive policies should continue to be introduced. Among them, the introduction of the Finance and Fiscal Responsibility Act 2023 which is a reform measure to improve the governance of public financial management so that it is more transparent and responsible.
“I will also scrutinise government spending and make sure that every spending proposal is for what is really needed.
“I hope that during my reign, the government will succeed in obtaining a fiscal surplus every year,” said Sultan Ibrahim.
His Majesty also hopes that the government will be firm in curbing the leakage and misappropriation of public funds.
Weaknesses in governance at all levels need to be examined including in statutory bodies and government-owned companies and their subsidiaries, His Majesty said.
