KUALA LUMPUR, February 27 – During the Opening Ceremony of the First Meeting of the Third Session of the 15th Parliament, His Majesty Sultan Ibrahim voiced his support for the government’s prompt implementation of austerity measures, including targeted subsidies, to address the country’s escalating debt burden. Expressing concern over the prolonged fiscal deficit since 1998, Sultan Ibrahim underscored the necessity of prudent financial management to navigate the current economic challenges effectively.
Highlighting the importance of introducing comprehensive policies, Sultan Ibrahim emphasized the significance of the Finance and Fiscal Responsibility Act 2023 as a pivotal reform initiative to enhance transparency and accountability in public financial management. With a commitment to scrutinizing government spending and ensuring fiscal discipline, His Majesty urged the government to strive for a fiscal surplus annually. Additionally, Sultan Ibrahim called for stringent measures to combat financial misconduct and urged for governance reforms across all levels, including statutory bodies and government-owned companies, to address vulnerabilities effectively.
