KUALA LUMPUR, February 26 – During the Opening Ceremony of the First Meeting of the Third Session of the 15th Parliament, His Majesty Sultan Ibrahim expressed support for the government’s decision to implement immediate austerity measures, including targeted subsidies. The King highlighted the pressing need to address the country’s increasing debt burden, emphasizing the longstanding fiscal deficit since 1998, which has hindered the government’s capacity to undertake new development projects and spur economic growth.
In addition to austerity measures, Sultan Ibrahim called for the introduction of new and comprehensive policies, such as the Finance and Fiscal Responsibility Act 2023, aimed at enhancing the transparency and responsibility of public financial management. The King pledged to scrutinize government spending rigorously to ensure that each proposal aligns with genuine needs, with a vision for the government to achieve a fiscal surplus annually during his reign. His Majesty also emphasized the importance of firm action to curb the leakage and misappropriation of public funds, urging a thorough examination of governance weaknesses at all levels, including within statutory bodies and government-owned companies and their subsidiaries.
