Finance Ministry seeks reallocation of RM9.29bil fiscal expenditure
PETALING JAYA: The Finance Ministry has requested for the reallocation of fiscal expenditure worth RM9.29bil, following the restructuring of several ministries post-14th general election (GE14).
In the second reading of the Supply (Reallocation of Appropriated Expenditure) Bill 2018, Finance Minister Lim Guan Eng said the reallocation is aimed at facilitating the move to restructure the functions and organisational structure of the ministries in Malaysia.
From the RM9.29bil amount stated in the tabled supply bill, a total sum of RM3.07bil is earmarked for operating expenditure, while the remaining is for development expenditure.
The newly-formed Economic Affairs Ministry will receive the biggest chunk of the reallocated operating expenditure at about RM1.29bil. The allocation will cover the expenses related to the programmes transferred from the Prime Minister’s Department, Finance Ministry, Rural Development Ministry and the Domestic Trade and Consumerism Ministry.
As for the reallocated development expenditure, the Finance Ministry received the highest amount compared to other ministries at RM2.1bil to cover expenditures related to the programmes transferred from the Prime Minister’s Department.
“The reallocation is one of the federal government’s early steps in introducing a new approach to spend prudently for the well-being of Malaysians, in line with the concept of competency, accountability and transparency,” said Lim during the second reading of the bill.
Following the unprecedented electoral victory of Pakatan Harapan in GE14, the new government has restructured or abolished several ministries.
Meanwhile, two new ministries have been established, namely, the Economic Affairs Ministry and the Entrepreneur Development Ministry.
The Supply (Reallocation of Appropriated Expenditure) Bill 2018 was tabled for first reading by Lim on Aug 8 and is scheduled to be passed during the present meeting, which ends on Aug 16.