KUALA LUMPUR: Finance Minister Lim Guan Eng opined that policy flexibility is crucial for the government to ensure domestic growth will remain robust to continue raising the people’s living standards. As a trading nation, he cautioned Malaysia would not be spared from the impact of a synchronised global growth slowdown. “The government will monitor all external developments closely and be ready to act, if necessary, to ensure sustainable economic growth,” he stressed. As part of the institutional reforms, Lim noted the government would enhance its zero-based budgeting process in allocating resources while strengthening its open tender process. The government is also formulating the Fiscal Responsibility Act, which was expected to be tabled in 2021, to strengthen fiscal stability, transparency and accountability within the public sector.

Source: New Strait Times October 11, 2019 09:00 UTC