THE proposed fiscal responsibility act will send a strong signal to the market and put in place a good governance framework for public finances, Economy Minister Rafizi Ramli said.

There is a need to regulate how the country spends money through legislation, which is why the proposed act is expected to be tabled in parliament in the near future, he added.

“The plan has been around and people have been talking about it, but everyone accepts governance should not just be talked about.

“It is part and parcel of what we need to do to strengthen the economy,” he said in Kuala Lumpur last night.

The government’s focus today is mainly based on three areas, which are to strengthen the country’s financial position, to increase revenue, and to structure the economy, he said.

“Our problems in the past were basically how we spend our money. With the act, it will harmonise and (instil) the discipline to guide the whole government,” he added.

Rafizi noted that the Finance Ministry is responsible for tabling the act while his ministry, which manages the development spending, will give its input.

On February 24, Prime Minister Anwar Ibrahim, during the tabling of the revised Budget 2023, confirmed that the government will be presenting the act this year to ensure greater transparency and accountable management of the economy. – Bernama, March 11, 2023.