KUALA LUMPUR, Oct 28 — Cooperation from all levels including at the Responsibility Centre and Department, as well as continuous monitoring that is effective at the ministerial level are needed to ensure that financial discipline can be implemented.
According to the report released today, the federal liability in 2020 which comprised federal debt and financial liabilities increased 9.9 per cent to RM1.187 trillion compared with RM1.080 trillion in 2019. Hence, the Audit Department has proposed to the government to improve the expenditure management discipline, empower efforts to generate revenue, and monitor its commitment on loan repayment.
The Audit Department has also proposed to the government to set a consistent policy in accounting for the premium and discount from the issuance of Government Debt Security, as well as ensuring that the Development Fund are utilised for projects and programmes that have high multiplier effects on the nation’s economic activities.
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