KUALA LUMPUR: The Federal Government will table the Fiscal Responsibility Act in 2021 to prevent uncontrolled spending and to slash debt, said Finance Minister Lim Guan Eng.
Lim, who is tabling the 2019 Budget, said the government also plans to table the Government Procurement Act next year to regulate the procurement process and to ensure transparency.
He also said the 2019 Budget, which has been structured based on the Zero-Based Budgeting system, would focus on three main thrusts with 12 key strategies to restore Malaysia's economic position as one of the Asian Tigers.
"The government will use accrual accounting to replace the current cash basis accounting from 2021," he added.
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