'The Federal Government’s discretion in state-based allocation gives rise to allocation based on political considerations, and exacerbates development gaps between states.' - Ideas
Ideas calls for a multi-partisan push to discuss and finalise the fiscal responsibility measures that were announced in the budget.
“This is where a parliamentary select committee on budget and fiscal matters could play a pivotal role. A PSC could be more directly involved in gathering and providing stakeholder input on the laws and ensure a smooth tabling. Ideas also recommends a more comprehensive medium-term framework to address the high level of debt servicing charge borne by the government.
“A more comprehensive fiscal consolidation exercise will need to include discussion on broad-based consumption tax such as the Goods and Services Tax as well as what the government’s plans are for targeted subsidies,” said Sri Murniati. “As of end-2022, total outstanding government guarantees were estimated at RM 317.6bil, or 17.8% of GDP. To ensure fiscal sustainability, there should be a review framework prior to guaranteeing new loans as part of a medium-term fiscal framework.”
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