Malaysia’s Finance Ministry Releases Pre-Budget Statement for the First Time

For the first time in Malaysia’s history, its Finance Ministry released a Pre-Budget Statement (PBS) for the government’s Budget of 2022, in an effort to improve the annual budget preparation process and to be more transparent.

Why it Matters?

Datuk Seri Tengku Zafrul Abdul Aziz, the Finance Minister of Malaysia believes that the PBS will help enhance investor confidence in Malaysia’s fiscal management. It will also provide stakeholders more means to review and contribute towards the formation of a budget that focuses on the needs of the Rakyat as well as the nation’s objectives and policies. The first ever PBS is in line with the proposed Financial Responsibility Act of Malaysia that is focused on improving governance, transpa...