Finance Minister II Datuk Seri Amir Hamzah Azizan asserts the nation’s fiscal deficit is calculated using internationally recognised frameworks, ensuring transparency and credibility.
KUALA LUMPUR: The government’s calculation of the fiscal deficit is conducted in accordance with internationally recognised standards.
Finance Minister II Datuk Seri Amir Hamzah Azizan stated this should not be questioned as it aligns with frameworks used by global credit rating agencies and multilateral bodies.
He explained that deficit reporting follows the Government Finance Statistics Manual.
This framework is also adopted by numerous other countries worldwide.
“The Auditor-General has also issued an opinion that the Federal Government’s Financial Statements present a true and fair view,” Amir Hamzah said.
He was winding up the debate on the motion of thanks for the royal address in the Dewan Rakyat.
The minister clarified that the Federal Government’s cash-based accounting system is not unusual.
He noted it is an internationally accepted standard used by advanced economies and several developing nations.
Countries employing this method include Singapore, India, Germany, the Netherlands and Norway.
This addresses earlier queries from Datuk Seri Rafizi Ramli (PH-Pandan) regarding the validity of claimed fiscal reforms.
Amir Hamzah said reforms under the MADANI administration have been strengthened through the Public Finance and Fiscal Responsibility Act 2023.
The law enhances fiscal transparency and sets clear medium-term fiscal targets.
These measures aim to ensure public finance sustainability and preserve macroeconomic stability.
They are also designed to safeguard public welfare.
