THE government reported improved financial performance in 2023, with a revenue surplus increase of RM2.028 billion and a deficit reduction of RM8.595 billion compared with 2022.
This brought the country’s deficit-to-gross domestic product (GDP) ratio down to 5.0 per cent in 2023 from 5.5 per cent in 2022, according to the Auditor-General’s Report 3/2023 on the Federal Government’s Financial Statements for 2023, presented in the Dewan Rakyat today.
"Expenditure for 2023 stands at RM307.356bil, a significant reduction from the previous year's RM395.246bil," the report stated.
Notably, there were no COVID-19-related expenditures reported for 2023, a stark contrast to the RM30.979bil allocated in 2022, indicating a shift towards post-pandemic recovery.
The report also noted that 3,942 projects, or 45.9% of the 8,593 development projects under the 12th Malaysia Plan (12MP), are in progress as of Aug 26.
However, 169 of these ongoing projects are experiencing delays or difficulties.
To improve the financial performance of the federal government, the Auditor General recommended several points for consideration.
These include advising the federal government to continue efforts to increase revenue from various sources and to enhance governance in public expenditure management to ensure a stronger financial position.
The federal government should also ensure prudent public debt management to reduce reliance on new loans, according to the report. - October 14, 2024
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