Ministry of Finance and Economy (MoFE) proposed a budget of BND853,014,315 for the 2020/2021 Financial Year, up by BND2.95 million from the Financial Year 2019/2020 yesterday.
According to Minister at the Prime Minister’s Office (PMO) and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah at the fourth day of the 16th Legislative Council (LegCo) session, the increased costs are due to the absorption of the industry portfolio from the Ministry of Energy to MoFE.
Meanwhile, under MoFE’s development expenditure, BND89,386,070 has been proposed with planned cost of BND515,435,500 to fund among others the establishment of Brunei’s Stock Exchange Market, Brunei Bay Development Project (Pulau Muara Besar) and also the Socio-Economic and Population Census survey.
The minister highlighted their commitment in continuously cooperating with other ministries and agencies to bolster productivity levels as well as delivery of quality service to the public.
“This includes ensuring the effectiveness of state revenue collection; as well as encouraging economic growth through foreign direct investment (FDI), domestic and foreign industry and trade development,” said the minister.
He also laid out some key priorities of MoFE in its budget allocation for the new financial year, including in sustaining the Fiscal Consolidation Programme; evaluating the suitability of facility management by outsourcing or through public-private partnership; preparing the Econonomic Blueprint and Industry Roadmap; exploring and encouraging opportunities and investment activities by attracting more quality FDIs to spruce up private sector development and create more job opportunities; and also in adapting the Industrial Revolution 4.0 and digital economy through the introduction of new electronic projects.