Members of the Legislative Council (LegCo) shared views and raise issues in regards to the Ministry of Finance and Economy’s budget presentation for the 2024/2025 financial year during the 20th session of the LegCo meeting yesterday.
LegCo member Yang Berhormat Abdul Aziz bin Haji Hamdan said drastic measures need to be taken to ensure that any spending benefits the people through new and better initiatives, capable of enhancing the quality and productivity of government agencies’ services.
The LegCo member also hopes the budget will target strategic matters which includes developing a conducive business ecosystem in the Sultanate by encouraging new forms of public-private partnership to generate business opportunities, thus contribute to national income.
“Inclusive business or social enterprise is a business system that should add value to the people and society. Besides profitability, inclusive business programmes can be adapted by both small and large companies. The government’s role is to facilitate the private sector in implementing these programmes, fostering a win-win approach to drive economic growth and introducing new initiatives in the ASEAN Economic Community (AEC) era,” said the LegCo member.
When it comes to planning an ecosystem, the LegCo member called for the evaluation of suitability first, including the location, infrastructure and designs, while making outdated business buildings more appealing through upgrade works.
Meanwhile, LegCo member Yang Berhormat Hajah Rosmawatty binti Haji Abdul Momin is confident that the proposed budget will bring various benefits to the people and the country, provided the allocated budget is used wisely for the welfare of communities and ensuring a better future.
Yang Berhormat Hajah Rosmawatty also proposed several measures to encourage progress, including the promotion of active Islamic tourism such as mosques and heritage centres, that reflects the concept of Malay Islamic Monarchy.
She also believes the significant budget for the health sector, including improvement to service quality and facilities at Jerudong Park Medical Centre and Pantai Jerudong Specialist Centre, will increase the potential of medical tourism, thus contributing to the economy.
In addition to proposing to expand the list of local products at affordable prices for the people, Yang Berhormat Hajah Rosmawatty also emphasised the need for a mindset change at all levels of society.
LegCo member Yang Berhormat Chong Chin Yee, while applauding the significant increase in budget allocation to drive the nation’s digital transformation, called for an assessment of qualitative and quantitative impacts of the undertaking.
She said, “I am keen to comprehend the return on investment expected from digital transformation initiatives. In what ways are these projects expected to manifest into measurable economic growth for our country? What are the projected contributions of these initiatives to our gross domestic product or other key economic indicators?”
Meanwhile, LegCo member Yang Berhormat Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Haji Awang Adanan bin Begawan Pehin Siraja Khatib Dato Seri Setia Haji Mohd Yusof said the research and development (R&D) budget should be increased as it contributes to sustainable and dynamic economic growth, generates job opportunities, promotes innovation and creativity, and attracts foreign direct investment.
He also questioned whether the R&D budget for the 2024-2025 financial year is sufficient in stimulating growth.
Yang Berhormat Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Haji Awang Adanan also asked about initiatives to eradicatepoverty and address unemployment, which were not included in the budget deliberation.
Meanwhile, LegCo member Yang Berhormat Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Haji Awang Suyoi bin Haji Osman asked whether budgets delivered by the Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah are shared with other ministries, government-linked companies, non-governmental organisations and the private sector as many believe the government has not taken enough initiative to boost the economy when compared to other nations in the region.
Meanwhile, LegCo member Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim asked whether the planned expenditure is adequate in achieving projected growth of 2.4 per cent as reported by the ASEAN+3 Macroeconomic Research Office (AMRO).
“In the tourism sector, the allocated BND36.4 million budget is small and barely enough to have a major impact on agencies that support the cluster. Adequate investment should be made in the sector to attract more tourists and create more spin-offs industries in retail, hospitality, and restaurant industries to create job opportunities,” said the LegCo member. – Adib Noor & Azlan Othman
