The Ministry of Finance and Economy (MoFE) has been allocated a budget of BND1,098,806,940 for the 2024-2025 financial year.
In his budget deliberation yesterday during the 20th session of the Legislative Council (LegCo) meeting, 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 said 20 per cent from the budget – BND220,270,740 will be used to finance the ministry and the four departments – the Royal Customs and Excise Department, the Department of Economic Planning and Statistics (JPES), the Treasury Department and His Majesty the Sultan’s Flight.
Meanwhile, the other 80 per cent, BND878,536,200, according to the minister, is for miscellaneous services.
The minister said towards realising Brunei Vision 2035, particularly the third goal of having a dynamic and sustainable economy, the MoFE plays a vital role in ensuring specified outcomes based on aspirations in the country’s economic blueprint.
The ministry will continue to collaborate with other ministries, foreign direct investment (FDI) and government-linked companies (GLC) as well as related agencies to enhance the economic resilience of the country.
In addition, the minister said, the MoFE is laying out its strategies to support the government’s digital transformation aspiration to become a smart nation by launching the Treasury Accounting and Financial Information System (TAFIS 2.0) on April 1.
The minister also shared on the development and success of the Human Resources System (SSM), jointly managed with the Civil Service Institute at the Prime Minister’s Office. On the budget allocation, the minister shared that BND64,204,040 will be used for emolument, including salary, bonus and allowance under the Employees Trust Fund (TAP), Supplemental Contributory Pension (SCP) and National Retirement Scheme (SPK).
He also said BND156,066,700 will fund operational needs, enforcement and dissemination works, preservation and maintenance of assets, buildings and information and communication technology infrastructure at the ministry, departments and its branches in all four districts. – Rokiah Mahmud
