KUALA LUMPUR, Aug 18 — The Temporary Measures for Government Financing (Coronavirus Disease 2019) (Covid-19) Bill 2020 is formulated by taking into consideration all national legal frameworks, as well as referring to the laws of other countries, the Dewan Rakyat was told.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said this is to ensure the Act that would be introduced is in line with the practice adopted at the international level.
He said in drafting the bill, the government would ensure that the programmes and projects identified in the economic stimulus package and recovery plan announced earlier, had a direct impact on the people and economy in the immediate and medium terms.
“The capacity will also be measured in terms of how far the government has the ability to abide by the fiscal discipline after the expiry period of the Act,” he said when tabling the Bill for the second reading.
Tengku Zafrul said the bill was to enable the government to increase the statutory limit on the amount of money available under the Loans (Local) Act 1959 and the Government Funding Act 1983 up to 60 per cent of the gross domestic product (GDP).
It will also enable the fund to be used for various programmes under the economic stimulus package and recovery plan where RM45 billion would be allocated, besides the Bantuan Prihatin Nasional of RM11.2 billion. — Bernama