Advisory Committee to Finance Minister Commences Work

Kuala Lumpur, Malaysia, 31 March 2023 – The Secretariat to the Advisory Committee to Finance Minister is pleased to report that work on the four focus areas as mandated by the Yang Amat Berhormat Prime Minister has begun in earnest:

To reiterate, these areas encompass:

Government Revenue & Expenditure, including the ways and means to increase the nation’s revenue base, as well as reduce operating expenditure;
Subsidy & Social Protection, namely reviewing and restructuring existing subsidies, while providing more holistic social protection;
Government Linked Companies (GLCs), specifically to determine their relevance in the current context and consolidating them where appropriate; and
National debt, including the good governance thereof.

The co-heads to the Secretariat, Encik Khairil Anuar Ramli and Puan Nurul Izzah Anwar told the media today that the Advisory Committee recognises that these focus areas involved fundamentally multi-dimensional, complex yet interconnected issues, and often intertwined with wider structural and legacy challenges.

“The Advisory Committee therefore emphasises the need to do a proper review and study including adequate engagements and syndications with all relevant stakeholders in order to come up with an objective, fair, comprehensive, robust and sustainable recommendations in the long term interest of the nation. This is a process that must be done with careful consideration.” Encik Khairil Anuar said.

Puan Nurul Izzah said the Advisory Committee acknowledges that many studies and reviews have been undertaken previously involving the four focus areas by various parties including the Government. The Advisory Committee hence endeavours to validate the previous studies/reviews and provide a fresh perspective where appropriate.

The final report of the Advisory Committee to Finance Minister will be classified as Official Secrets under the Official Secrets Act 1972.

Encik Khairil Anuar and Puan Nurul Izzah reiterated that the primary role of the Advisory Committee is to conduct engagements and provide advice to the Finance Minister, under the direction of Tan Sri Mohd Hassan Marican and other members. However, it is entirely the prerogative of the Finance Minister whether or not to accept the Committee's inputs and to decide the next appropriate course of action.