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The Supply (Reallocation of Appropriated Expenditure) Bill 2024 has cleared its policy-level hurdle in the Dewan Rakyat, signifying a pivotal step in reshuffling financial allocations from the Consolidated Fund. Minister of Finance II Datuk Seri Amir Hamzah Azizan introduced the bill for its second reading, which garnered majority approval through a voice vote following an extensive debate session.
This legislative move aims to facilitate the reallocation of RM648,537,400 from the Consolidated Fund in 2024, earmarked for specific services and purposes outlined in the bill's schedule. The necessity for such reallocation stems from the recent restructuring and renaming of several ministries, along with the establishment of new ministries. These changes, initiated with the formation of the new Cabinet on December 12, 2023, entail the transfer of functions from existing ministries to the newly formed entities.
Addressing concerns during the policy-level deliberation, Minister Amir Hamzah emphasized that the reallocation does not entail any additional financial burden on the government. In response to queries regarding potential cost implications stemming from the inclusion of additional Cabinet members, the minister clarified that the budget allocations allocated for operating and development expenditures—amounting to RM303.8 billion and RM90 billion, respectively—remain unchanged as approved in the Supply Bill 2024.
Furthermore, he underscored that the reallocation process under the Supply (Reallocation of Appropriated Expenditure) Bill 2024 will be balanced by imposing allocation restrictions on the original ministries relinquishing their functions. Despite the emergence of new staffing requirements associated with the establishment of new ministries, Minister Amir Hamzah expressed confidence in absorbing the associated expenditures through prudent financial management, leveraging savings, and optimizing existing allocations.
With the policy-level approval secured, the bill now progresses to the committee level for further deliberation. This critical phase of parliamentary scrutiny underscores the meticulous examination and refinement of the proposed reallocation measures. Tomorrow's committee-level discussions promise to delve deeper into the intricacies of the bill, ensuring comprehensive analysis and informed decision-making in line with the nation's financial priorities and strategic objectives.
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