National Finance Council should be more transparent in its conduct
Astro Awani
June 28, 2024 20:48 MYT
June 28, 2024 20:48 MYT
IDEAS Malaysia Chief Executive Officer Dr. Tricia Yeoh suggested that the National Finance Council should be more transparent in its conduct when deliberating issues of national interest. Filepic by Astro AWANI/SHAHIR OMAR
KUALA LUMPUR : The National Finance Council should be more transparent in its conduct when deliberating issues of national interest.
IDEAS Malaysia Chief Executive Officer Dr. Tricia Yeoh said currently, there is a lack of transparency on how decisions on funds are made.
"There are no minutes where the public has access to.
"In my research, negotiations about development funds took place outside of these meetings or on the sidelines of these meetings," said Yeoh.
She was speaking on a panel with economist Prof. Dr. Jomo Kwame Sundaram on Consider This tonight.
The panel focused on the topic decentralisation and financial autonomy of the states and territories.
Recently Johor and Penang have made headlines with their push for a larger share of the taxes they collect. Johor, at the urging of regent Tunku Ismail Sultan Ibrahim, is seeking 20 to 30 percent of its collected taxes, while Penang is seeking 20 percent.
The National Finance Council (NFC) is responsible for managing financial relations between the federal government and the states.
The council is established under Article 108 of the Federal Constitution, which states that the NFC shall consist of the Prime Minister, such other ministers as the PM designates, and one representative from each of the states who is appointed by the respective Ruler or governor.