Auditor General Datuk Nik Azman Nik Abdul Majid speaks during a press conference at the National Audit Department headquarters in Putrajaya on August 24, 2020. – Image by Yusof Mat Isa
Thursday 06 October 2022 15:54 MYT
KUALA LUMPUR, October 6 – The federal government’s financial statements for the year ending December 31, 2021 provide an accurate and fair picture of the government’s financial position for the year in question, Auditor General Datuk Nik Azman Nik said. Abdul Majid.
He said the accounting records were kept in an orderly and up-to-date manner in accordance with the Financial Procedures Act 1957, Government Accounting Standards and the International Public Sector Accounting Standard (financial reporting on a cash basis) .
Nik Azman said so in a statement regarding the Auditor General’s (LKAN) report on the financial statements of the federal government, state governments and state agencies for the year 2021, which was tabled today in the Dewan Rakyat.
However, Nik Azman said that attention should be paid to note 6 on the consolidated loan account, note 7(a)(i) on the development fund and note 10(a) on the federal debt .
He said gross lending receipts in 2021 stood at RM217.201 billion (RM194.555 billion in 2020), an increase of RM22.646 billion or 11.6%.
However, the balance of transfers that were spent on development expenditure amounted to RM40.99 billion, which in percentage terms decreased to 65.8% from 77.3% in 2020.
“Funds from loan sources transferred to the Development Fund should be optimized to finance physical development projects that contribute to the formation of gross fixed capital and have a high multiplier effect that can further increase the economic growth of the country.
“Gross loan receipts amounting to RM217.20 billion resulted in an increase in federal debt to RM979.81 billion or 63.4% of gross domestic product (GDP) in 2021 from 879.56 billion RM or 62% for GDP in 2020,” he said. — Bernama