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A-G's Report 2018: Federal Govt revenue amounted to almost RM233bil last year
NATION
Monday, 14 Oct 20195:36 PM MYT
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KUALA LUMPUR (Bernama): The Federal Government's revenue in 2018 amounted to RM232.883bil with repayment as well as receivables totalling RM788bil.
The Auditor-General's Report 2018, - the Federal Government's Financial Statements - stated that operating expenditure amounted to RM230.960bil while development expenditure RM56.095bil.
"The Federal Government had a deficit of RM53.385bil with the ratio of deficit to the gross domestic product at 3.7%. The deficit was accommodated by domestic and foreign borrowings amounting to RM131.599bil, ” it said.
Apart from funding development expenditure, borrowings were also utilised to repay a debt of
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RM 77.492bil, said the report released on Monday (Oct 14).
Meanwhile, end of 2018 Consolidated Fund amounted to RM52.910bil, where the amount is the cumulative balance of the three consolidated revenue account, consolidated loan account and consolidated trust account held in the form of cash amounting to
RM23.648bil and investment of RM29.262bil.
Audit analysis found that consolidated loan account showed a substantial reduction amounting to
RM18.258bil or 54.5%, while the consolidated trust account showed an increase of RM28.984bil or 916.9%.
Consolidated revenue account did not reflect the difference as all additional proceeds were transferred to the Development Fund.
"Overall, the balance of the Consolidated Fund increase by RM10.726bil or 25.4%, an increase from RM42.184bil at the end of 2017 to RM52.910bil at the end of the year 2018, ” it said.
The report stated that the Consolidated Fund for five years showed an increasing trend except in the year 2016.
The highest balance for the Consolidated Fund was in 2018 due to a substantial increase in the Consolidated Trust Account from negative RM3.161bil to RM25.823bil.
Meanwhile, the Federal Government financial statements for 2018 relating to loan repayment guaranteed to five Minister of Finance Incorporated companies amounting to RM 2.839bil, where government guarantee for the loans acquired by the five companies amounted to
RM76.075bil had been approved before 2018 by the previous administration.
"As of Dec 31,2018, the loan with a balance of RM66.341bil that will mature until 2041 except for one loan with a balance of RM94.38mil, which will expire on 2019.
In 2018, the government has advanced part of the loan repayment guaranteed amounting to RM2.839bil on behalf of the companies, from which RM1.753bil was paid by the previous administration while a total of RM1.086bil had been paid by the current administration. - Bernama
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