The Ministry of Finance (Malay: Kementerian Kewangan), abbreviated MOF, is a ministry of the Government of Malaysia that is charged with the responsibility for government expenditure and revenue raising. The ministry's role is to develop economic policy and prepare the Malaysian federal budget. The Ministry of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Malaysian federal budget to the Parliament.
The Minister of Finance administers his functions through the Ministry of Finance and a range of other government agencies.
The Minister of Finance is the minister in charge of government revenue and expenditure. The Minister oversees economic policy: fiscal policy is within the Minister's direct responsibility, while monetary policy is implemented by the politically independent Central Bank of Malaysia, the head of which is appointed by the Yang di-Pertuan Agong. The Minister of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Malaysian federal budget to the Parliament.
The Minister of Finance is a very senior government post; historically, many Ministers of Finance have previously, concurrently or subsequently served as Prime Minister or Deputy Prime Minister. Service as Minister of Finance is seen as an important (though certainly not essential) qualification for serving as Prime Minister: to date, five Ministers of Finance have gone on to be Prime Minister.
Organisation
Ministry
Minister of Finance
Deputy Minister
Secretary-General of Treasury
Under the Authority of Secretary-General of Treasury
Netting of Financial Agreements Act 2015 [Act 766]
Public Sector Home Financing Board Act 2015 [Act 767]
Client's Charter
To prepare Annual Estimated Expenditure to be tabled in the Parliament by the specified date.
To prepare Handbook of Federal Government Revenue Budget to be tabled in the Parliament on Budget Day.
To prepare Annual Economic Report to be tabled with the Budget Speech in the Parliament and Quarterly periodic Economic Report.
To ensure the performance achievement of Operational and Liabilities and Development Expenditure in average will exceed 85% of the approved annual allocation under Treasury’s control.
To ensure the registration of the common areas supply and service contractor for new application and areas-add be approved within seven working days whilst application for profile update within three working days.
To approve a complete first housing loan application of the government servant within three working days and to issue the progress payment within twenty-one (21) working days from the date of the claim approved.
To manage the disbursement of Federal Government to the State Governments, companies, half statutory bodies and other agencies within fourteen days from the date of receipt.
To issue the establishment warrant within the specified period from the date of receipt of a complete PSD certificate as follows:
Establishment warrant which involves 50 or fewer items changed is issued within five working days; and
Establishment warrant which involves more than 50 items changed is issued within ten working days.
To ensure all public complaints be given initial feedback within 1 working day from the date of receipt.
Legal framework
The Federal Constitution allows Parliament to make laws related to finance that include:
currency, legal tender and coinage;
national savings and savings banks;
borrowing on the security of the Federal Consolidated Fund;
loans to or borrowing by the States, public authorities and private enterprise;
public debt of the Federation;
financial and accounting procedure, including procedure for the collection, custody and payment of the public moneys of the Federation and of the States, and the purchase, custody and disposal of public property other than land of the Federation and of the States;
audit and accounts of the Federation and the States and other public authorities;
taxes; rates in the federal capital;
fees in respect of any of the matters in the Federal List or dealt with by federal law;
banking; money-lending; pawnbrokers; control of credit;
bills of exchange, cheques, promissory notes and other similar instruments;
