“I fully support this bill because it will prevent major scandals like 1MDB and Jana Wibawa, but if open tender is not included then it will impact attempts to achieve fiscal responsibility,” the former finance minister said.

He added that passing the bill will also prove that the “reformasi” agenda lives on.

“The bill was first drawn up in 2018 when PH took over after the general election but the next government did not continue with it.

“Then the Covid-19 pandemic hit, which made the then government spend RM500 billion. Following which, the prime minister said the country was out of money.

“This is why it is important to have this bill, because it will prevent the government from going bankrupt,” he said.

Earlier, deputy finance minister Ahmad Maslan, when tabling the bill for second reading, said the first target is an annual development expenditure of at least 3% of gross domestic product (GDP), adding that the annual average since 2015 has been 4%.

“The second target is a fiscal balance of 3% of GDP or less in the next three to five years. This refers to the (fiscal) deficit.”

He said the average fiscal balance for the past nine years had been 4.42% of GDP. The current fiscal deficit stands at 5% of GDP, and the lowest recorded was 2.9% in 2017.

The third target is a debt level as a percentage of the GDP – 60% or less in the next three to five years. The figure currently stands at 56.3%.

Lastly, he said government guarantees or contingent liabilities must be 25% of GDP or less. The average for the past eight years has been 17.8%.

Ahmad said that if the target figures needed to be adjusted, then the bill provides that the finance ministry must table a motion and obtain the Dewan Rakyat’s approval.

During the tabling of the revised 2023 budget on Feb 24, Prime Minister Anwar Ibrahim said the government would be presenting the bill this year to ensure greater transparency and accountability in the management of the nation’s finances.