Kuala Lumpur:The government plans to introduce a Government-Owned Entities Bill aimed at improving governance of state-owned companies and statutory bodies that handle public funds and assets.

According to BERNAMA News Agency, Prime Minister Datuk Seri Anwar Ibrahim stated that this initiative seeks to prevent the recurrence of past financial scandals and excesses. The proposed legislation is a part of efforts to reinforce the MADANI reform agenda, coinciding with the government's fifth year in office.

The Prime Minister also announced measures to bolster governance and transparency in public financial management. Loan repayments, such as those for education and business financed through operating and development allocations, will be restricted to their designated purposes and target groups. Collaboration with government-linked companies and the corporate sector is also planned to enhance service delivery to the public.

In addition, the government will improve transparency in public procurement by disclosing project details, including contractors' names and contract values. This is in preparation for the enforcement of the Government Procurement Act starting in 2027, which will require public disclosure of contract amounts, processes, approvals, and involved companies.

For enforcement, agencies like the Malaysian Anti-Corruption Commission, Royal Malaysia Police, Domestic Trade and Cost of Living Ministry, Customs Department, and Malaysia Competition Commission will receive RM1.1 billion to boost their operational capabilities.

Furthermore, Anwar mentioned that the government is considering the creation of a Malaysian Law Reform Commission. This body would focus on identifying outdated laws, addressing legislative gaps, and reviewing laws related to contracts, the sale of goods, and mediation to facilitate quicker dispute resolution.