KUALA LUMPUR, Nov 6 -- A comprehensive financing framework which encompasses various forms of financing needs to be established towards the attainment of the Sustainable Development Goals (SDGs) in Malaysia’s development planning process.

According to the Economic Outlook Report 2021 released by the Ministry of Finance, the framework should meet the needs of stakeholders to ensure fair and equitable resources are allocated, overlaps are minimised and gaps are addressed.

The Report, however, said that Malaysia’s initiative to take into account the sustainable and inclusive elements in the country’s development strategies since the 1970s has facilitated efforts towards achieving this initiative.

“While Malaysia’s five-year development plans have now been fully aligned to the SDGs, efforts are underway to ensure its annual budget will also be so.

“In addition, there is clearly room for other stakeholders, especially the private sector and non- governmental organisations to be contributors to SDG-related initiatives,” the report said.

 Meanwhile, as the SDGs have been fully adapted to the initiatives and targets of the 11th Malaysia Plan, the development expenditure (DE) has been allocated to support national and SDGs objectives.

“The 2021 Budget will be the base to align the annual budget with the SDGs initiated by DE,” the report said.

At the Federal level, the yearly budget will go through several processes involving the ministry and central agencies such as the Economic Planning Unit it includes the distribution of guidelines for the preparation of budget estimates for the following year to all ministries.

-- BERNAMA