Budget geared towards steady growth
Royal address: His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, the Sultan and Yang Di-Pertuan of Brunei Darusslam delivering his Titah during the first day of the legislative council meeting at ICC, Berakas. Picture: Rudolf Portillo His Majesty, the Sultan and Yang Di-Pertuan of Brunei Darusslam delivers his Titah during the first day of the legislative council meeting at ICC, Berakas. picture/Rudolf Portillo
Wednesday, March 7, 2007
HIS MAJESTY Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, Sultan and Yang Di-Pertuan of Brunei Darussalam called on all government agencies entrusted with the state budget allocation to manage it with full accountability and use it according to plans. His Majesty made the titah at the first meeting of the third session of the State Legislative Council at the International Convention Centre in Berakas, yesterday.
Also present at the ceremony were His Royal Highness Prince Haji Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister's Office and His Royal Highness Mohamed Bolkiah, Minister of Foreign Affairs and Trade.
In the titah His Majesty stressed the importance of financial planning.
His Majesty said that "Wise and responsible financial management will enable us to move faster in overcoming any form of obstacle."
"Every proposal or planning must be considered, as it is not just based on the need for 'value for money', but more importantly consider the benefits which would create a name and civilisation for the nation," His Majesty added.
The State Legislative Council meeting held in the Main Conference Hall will be ongoing for a week. Attending the meeting were 26 members of the legislative council.
The meeting began with deliberations by Pehin Orang Kaya Seri Lela Dato Seri Setia Awg Abdul Rahman Dato Setia Mohamed Taib, Minister of Education and Pehin Orang Kaya Laila Setia Dato Seri Setia Awg Abdul Rahman, the Second Minister of Finance.
The Minister of Education first proposed that the council endorse a proposal to express thanks to His Majesty for officiating at the ceremony and delivering the titah.
The Minister said His Majesty in the titah had outlined with clarity and transparency the country's vision by stressing a number of aspects, such as the main objective of the meeting which is to preserve the welfare and peace of the nation and its people.
"In His Majesty's titah , His Majesty has highlighted the importance of taking into account efficient management and high quality in planning the country's development ," he said.
"The thrifty aspect should be at par with the needs or factors contributing to the country's development in both the long and short run," he added.
"Every plan should not only be based on "value for money" but also about the success and benefits that can be brought forward to allow the country to attain an excellent civilisation and reputation," he added.
He also further elaborated that the government's investment needs to be embraced in equilibrium among the development of the economy and civilisation. He said according to His Majesty's titah a high regard for civilisation is also part of possessing high level of cultural thinking.
"In other words, it is quality human resources, therefore, His Majesty's Government will always endeavour towards realising the situation by preparing education that is of high quality, not just to produce a knowledgeable population but also for them to have honourable morals, preparation and to be able to cope with the globalisation process that we are moving towards," he added.
Meanwhile, Pehin Orang Kaya Laila Setia Dato Seri Setia Awg Abdul Rahman, the Second Minister of Finance, seeking approval for a requested budget of $4,631,014,673, explained economic performance for the fiscal year 2006/2007 in terms of physical aspects, monetary and structural reforms, especially those concerned with diversifying the economy, towards ensuring sustainable growth, and also their impact on lifestyle and socio-economy of Brunei.
"In 2006 the country recorded a growth of 3.8 per cent, this growth rate, coupled with the low inflation rate of 0.5 per cent is very encouraging," he said.
He explained further that global oil prices hit a record high of US$78 per barrel where we also witnessed a drastic low of US$52 per barrel, the lowest in two years, where it was further exacerbated by a decline in the value of the American dollar, detrimental to country's earnings in local currency.
"These changes which happened within a short period, demonstrates the volatility of global oil market prices and its impact on national earnings which is highly dependent on this sector," said the minister.
He said that national earnings for the financial year of 2007/2008 is expected to reach a total of $5,766,340,100.00, whereby 89.7 per cent will be from the hydrocarbons sector, $100 million from the non-oil sector and $499.34 million will be from the government services.
He added that the government has to come up with a subsidy of $72.3 million for the fiscal year 2004/2005 and $166.9 million for the year 2005/2006. It is expected to exceed $200 million for the year 2006/2007.
"Expenditures have to be reduced so that the surplus can be used to improve the quality of life of citizens and also raise the standard of services especially in education and health especially to aid low-income earners," he added.
The Brunei Times
More reports: Page 2
Also present at the ceremony were His Royal Highness Prince Haji Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister's Office and His Royal Highness Mohamed Bolkiah, Minister of Foreign Affairs and Trade.
In the titah His Majesty stressed the importance of financial planning.
His Majesty said that "Wise and responsible financial management will enable us to move faster in overcoming any form of obstacle."
"Every proposal or planning must be considered, as it is not just based on the need for 'value for money', but more importantly consider the benefits which would create a name and civilisation for the nation," His Majesty added.
The State Legislative Council meeting held in the Main Conference Hall will be ongoing for a week. Attending the meeting were 26 members of the legislative council.
The meeting began with deliberations by Pehin Orang Kaya Seri Lela Dato Seri Setia Awg Abdul Rahman Dato Setia Mohamed Taib, Minister of Education and Pehin Orang Kaya Laila Setia Dato Seri Setia Awg Abdul Rahman, the Second Minister of Finance.
The Minister of Education first proposed that the council endorse a proposal to express thanks to His Majesty for officiating at the ceremony and delivering the titah.
The Minister said His Majesty in the titah had outlined with clarity and transparency the country's vision by stressing a number of aspects, such as the main objective of the meeting which is to preserve the welfare and peace of the nation and its people.
"In His Majesty's titah , His Majesty has highlighted the importance of taking into account efficient management and high quality in planning the country's development ," he said.
"The thrifty aspect should be at par with the needs or factors contributing to the country's development in both the long and short run," he added.
"Every plan should not only be based on "value for money" but also about the success and benefits that can be brought forward to allow the country to attain an excellent civilisation and reputation," he added.
He also further elaborated that the government's investment needs to be embraced in equilibrium among the development of the economy and civilisation. He said according to His Majesty's titah a high regard for civilisation is also part of possessing high level of cultural thinking.
"In other words, it is quality human resources, therefore, His Majesty's Government will always endeavour towards realising the situation by preparing education that is of high quality, not just to produce a knowledgeable population but also for them to have honourable morals, preparation and to be able to cope with the globalisation process that we are moving towards," he added.
Meanwhile, Pehin Orang Kaya Laila Setia Dato Seri Setia Awg Abdul Rahman, the Second Minister of Finance, seeking approval for a requested budget of $4,631,014,673, explained economic performance for the fiscal year 2006/2007 in terms of physical aspects, monetary and structural reforms, especially those concerned with diversifying the economy, towards ensuring sustainable growth, and also their impact on lifestyle and socio-economy of Brunei.
"In 2006 the country recorded a growth of 3.8 per cent, this growth rate, coupled with the low inflation rate of 0.5 per cent is very encouraging," he said.
He explained further that global oil prices hit a record high of US$78 per barrel where we also witnessed a drastic low of US$52 per barrel, the lowest in two years, where it was further exacerbated by a decline in the value of the American dollar, detrimental to country's earnings in local currency.
"These changes which happened within a short period, demonstrates the volatility of global oil market prices and its impact on national earnings which is highly dependent on this sector," said the minister.
He said that national earnings for the financial year of 2007/2008 is expected to reach a total of $5,766,340,100.00, whereby 89.7 per cent will be from the hydrocarbons sector, $100 million from the non-oil sector and $499.34 million will be from the government services.
He added that the government has to come up with a subsidy of $72.3 million for the fiscal year 2004/2005 and $166.9 million for the year 2005/2006. It is expected to exceed $200 million for the year 2006/2007.
"Expenditures have to be reduced so that the surplus can be used to improve the quality of life of citizens and also raise the standard of services especially in education and health especially to aid low-income earners," he added.
The Brunei Times
More reports: Page 2
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