Proper monitoring of budget allocations vital
BANDAR SERI BEGAWAN
EFFECTIVE implementation and monitoring upon approval of the allocations of budget during the current State Legislative Council Meeting is imperative in ensuring the progressive development of a country, according to local economists.
One economist who was involved in the Brunei economy for 17 years, said: "From my point of view what is more important is the implementation processes, irrespective of how the approval of budget is being carried out and allocated. What matters is how the budget is being used. Implementation will make a difference, to show how much and how far our developments are going."
Declining to be named, he said that the government budget was divided into two areas; current expenditure and capital expenditure.
Current expenditure include salaries and daily government expenditure. Capital expenditure comprises of government spending in areas such as infrastructure and human resource development including the budget for National Development Plans.
The general overview of implementation for the budget of fiscal year 2006/2007 he says is vague. However implementation efforts for National Development goals for 2006/2007, according to the local economist were increased.
Upon consent of His Majesty, the Sultan of Brunei a monitoring system has been set up in 2005 to ensure steps towards the improvement of implementation within the relevant agencies he says.
The structure is used for mid-term reviews, analysis and research. This has improved implementation efforts more than 70 per cent, according to the economist.
Allen Lai, the chief executive officer for Asia Inc told The Brunei Times that implementation will create positive spin-off effects for the private sector areas, possibly in the local construction sector upon creation of the necessary public infrastructure.
He said that effective implementation will also help encourage and boost development to be on par with other countries in the region.
"We look forward to learning the outcome and issues raised from the Legislative Council discussions and what the plans for the year ahead are," he added.
"It is encouraging to see these issues being discussed openly and in a transparent manner. The proceedings and the implementation of the budget throughout the year will benefit the economic and national development of the country," he said.
The Brunei Times