What three strategies is Terengganu using to boost its finances?

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Terengganu Employs Three Key Strategies to Bolster Fiscal Health

The Terengganu state government is actively pursuing a multi-pronged approach to strengthen its financial standing. This involves a concerted effort to control expenditure, maximise revenue from existing streams, and proactively explore and develop new avenues for income.
Controlling Expenditure Through Project Reassessment

A core element of Terengganu's fiscal strategy involves a rigorous review of all government projects. The state government machinery at every level is tasked with re-evaluating the necessity, feasibility, and priority of each initiative. Projects that are deemed essential for continuation must align with the objectives outlined in Budget 2024, demonstrating a high impact, ease and speed of implementation, and costs that do not place undue strain on the state's finances. Furthermore, these projects are expected to offer long-term benefits and possess the adaptability to meet evolving needs and circumstances.
Optimising Revenue from Existing Sources

To enhance revenue generation from current sources, Terengganu is focusing on improving legislative frameworks and best practices related to collection. This includes strengthening revenue collection mechanisms through dedicated enforcement efforts and the adoption of digitalisation. Additionally, the state is reviewing its allocations from the federal government to ensure they are consistent with legal provisions and the current economic landscape.
Exploring and Exploiting New Revenue Streams

Terengganu is placing significant emphasis on developing new revenue sources, with a particular focus on the rare earth industry and renewable energy sectors. These areas are recognised for their growing frameworks and substantial potential. The state is exploring opportunities in biomass, ocean energy through wave and tidal power generation, and the promising field of hydrogen energy, including the development of a Green Hydrogen Park at currently identified locations. These initiatives are being pursued with meticulousness, speed, and a proactive stance to ensure maximum returns for the state government and its populace.

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What three strategies is Terengganu using to boost its finances?

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