Revision of the Budget Framework Law would be completed by the first quarter of this year and expected to be approved by the Legislative Assembly in 2016, according to the Secretary for Economy and Finance, Mr Leong Vai Tac.

If the processes are on schedule, the revised version could be applied to close the fiscal year 2016 and prepare the budget proposals for fiscal year 2017, he said.

Speaking to reporters after attending a standing committee of the Legislative Assembly, Mr Leong said the Government would need a double-entry bookkeeping system to better monitor public spending.

Upon completion of drafting, the proposal would be given to legal department for more professional opinions, he said.

The Government paid full attention to the public’s views and would consider conducting a public consultation to collect more opinions; but at this stage he would focus on drafting the proposals, he said.