KUALA LUMPUR, Oct 8 (NNN-Bernama) — The Malaysian government on Friday tabled Budget 2023 amounting to RM372.3 billion (US$80.1 billion) that was inspired in part by the Malaysian Family and aims to be “responsive, responsible and reformist”.
Finance Minister Tengku Zafrul Tengku Abdul Aziz, in tabling the budget in the Parliament, said RM272.3 billion (RM1=US$0.215) was allocated for operating expenditure, RM95 billion for development expenditure and RM5 billion for the COVID-19 Consolidated Fund.
He expressed confidence that Budget 2023 would enable the Malaysian Family to face upcoming global challenges and, at the same time, provide for a bright future for the coming generations.
Tengku Zafrul said the budget was drawn up by also including the pooled ideas which came from Malaysians.
“More than 100 initiatives of the people will be realised as part of the holistic measures contained in this proposal,” he said, thanking those who had contributed their views.
Tengku Zafrul elaborated on the three agendas of “response, responsible and reformist”.
“Budget 2023 will be rapidly responsive to any challenge and through comprehensive aid to the Malaysian Family, not just the B40 group (low-income) but also the M40 (middle-income), women, youths, people with disabilities and all segments of society,” he said.
Budget 2023 will be responsible for balancing the expansionary fiscal policy and implementation of fiscal renewal towards the government financial sustainability in the long term, he said.
He also said that the budget will be reformist in changing the national development landscape to make it more inclusive and sustainable, besides strengthening national industries through strategic investment.
Tengku Zafrul said the budget will ensure the people’s well-being, business continuity, economic prosperity and efficiency of government services.
Each of the three agendas has strategies for implementation and each of the strategies has several areas of focus. The responsive agenda has three strategies, one of which prioritises the people’s welfare with 12 areas of focus including the B40 group, M40, women, youths, social protection and cost of living.
Under one of these focus areas, RM7.8 billion is allocated for the Bantuan Keluarga Malaysia (cash aid for low-income households) to benefit 8.7 million recipients.
To expedite the eradication of hardcore poverty, RM1 billion is to be provided, which comprises a government allocation of RM750 million and the remaining RM250 million coming through social corporate responsibility (CSR) programmes by government-linked companies (GLCs).
In the focus area on women, the budget proposes that the Securities Commission implement special training programmes to enhance women’s skills and identify eligible women as members of board of directors.
“I believe political parties are identifying and are determined to field more women candidates in the next general election,” he said. The 15th General Election is due by July 2023.
— NNN-BERNAMA
