KUALA LUMPUR, Jan 7 (NNN-Bernama) — Malaysia did not hesitate to expand its fiscal position in the near term to support the counter-cyclical economic recovery packages and the nation’s largest national budget for 2021 at RM322.5 billion.\u00a0<\/p>\n\n\n\n
Finance Minister Tengku Zafrul Abdul Aziz said even though it was \nMalaysia’s biggest ever budget, it was thought through with a clear \nstrategy for fiscal consolidation to, among others, achieve a deficit of\n below four per cent under the government’s Medium-Term Fiscal \nFramework.<\/p>\n\n\n\n
“The government is also working on the Fiscal Responsibility Act to \ninstitutionalise fiscal prudence, governance and transparency based on \nglobal best practices.<\/p>\n\n\n\n
“The government is also committed to strengthening its revenue base \nthrough a multi-prong strategy, beginning with regulating the shadow \neconomy, which is estimated to be roughly 18 per cent of Malaysia’s \ngross domestic product (GDP) or approximately RM300 billion in 2019,” he\n said in his speech at the 13th Annual CGS-CIMB Malaysia Virtual \nCorporate Day 2021.<\/p>\n\n\n\n
Additionally, Tengku Zafrul said the government is also executing its\n medium-term revenue strategy, which among others, will reduce the \ncountry’s dependency on commodities and further enhance the tax \nframework to reduce leakages.<\/p>\n\n\n\n
“I assure you, however, that any review will ensure a tax regime that\n is equitable to all, appropriately-timed and takes into consideration \nits impact on the people and businesses.” <\/p>\n\n\n\n
The finance minister added that the proper execution of Malaysia’s \nlarge-scale projects will drive socio-economic growth in the coming \nyears.<\/p>\n\n\n\n
“These include those under Budget 2021 such as the RM7.4 billion \nJENDELA, the national digital infrastructure plan, with the first phase \ntargeting 7.5 million premises with gigabit speed fixed-line broadband, \nand 96.8 per cent 4G mobile coverage with better mobile broadband \nspeed,” he said. <\/p>\n\n\n\n
The other infrastructure projects include the Pan-Borneo \nHighway, Gemas-Johor Bahru Electrified Double Tracking, Klang Valley \nDouble Tracking, Mass Rapid Transit 3, and the Johor Bahru-Singapore \nRapid Transit System.<\/p>\n\n\n\n
“This year alone, the government has allocated RM15 billion for these\n projects, (which are) expected to provide high multiplier effects from \nthe construction phase all the way beyond the projects’ completion,” he \nsaid. <\/p>\n\n\n\n
Apart from that, there are infrastructure projects to reduce the \nurban and rural development gap, for which RM2.7 billion has \nbeen earmarked, as well as the five main economic corridors that will \nalso receive a fiscal boost to facilitate investments and growth.<\/p>\n\n\n\n
Tengku Zafrul also said that after the turmoil in 2020 due to the \nCOVID-19 pandemic, Malaysia has emerged from this crisis and 2021 will \nbe a year of transition. <\/p>\n\n\n\n
“There has been challenges across all economies, to manage national \nresources prudently, while also balancing current and future needs. <\/p>\n\n\n\n
“As difficult as it may be, any decision must be for the benefit of the Malaysian people and the business community,” he said.<\/p>\n\n\n\n
— NNNBERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
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