KUALA LUMPUR – Budget 2023 outlines preparatory steps for the government as it gears up to face unstable economic conditions in the future, Prime Minister Datuk Seri Ismail Sabri Yaakob said today after the government’s supply bill was tabled in Parliament.
“(The budget) suits its theme of ‘A Prosperous Malaysian Family Together’. If we look at (the budget), it focuses on all Malaysians,” he told reporters after Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz tabled the RM372.3 billion spending plan.
Ismail Sabri said that the proposed budget is part of the government’s plan to help the economy recover.
Listing several groups of citizens, he also said the budget is inclusive of various communities.
“Those from the B40 or M40 socioeconomic groups, women, disabled people or others (have been addressed by the budget).
“Each group is given an allocation (that) also caters to the needs of those from developing rural and urban areas,” he said.
The highly anticipated supply bill was tabled today amid speculations that a snap general election will be called soon.
This year’s budget is the biggest ever on record, exceeding the previous year’s allocation of RM332.1 billion by RM40.2 billion.
During his tabling of the budget, Tengku Zafrul said the 2023 allocation took external economic uncertainty into account.
Among others, he noted that the United States had aggressively tightened its monetary policy by increasing its interest rate by 300 basis points.
He said these recent developments have led to spiralling inflation in the country, which saw an increase of 4.7% in August compared with 2.3% in January. - The Vibes, October 7, 2022
