KUALA LUMPUR – The tabling of Budget 2023 on October 7 is not in vain, despite it having to be re-tabled after the 15th general election (GE15). It is still very important for investors’ confidence and policy reference to the business and investment sectors for planning purposes, especially on the country’s economic prospects, the Finance Ministry (MoF) said.
Furthermore, it said the economic and gross domestic product (GDP) growth forecasts were only published by the government twice a year, namely in March and October each year, which is a period that is in line with the month of the next year’s budget tabling.
“If the 2023 Budget is not tabled, this will increase the sentiment of uncertainty, which will certainly have a negative impact on investor confidence,” it said in a statement today.
It said the budget also needed to be tabled for orderly financial planning such as estimated income, allocations and expenses for the year 2023.
The ministry said efforts to prepare the Budget 2023 took six months, involving more than 200 engagement sessions with stakeholders and selected sectors as well as the study of more than 250 memorandums and 12,000 proposals.
It said the budget is also an important avenue for MoF to distribute information to the people on various initiatives planned by the government to face short-term challenges such as Bantuan Keluarga Malaysia, tax reduction, and long-term development plans to improve basic infrastructure in urban and rural areas, public transport, education, and health, among others, to elevate the people’s quality of living.
“With the tabling of Budget 2023, the government can straight away implement it on January once a new government is formed after GE15,” it said.
Besides that, it said Budget 2023 tabling is also an important policy reference for the private and investment sectors’ planning, especially regarding the country’s economic prospects.
Among them were the Semarak Niaga programme measures worth RM45 billion that supported business expansion, including financing facilities, various tax incentives to encourage strategic industries, financial management, and the government fiscal position.
Based on previous experience, the ministry said Budget 2000 was tabled at the Parliament on October 1999 before its dissolution and was re-tabled and passed on February 2000.
Therefore, it said the ministry is committed to re-table and implement Budget 2023. – Bernama, October 12, 2022
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