MoF’s budget exercise records good response from public

BUKIT MERTAJAM – The public engagement exercise over provisions for the coming national Budget 2024 has yielded a positive response with some 20,000 respondents providing suggestions and feedback to the Finance Ministry.

Deputy Minister Steven Sim Chee Keong said from just the feedback and recommendations alone, the ministry recorded 8,0000 in-person engagements while more than 10,000 netizens provided online input into what the country needs for an effective fiscal year of 2024.

Sim said that the ministry is now compiling and analysing the suggestions and if possible, they would consider all of them to enhance its aim of having a people-friendly Budget.

Bearing in mind the sluggish global economy, which has impacted the country, Sim, who is the Bukit Mertajam MP, said all efforts will be channelled towards minimising the impact of living costs on the people.

The Supply Bill (Budget), which is considered one the most important annual stimulus to the country’s economy, is expected to be tabled in Parliament on October 13.

Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister, will table it.

It is believed among the new measures expected to be unveiled, are how to further shield the working class from an adverse rise in living costs, especially in food and healthcare.

Sim was speaking to journalists here after launching the Bukit Mertajam district's Rahmah (budget) sales campaign at the Sunway Wellesley commercial arcade.

He disclosed that to alleviate the burden of the escalating living costs, the ministry has okayed short-term measures such as RM66 million in subsidies to cushion the price hikes.

There is another RM140 million allotted for Rahmah food provisions where it heavily discounts food ingredients from rice to flour and another RM8 million to aid the poor.

"These are short-term measures. We will also look into long-term strategies on how to cope with the rising living costs, which is a global trend, not just confined to us."

Some economists have suggested bringing back the international tax mechanism of goods and services tax (GST) to drive government revenue. More spending can be devoted to boosting domestic consumption to combat the slowdown in the global economy.

However, Sim has argued that this year is not the time for such tax incentives.

While job creation is not seen as an issue, the country nonetheless suffers from a stagnant wage structure, which harms the middle to low-middle-income classes.

To overcome this, Economy Minister Rafizi Ramli mooted the progressive wage structure with the help of the national unity Madani government to offset the rise in living costs.

Farmers’ Organisation Authority chairman Datuk Mahfuz Omar acknowledged that food imports are driving up costs but now is also a time for the country to refocus on ensuring sound food security for the next generation.

He urged everyone to support the farmers’ efforts to reduce dependence on imports. – The Vibes, September 23, 2023