KUALA LUMPUR, 22 July – Malaysia’s 2023 budget will be more focused on sustainable subsidies management, bolstering the country’s resilience against future shocks and fiscal consolidation, said Malaysia’s Finance Minister Zafrul Tengku Abdul Aziz.
Zafrul said that the new emphasis of the upcoming budget comes amid increasing inflationary pressures, especially on commodity and food prices, Bernama reported.
In a written reply to a parliamentary question, the minister said “The 2023 Budget will take into consideration initiatives related to sustainability as the world grapples with challenges involving geopolitical uncertainties and climate change,” responding to opposition MPs from the Pakatan Harapan Alliance (PH).
He added that economic reform efforts in the country will also be given priority to improve business competitiveness and the value chain.
According to Zafrul, the budget will continue to focus on the people’s well-being agenda, especially in terms of income and social protection in line with the post-COVID-19 economic recovery momentum.
He said that the inclusivity agenda in line with the Shared Prosperity Vision 2030 will be emphasised to ensure a fair and equitable wealth distribution in Malaysia, as the government was committed to holding stakeholder engagement sessions to gain public views and feedback throughout the 2023 budget preparation process.
The theme of the 2023 Budget is “Strengthening Recovery, Facilitating Reforms Towards Sustainable Socio-Economic Resilience of Keluarga Malaysia”.