Budget 2023 allocates RM372.3 billion, significant increase from Budget 2022, 2021

 Budget 2023 allocates RM372.3 billion, significant increase from Budget 2022, 2021

Bernama

Oktober 7, 2022 

Tengku Zafrul said the budget themed "Keluarga Malaysia, Prospering Together" allocated RM272.3 billion for operating expenditure and RM95 billion for development expenditure for 2023. - BERNAMA

Budget 2023 allocates RM372.3 billion, significant increase from Budget 2022, 2021

Tengku Zafrul said the budget themed "Keluarga Malaysia, Prospering Together" allocated RM272.3 billion for operating expenditure and RM95 billion for development expenditure for 2023. - BERNAMA

KUALA LUMPUR: The 2023 Budget allocated a total of RM372.3 bilion, a significant increase from the RM332 billion allocated for Budget 2022 and RM322 billion for Budget 2021.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said of the total, the budget themed "Keluarga Malaysia, Prospering Together" allocated RM272.3 billion for operating expenditure and RM95 billion for development expenditure for 2023.

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"...RM5 billion is allocated under the COVID-19 Consolidated Fund and RM2 bilion if for contingency savings," he said when tabling the budget or the Supply Bill 2023 at the Dewan Rakyat today.

This is the second budget tabled under the government led by Prime Minister Datuk Seri Ismail Sabri Yaakob and also the second since the 12th Malaysia Plan (12MP) was launched on Sept 27 last year.

Tengku Zafrul said the budget is driven by 3R agenda, namely Responsive, Responsible, Reformist.

"The budget is highly responsive to any challenge, which will be done through the comprehensive assistance made available to Keluarga Malaysia (Malaysian Family), not only the B40 group, but also the M40 group, women, youth, persons with disabilities (OKU) and all segments of society," he said.

Tengku Zafrul said the budget is also responsible for balancing the expanding fiscal policy by implementing fiscal reforms towards the government's financial sustainability in the long run.

This budget is also responsible for building the country's resilience to face any future crisis, he said.

Tengku Zafrul said the 2023 Budget is also a reformist that will took the opportunity to change the country's development landscape to be more inclusive and sustainable while supporting a strong national industry through strategic investment.

"Furthermore, this budget was also not designed for certain groups only, as all ideas collected have been carefully studied and blended into one Budget 2023 inspired by the Malaysian Family.

"More initiatives for the people will be realised as part of the holistic efforts contained in this Bill, thanks to everyone who have shared all their ideas and views," he said.

In ensuring a responsive Budget 2023 agenda, the government will also continue to implement an expanding fiscal policy, an approach that is important to provide appropriate assistance to the people and support businesses.

He added that with this available fiscal space, the priorities of the 2023 Budget are focused on efforts to protect the wellbeing of the people.

-- BERNAMA

The education and health ministries received the biggest allocations under the RM372.3 billion Budget 2023, 

Here are the 10 key highlights of the national budget as announced by finance minister Tengku Zafrul Aziz.

1. RM55 billion was allocated for government subsidies, aid and incentives. This includes RM7.8 billion for Bantuan Keluarga Malaysia aid, which will benefit 8.7 million people, and RM2.5 billion in welfare aid for 450,000 households.

2. The education ministry received a RM55.6 billion allocation, the largest of any ministry. At least RM1.1 billion of this money would go towards the repair and maintenance of all schools to ensure students have a safe and conducive learning environment.

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3. The health ministry received a RM36.1 billion allocation. This includes a RM4.9 billion allocation for public healthcare and RM1.8 billion to build new health facilities and procure new medical equipment.

4. RM45 billion was allocated for grants and loans for entrepreneurs under the Semarak Niaga funds, while RM10 billion in funds from Bank Negara Malaysia would be set aside to automate and digitise small and medium-sized enterprises.

5. The government allocated RM15 billion for flood mitigation initiatives and RM2 billion to build retention ponds to reduce the risk of floods.

6. Digital Nasional Bhd received a RM1.3 billion allocation to increase 5G internet coverage nationwide.

7. Government-linked companies and government-linked investment companies would invest RM50 billion next year, RM45 billion of which in direct domestic investments.

8. A RM1.5 billion allocation would be used for a RM100 increment for all civil servants between Grade 11 and Grade 56, while RM1.3 billion would be used for a one-off RM700 special aid for 1.3 million civil servants under Grade 56.

9. RM11.7 billion was allocated for infrastructure projects in Sabah and Sarawak, as well as health and education facilities.

10. The defence ministry received RM17.4 billion, including RM4 billion for the purchase of new military assets.

SOURCE: FMT