20th December 2022 - 2 min read
Prime Minister Datuk Seri Anwar Ibrahim has announced that the updated Budget 2023 will be tabled in February next year. This came as Dewan Rakyat approved a temporary mini budget with an allocation of RM107.7 billion today, which will cater to essential expenses in the interim.
According to Datuk Seri Anwar, who is also the Finance Minister, the government will take a targeted approach under Budget 2023 in protecting the people and small businesses. This, in turn, is expected to help with reducing leakages that will benefit the wealthy, including conglomerates.
In addition to that, the updated Budget 2023 will also see social protections being strengthened to better protect the vulnerable groups, including gig workers. “To drive economic growth and national development, the government will encourage high-value private investment towards generating quality employment opportunities. Besides providing incentives for core sectors, the renewal of public delivery services will be enhanced to facilitate business and fight bureaucracy,” the prime minister further said.
Datuk Seri Anwar also highlighted that Budget 2023 will ensure inclusive development, so that the government can shrink the gap between urban and rural areas, as well as between states. Additionally, it will address issues such as the strengthening of national security – not just from the perspective of border security, but also food and manpower security.
“Efforts to increase food self-sufficiency will also be prioritised in Budget 2023, in line with the sustainability agenda,” said Datuk Seri Anwar.
Meanwhile, the temporary mini budget that was approved by Dewan Rakyat today – referred to as the Consolidated Fund (Expenditure on Account) Act 2022 – will be used for essential expenditures such as salary payments for civil servants, scholarships, and welfare assistance until the actual Budget 2023 is tabled and approved.
(Source: The Edge Markets)
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