8 May - 2 min read
The 2021 Budget, which is expected to be announced in October or November, should take into account current economic factors, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. The government will stress more on efforts to revive the country’s economy for the upcoming national Budget.
In contrast, the Finance Minister said that the effects of the Covid-19 pandemic will not negatively impact the 12th Malaysia Plan. Tengku Zafrul said this was because the 12th Malaysia Plan is a long-term economic plan covering the 2021-2025 period.
Moreover, the government is also studying a targeted six-phase economic recovery plan which will be tabled at the end of the month. According to Tengku Zafrul, the first phase of the plan, Resolve, took place when the government started implementing the movement control order (MCO). The second phase, Resilience, took place when the government announced the Prihatin stimulus package, and is followed by the Restart phase.
The Restart phase will take at least a month to show its effects as it refers to restarting the economy, and it will be followed by the fourth phase, Recovery. Revitalise comes next and the Finance Minister said that the tabling of the Budget will take place when the economy is in this fifth phase. Finally, the plan will end with the sixth phase, Reform.
“For this year, everything will depend on how we tackle the Covid-19 pandemic. We have begun reopening the economic sectors in stages and this is hoped, more or less, to help mend the country’s economy,” said Tengku Zafrul. “The faster we tackle the pandemic, the faster we can rebuild our economy.”
(Source: The Malay Mail)
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