7 Oct - 2 min read
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has reiterated that the National Recovery Plan (NRP) and Budget 2022 will serve as the foundation to Malaysia’s long-term recovery and reform efforts. Additionally, both initiatives will complement the 12th Malaysia Plan (12MP) in achieving this goal.
The minister said that the NRP will rely on science and data to set the nation firmly on the path of revival. On top of that, this recovery journey will also be supported by an expansionary Budget 2022, which sets the groundwork for the government’s wider and longer-term reform efforts.
Tengku Zafrul further emphasised that the government must make efforts to overcome not only the Covid-19 pandemic, but also to develop post-pandemic resilience. “We must also take the opportunity to address structural issues in the medium and longer term in pursuing short-term goals to prevent an economic recession,” he commented, adding that a proper digital infrastructure would be especially crucial in reducing urban-rural inequality.
Moreover, Tengku Zafrul highlighted that the 12MP will be an opportunity for the government to chart a new narrative for Malaysia as it lays down fundamental reforms that will transform Malaysia’s development trajectory. In turn, this will achieve a prosperous, inclusive, and sustainable Malaysia – in addition to upholding national security and sovereignty, as well as solidifying national unity.
The minister noted as well that the 12MP will commit to projects and policies that are aligned with the Sustainable Development Goals of the 2030 Agenda for Sustainable Development. One key target is to achieve a 45% reduction in greenhouse gas emission intensity to gross domestic product (GDP) by 2030, compared to 2005 intensity levels.
Other notable “game changers” to be introduced via the 12MP that will also be paramount include embracing the circular economy and accelerating the adoption of integrated water resources management, said Tengku Zafrul. The government will also look at strengthening the country’s fundamentals to become a more open, trade-oriented, and service driven economy despite the current altered supply chains and halted service trade.
“Overall, the plan will target growth of between 4.5% and 5.5% per annum, resulting in a gross national income (GNI) per capita of RM57,882 or US$14,842 in 2025 while regaining full employment,” Tengku Zafrul stated.
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