26 Jul - 2 min read
Prime Minister Tan Sri Muhyiddin Yassin has revealed that Budget 2022 will be tabled in Dewan Rakyat on 29 October 2021, with a focus on three main areas.
“I would like to inform that Budget 2022 will focus on three key areas, namely the agenda to drive economic recovery, rebuilding country’s resilience, and catalysing reforms – or Recovery, Resilience, and Reform,” said the prime minister during the ministers’ briefing session in the Special Meeting of the Third Session of the 14th Parliament today.
For context, the three key areas mentioned are part of a six-phase plan that had been previously announced to aid Malaysia’s economic revival following the Covid-19 pandemic. The full plan is comprised of 6Rs: Resolve, Resilience, Restart, Recovery, Revitalise, and Reform.
“Towards this end, special focus will be given on efforts to revive the affected sectors, such as tourism, improve the capability of the public healthcare system as well as the social protection scope, and boost the digital economy to strengthen the nation’s competitiveness in facing the new normal globally,” Muhyiddin further explained.
The prime minister also stated that the government will take an unprecedented step in issuing a pre-Budget 2022 statement through the Ministry of Finance. This is in addition to the sharing of a public consultation document on the focus of policies, which is expected to be released in August 2021. These efforts are being taken to increase the transparency process, as well as to involve the public in the annual budget preparation, he said.
Aside from disclosing details on the national budget, Muhyiddin also stated that the 12th Malaysia Plan (12MP) will be tabled on 20 September 2021. Together with the tabling of Budget 2022, both proceedings will see the government announcing the continuation of the National Recovery Plan (PPN), as well as refining any other necessary economic recovery measures to set the country on the right track again.
“Besides that, as a key element in presenting information on the implementation of PPN to the public, a National Recovery Plan portal is being developed as a one-stop reference centre, which will display the latest indicators as well as information related to PPN, the benefits, and also the latest standard operating procedures (SOPs), which will be more user-friendly,” Muhyiddin also shared.
(Source: The Edge Markets)
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