Budget 2022: RM332.1 bln curated to nurture shoots of recovery, sustain economic growth

KUALA LUMPUR: In line with the spirit of Keluarga Malaysia which emphasises on inclusiveness, togetherness and gratitude, the government has announced yet another record-high budget worth RM332.1 billion for 2022 to cement the country's recovery with businesses prospering, despite the limited fiscal space, ongoing global uncertainties and COVID-19 resurgence risks.

Unveiled by Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz in Parliament today, the budget supports three main pillars, strengthening recovery, building resilience, and driving innovation.

The budget's amount, equivalent to 20.3 per cent of the gross domestic product (GDP), is nearly three per cent larger than the RM322.5 billion announced for Budget 2021.

Tengku Zafrul said this, however, can be implemented based on an estimated increase in government revenue for 2022 to RM234 billion.

Of the budget allocation, the lion's share (70.3 per cent) amounting to RM233.5 billion is for operating expenditure (OE), followed by RM75.6 billion (22.8 per cent) for development expenditure (DE) and the balance of RM23 billion for the COVID-19 Fund, he said.

"There is also a provision of RM2 billion as contingency reserve," he said when tabling Budget 2022 themed "Keluarga Malaysia, Makmur Sejahtera".

The Education Ministry will continue to receive the biggest allocation at RM52.6 billion (16 per cent) of the total estimated federal expenditure, while RM32.4 billion will be channeled to the the Health Ministry (MOH) for operating and development expenditures.

"As a government which emphasises the people's well-being, the allocation for MOH is the second largest after the Education Ministry," he said.

Budget 2022 continues with three main areas of focus: the rakyat's well-being, competitive businesses, and prosperous and sustainable economy.

-- BERNAMA