Budget 2023 allocates RM372.3 billion, significant increase from Budget 2022, 2021

KUALA LUMPUR: The 2023 Budget allocated a total of RM372.3 bilion, a significant increase from the RM332 billion allocated for Budget 2022 and RM322 billion for Budget 2021.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said of the total, the budget themed "Keluarga Malaysia, Prospering Together" allocated RM272.3 billion for operating expenditure and RM95 billion for development expenditure for 2023.

"...RM5 billion is allocated under the COVID-19 Consolidated Fund and RM2 bilion if for contingency savings," he said when tabling the budget or the Supply Bill 2023 at the Dewan Rakyat today.

This is the second budget tabled under the government led by Prime Minister Datuk Seri Ismail Sabri Yaakob and also the second since the 12th Malaysia Plan (12MP) was launched on Sept 27 last year.

Tengku Zafrul said the budget is driven by 3R agenda, namely Responsive, Responsible, Reformist.

"The budget is highly responsive to any challenge, which will be done through the comprehensive assistance made available to Keluarga Malaysia (Malaysian Family), not only the B40 group, but also the M40 group, women, youth, persons with disabilities (OKU) and all segments of society," he said.

Tengku Zafrul said the budget is also responsible for balancing the expanding fiscal policy by implementing fiscal reforms towards the government's financial sustainability in the long run.

This budget is also responsible for building the country's resilience to face any future crisis, he said.

Tengku Zafrul said the 2023 Budget is also a reformist that will took the opportunity to change the country's development landscape to be more inclusive and sustainable while supporting a strong national industry through strategic investment.

"Furthermore, this budget was also not designed for certain groups only, as all ideas collected have been carefully studied and blended into one Budget 2023 inspired by the Malaysian Family.

"More initiatives for the people will be realised as part of the holistic efforts contained in this Bill, thanks to everyone who have shared all their ideas and views," he said.

In ensuring a responsive Budget 2023 agenda, the government will also continue to implement an expanding fiscal policy, an approach that is important to provide appropriate assistance to the people and support businesses.

He added that with this available fiscal space, the priorities of the 2023 Budget are focused on efforts to protect the wellbeing of the people.

-- BERNAMA