KUALA LUMPUR: Malaysia's fiscal policy has been expansionary over the past two years, and will continue to be so to ensure the well-being of Keluarga Malaysia, said Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed.
He said in line with the 12th Malaysia Plan (12MP), the initiatives under Budget 2022 had focused on speeding up recovery, strengthening economic resilience and accelerating reforms.
Mustapa said the government's short-term policies are important to drive economic recovery in 2022, and it is equally critical to put medium and longer-term institutional reforms in place to strengthen resilience.
In his opening speech at the launch of the 'World Bank Malaysia Economic Monitor Report - Staying Afloat' today, he also stressed that the government remains committed to eliminating hardcore poverty by 2025.
"We acknowledge the inputs from the World Bank team here and globally in sharing best practices in poverty alleviation.
"I'm also taking note of the World Bank's report on multidimensional poverty (MPI) in Malaysia, 'Improving Measurement and Policies in the 2020s'," he said.
In making the measurement of MPI more inclusive, Mustapa said the government would take into account the World Bank's suggestion of setting more ambitious income and non-income poverty indicators.
He also said the government will adopt a holistic and targeted approach to eradicate hardcore poverty in about fifty localities throughout the country next year.
He had also highlighted the need to address the issue of low wages.
"In the 12MP, our target is to improve the share of Compensation of Employees (CE) to gross domestic product from 37.2 per cent to about 40 per cent.
"If we want to achieve this target, we need more and more Malaysians working in the skilled category," said Mustapa.
He added that the government will continue to work closely with the World Bank and other international organisations, as well as the private sector and civil society organisations in improving the lives of the Malaysians.
Meanwhile, World Bank country director for Brunei, Malaysia, Philippines and Thailand, Dr Ndiame Diop said while the re-opening of the economy and continued support from external demand are expected to facilitate economic recovery next year, the economic shock has exacerbated the hardships that the poor and vulnerable were already facing before COVID-19.
"Addressing the challenges faced by these groups, as well as narrowing the educational disparities will require both immediate and longer-term policy responses," he said.
In the short term, he said it is essential that policy measures are geared towards maintaining financial support for the poor and vulnerable, ensuring greater inclusivity with social insurance and mitigating further learning losses.
"Over the long run, Malaysia should take steps to reform its social protection system, making it more broad-based, robust, and progressively targeted," he said, adding that emphasis should also be given to strengthening the education system.
-- BERNAMA
Bernama
Tue Dec 21 2021
Mustapa said the government's short-term policies are important to drive economic recovery in 2022, and it is equally critical to put medium and longer-term institutional reforms in place to strengthen resilience. - BERNAMA
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.