Malaysia brings forward 2023 Budget to Oct 7 - Report

KUALA LUMPUR: Malaysia's government will present its budget for 2023 to parliament on Oct. 7, earlier than originally scheduled, news portal Malaysiakini reported on Friday, citing the country's law minister Wan Junaidi Tuanku Jaafar.

The budget was previously scheduled to be tabled on Oct. 28. A spokesperson for Wan Junaidi told Reuters the ministry would be issuing a statement on the matter soon.

The rescheduling of the budget comes as Malaysia looks to boost revenue in a bid to offset a jump in spending on subsidies for food, fuel and electricity amid rising prices.

The government expects to spend at least $18 billion on subsidies and cash aid this year, the largest amount in history.

It also comes amid speculation that Prime Minister Ismail Sabri Yaakob could call for elections earlier than a September 2023 deadline.

The premier has been under pressure from his party, the United Malays National Organisation, to call for early polls to capitalise on its success in recent local elections and the strong economic situation.

Malaysia's economy grew 8.9% in the second quarter, its fastest annual pace in a year, boosted by expansion in domestic demand and resilient exports.