Budget 2023: Fed govt expects RM2.9 bln less revenue, devt allocation increased to RM97 bln

Anwar tabling the Budget 2023 in Parliament, Kuala Lumpur today (Feb 24, 2023) broadcast live via TVS.

By Ling Hui

KUCHING, Feb 24: The Federal government is expecting RM291.5 billion in revenue this year, which is about RM2.9 billion less than last year.

Prime Minister Datuk Seri Anwar Ibrahim said this year’s revenue projection does not take into account additional revenue sources.

He said an analysis by the World Bank and Fitch estimates a 4 per cent gross domestic product (GDP) growth rate in Malaysia this year, taking into account the challenging global economic outlook.

He expressed confidence that Malaysia would surpass the projected GDP of 4.5 per cent, driven by the completion of the National Budget 2023.

“Budget 2023 allocates RM388.1 billion with RM289.1 billion for operating expenditure, RM97 billion for development expenditure, and including RM2 billion as contingency funds,” said Anwar when tabling the National Budget 2023 in Parliament today.

He said the Federal government is taking the approach of an expansion budget as an effort to support economic growth so that its abundance can be enjoyed by all citizens.

In line with the expansionary fiscal policy, the development allocation is increased to RM97 billion compared to RM71.6 billion last year.

“This increase is to focus on programmes to eradicate poverty, repair public infrastructure and rural facilities.

“With the reform of the government’s procurement procedures, it will be ensured that this additional expenditure is fully utilised for the benefit of the people,” said Anwar. — DayakDaily