KUCHING, Oct 13: The unity government has tabled Budget 2024 worth RM393.8 billion, the largest ever in the Federal government’s history.
Prime Minister Dato Seri Anwar Ibrahim said of the amount, RM303.8 billion has been allocated for operating expenditure, RM90 billion for development expenditure and RM2 billion for contingency savings.
“The expenditure involved increasing the 12th Malaysia Plan’s (12MP) ceiling by another RM15 billion, bringing the total amount to RM415 billion for a period of five years.
“This addition shows that the government adopts an expansionary fiscal stance even though at the same time it is responsible for gradually reducing the fiscal deficit,” he said when tabling Budget 2024 in the Dewan Rakyat today.
Anwar also said for this year, the revised revenue estimate is RM303.2 billion compared to RM291.5 billion with the total deficit projected to be 5 per cent to gross domestic product (GDP).
For next year, he said the government expects GDP growth between 4 to 5 per cent.
“Even though it is acknowledged that the World Bank and the International Monetary Fund (IMF) project Malaysia’s economic growth at a rate of 4.3 per cent, with the Madani Economic reforms to be implemented, the government is confident of achieving growth close to 5 per cent.
“Meanwhile, the government’s revenue collection for 2024 is expected to see an increase from RM303.2 billion this year to RM307.6 billion. The 2024 fiscal deficit is projected to decrease to 4.3 per cent compared to the target of 5 per cent this year and 5.6 per cent in 2022,” he added.
Anwar further believed that the Federal government will achieve a fiscal deficit of 3 per cent or lower to GDP as the benchmark set in the Madani Economic Framework.
Additionally, he said the passing of the Public Finance and Fiscal Responsibility Bill 2023 or Fiscal Responsibility Act (FRA) on Wednesday (Oct 11) would strengthen the government’s commitment to strengthen governance and guarantee transparency and accountability. — DayakDaily
