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Tengku Zafrul says Budget 2023 will keep at current recovery momentum

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Finance Minister Tengku Zafrul Abdul Aziz says Budget 2023 will continue the current recovery momentum, focus on structural reforms and strengthen the country’s economic resilience. – The Malaysian Insight file pic, July 7, 2022.

BUDGET 2023 will continue the current recovery momentum, focus on structural reforms and strengthen the country’s economic resilience, Finance Minister Tengku Zafrul Abdul Aziz said.

He said with the theme of the budget to strengthen recovery and facilitate reforms toward sustainability of economic resilience and wellbeing of Keluarga Malaysia, the government’s focus is still on the people, businesses and economy.

“Even though Budget 2023 will only be tabled in the fourth quarter of thIs year, we have already started the engagement process to collate feedback from the people. The government is always committed to continuing to increase transparency in the preparation of the budget and encourage the participation of the public,” he said in the 102nd Laporan Kewangan Rakyat via Facebook today.

He said the Budget 2023 process began with the issuance of a pre-budget statement on June 3.

The statement was aimed at ensuring the people were informed of the government’s priorities for next year’s budget. The Finance Ministry (MOF) had also asked industry associations, business chambers and various civil society groups to make proposals for the government’s consideration in the preparation of Budget 2023.

Like last year, MOF issued the Public Consultation Paper on the planned Budget 2023 policy measures to gather feedback from the public.

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“Subsequently, my deputies and I will go to all states for dialogues and see for ourselves the condition and needs of the people to get feedback directly,” he added.

Commenting on the report, Tengku Zafrul said up to June, more than 150,000 people had obtained jobs through the Malaysian Family Job Guarantee Initiative.

The initiative provides 600,000 job opportunities with an allocation of RM4.8 billion.

“Among the benchmark of this initiative is the national unemployment rate, whereby during the Covid-19 pandemic, the unemployment rate rose to 5.3% in May 2020, but during the transition phase to endemicity, the rate fell to 3.9% in April.

“The government’s unemployment rate target for this year is 4.0%, but it fell to 3.9%,” he said.

Meanwhile, he said the government will launch 25 strategic initiatives under Budget 2022 in the second half of this year.

Overall, up to April, a total of 257 out of 282 strategic initiatives monitored by the Budget 2022 Monitoring Committee were being implemented, added Tengku Zafrul. – Bernama, July 7, 2022.

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