About S$114 billion will be spent next year to counter slowing growth. Read more at straitstimes.com.
KUALA LUMPUR – Prime Minister Anwar Ibrahim on Friday unveiled Malaysia’s biggest-ever budget, pencilling in RM393.8 billion to be spent in 2024 to counter slowing growth from global headwinds that are expected to persist in the new year.
This has resulted in over 15 sen of each ringgit of government revenue being used to service debt interest. The government spending seeks to be a buffer against geopolitical tensions, such as the Russia-Ukraine war, China’s slowdown as well as supply chain and trade issues that have weighed on Malaysia’s prospects and are expected to continue to do so.
Despite this, interest payments alone on federal government borrowings will rise to nearly RM50 billion in 2024, about 16.4 per cent of revenue. Although the number of diesel vehicles has only increased three per cent since 2019, sales of the fuel have surged by 40 per cent in that period, indicating a loss of subsidies across the border.According to Socio-Economic Research Centre’s executive director Lee Heng Guie, the diesel reform will serve as a pilot programme before being expanded to petrol subsidies, the most widely-used fuel.
“It seems the policies are to turn the poor into pariahs,” said 45-year-old religious teacher Sulaiman Kassim, who insisted the floating of diesel, chicken and egg prices will have a knock on effect on overall inflation of other expenses.
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Malaysia seeks to spend its way out of rough economic waters with Budget 2024About S$114 billion will be spent next year to counter slowing growth. Read more at straitstimes.com.
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Enhancing food security, reducing govt subsidies key issues for Malaysia’s 2024 BudgetAnother major issue is how to dish out more aid directly to those who need it most. Read more at straitstimes.com.
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Malaysia expected to roll out targeted subsidies to better help lower-income group in 2024 budgetThe government is also expected to announce a progressive pay policy to lift workers' pay and initiatives to woo high-tech investment.
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