The tabling of Budget 2023 on Oct 7 is not in vain, despite it having to be retabled after the 15th general election (GE15), as it is very important for investors’ confidence and policy reference to the business and investment sectors for planning purposes, especially regarding the country’s economic prospects, the Ministry of Finance (MOF) said.
Furthermore, it said the economic and gross domestic product growth forecasts are only published by the Government twice a year, namely in March and October in line with the tabling of the Budget.
“If Budget 2023 was not tabled, it would have increased the sentiment of uncertainty, which would certainly have a negative impact on investor confidence,” Bernama cited MOF saying in a statement on Wednesday (Oct 12).
It said the Budget also needed to be tabled for orderly financial planning, such as estimated income, allocations and expenses for 2023.
The ministry said efforts to prepare Budget 2023 took six months, involving more than 200 engagement sessions with stakeholders and selected sectors, as well as the study of more than 250 memorandums and 12,000 proposals.
Bantuan Keluarga Malaysia
It said the Budget is also an important avenue for the MOF to distribute information to the people on various initiatives planned by the Government to face short-term challenges, such as Bantuan Keluarga Malaysia and tax reductions, as well as long-term development plans to improve, among others, basic infrastructure in urban and rural areas, public transport, education and health to elevate the people’s quality of living.
“With the tabling of Budget 2023, the Government can straight away implement it in January once a new government is formed after the GE15,” it said.
Private, investment sectors’ planning
Besides that, it said the tabling of Budget 2023 is also an important policy reference for the private and investment sectors’ planning, especially regarding the country’s economic prospects.
It said among them were the Semarak Niaga programme measures worth RM45 billion supporting business expansion, including financing facilities, various tax incentives to encourage strategic industries, as well as financial management and the Government’s fiscal position.
Budget 2000
The ministry said that based on previous experience, Budget 2000 was tabled in Parliament in October 1999, prior to the dissolution of Parliament, and it was retabled and passed in February 2000.
The MOF said it is now committed to retable and implement Budget 2023.
