Prime Minister Datuk Seri Anwar Ibrahim tabled the Second MADANI Budget 2024 (Supply Bill, 2024) at the Dewan Negara today (Nov 29) after the Policy and Committee level debate sessions at the Dewan Rakyat being completed and all matters of the Supply Bill, 2024 approved in the Dewan Rakyat.
Anwar called on the Upper House of Parliament to pass the Bill named to use a sum of money from the Nation’s Consolidated Money for services for the year 2024 and allocations for services read for the second time today under the premises of achieving best governance for service agility; restructuring the economy to create growth; and improving people’s living standards.
In is address, Anwar said after a year of leadership with many performance and economic challenges, the MADANI Government has produced significant results where our economic direction is clear and convincing.
“This is backed by a comprehensive and sustainable approach under the Economy MADANI: Empowering the People, National Energy Transition Plan (NETR), New Industrial Master Plan (NIMP) 2030 and MADANI Budget and the 12th Malaysia Plan Half Term Review.”
Malaysia’s economic management is at a very good level with indications the national economy continues to be positive. The proof of this is that the nation has succeeded in easing inflationary pressure. Starting with a rate of 4%, with the MADANI government taking over the inflation rate is only 1.8%; as of Oct 2023, the lowest in the region and better than most developed countries.
The Prime Minister explained the unemployment rate was also successfully lowered to 3.4% as of September 2023; i.e. the lowest is almost equal to the rate before COVID-19 (3.3%).
“We managed to obtain an investment commitment worth RM347 billion during my official visit and trade mission and investments held in countries such as China, Singapore, Japan, South Korea, UAE, Saudi Arabia and the United States. For the first half of 2023, we have approved investments worth RM132.6 billion which is more than 60% of this year’s target,” he said, adding, what’s important is that the Malaysian economy is growing as planned. The GDP in the third quarter of 2023 rose by 3.3% as against 2.9% recorded in the second quarter of 2023.
The Economy grew 3.9% in the first 9 months of 2023, in line with GDP forecast 2023 around 4%.
Anwar said after only a year, the government has implemented policies and approaches which are clear and firm by way of the Second MADANI Budget step where among these initiative include the chicken subsidy has been floated without burdening the people, over 8,000 school toilets have been repaired this year, the Public Finance & Fiscal Responsibility Bill is now under the purview of the Dewan Rakyat and aid and incentives to paddy farmers and rubber smallholders has been cared for.
Other key points of the MADANI Budget 2024 include the MADANI Medical Scheme was introduced to help poor people, in order to stimulate tourism and the economy, visa exemption for a period of 30 days is given to citizens of China and India from December 1, 2023 to December 31, 2024, Special Grants to Sarawak and Sabah to the tune of RM300 million has been increased.
He explained that these and many other initiatives have been planned under the 2023 spending performance recorded which 93% (RM268 billion) for operating expenses and 82% (RM80 billion) of development expenses.
Under the broad responsibilities of the MADANI Government, Anwar said the level of unemployment was also successfully lowered to 3.4% as of September 2023; ie the lowest is almost equal to the rate before COVID-19 (3.3%).
Malaysia has obtained an investment commitment worth RM347 billion during my official visit and trade mission and investments held in countries such as China, Singapore, Japan, South Korea, UAE, Saudi Arabia and the United States.
“I insist that a clear direction to drive growth and improving governance will continue to be the focus. However, vigilance remains for any future challenges.
The Dewan Negara sitting continues tomorrow.
