Budget 2021 unusual as Malaysia bucks economic theory amid Covid-19, says Tengku Zafrul

Budget 2021 unusual as Malaysia bucks economic theory amid Covid-19, says Tengku Zafrul
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KUALA LUMPUR (Nov 4): Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Budget 2021 is not the usual scheme as announced in previous years because the budget this time involves a combination of solutions to support citizens’ livelihoods and the country’s economic growth as it fights against the Covid-19 pandemic.

Harian Metro quoted Tengku Zafrul as saying in an interview that Budget 2021, to be tabled by him in Parliament at 4pm on Friday (Nov 6), will have to strike a balance between supporting the people’s livelihoods and the country’s economic growth.

“It is not the normal (usual) budget. Now I know how difficult it is to prepare the country’s budget,” Tengku Zafrul said.

He said one of the priorities of Budget 2021 is to ensure that the Covid-19 pandemic can be curbed effectively.

The news report, quoting Tengku Zafrul, reported that Budget 2021 is seen as going against economic theory which espouses the need to cut expenditure when income declines.

The opposite reportedly has to be done for Budget 2021 because the government needs to spend more as the nation contends with the impact of the Covid-19 pandemic.

Budget 2021, according to Tengku Zafrul, is reportedly the most important budget in Malaysia’s history as its primary focus is to save the citizens’ livelihoods and the country’s economy.