Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (July 29): Budget 2023 will focus on maintaining the current economic recovery momentum and continuing reforms to improve socio-economic resilience, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

He said the priorities included developing people-centric initiatives, particularly those that improve the socio-economic wellbeing of the people; creating a conducive business environment, including improving the competitiveness and productivity of small and medium enterprises (SMEs) while driving a more inclusive and sustainable development model to support economic growth.

“Budget 2023 will also focus on improving the effectiveness of public service delivery and enhancing the ease of doing business as an important enabler in driving the nation’s development,” he said in his keynote address at Credit Guarantee Corp Malaysia Bhd’s Financial Institutions/Development Financial Institutions & SME Awards 2021 on Friday (July 29).

Tengku Zafrul said reforms are critical to enhance Malaysia’s resilience to future shocks.

“Furthermore, to become a high-income nation in the future, we must take steps to remain relevant and competitive, particularly in the face of uncertainties and new challenges,” he said.

The minister said that to secure the nation’s economic recovery and future resilience, the Ministry of Finance must ensure that Budget 2023 will leverage the strong recovery momentum seen in the first half of this year, and capitalise on global growth and opportunities to secure Malaysia’s post-Covid recovery.

"Other steps that must be taken include strengthening Malaysia’s economic and fiscal resilience in 2023 and beyond, while also managing downside risks such as geopolitical tensions and disrupted supply chains that have significantly increased global commodity and food prices," he said.

He added that it is also important to plan and execute a strategic shift from the current recovery phase to longer-term reforms for better income opportunities, as well as more inclusive and sustainable socio-economic development for Malaysians.

Edited ByS. Kanagaraju
      Print
      Text Size
      Share