MOF INVITES STAKEHOLDERS TO SHARE INPUTS FOR BUDGET 2023

KUALA LUMPUR, June 3 (Bernama) -- The Ministry of Finance (MoF) will begin its engagement and consultative sessions with various stakeholders under its Pre-Budget Statement (PBS) to ensure a comprehensive and holistic Budget 2023.

Minister of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz said at least 400 agencies, non-governmental organisations (NGOs) and civil society organisations would be invited to submit their inputs and memorandums on Budget 2023 through the official portal https://budgetmemorandum.treasury.gov.my, which is open for online submissions from 5 pm today until 5 pm June 24, 2022.

In a statement, he said this year’s PBS highlighted three key aspects surrounding the nation’s economic recovery and resilience, including the strong recovery momentum seen in early 2022 and how best to prepare a 2023 Budget that reinforces Malaysia’s post-COVID recovery by leveraging on global growth and opportunities.

He said the PBS would also highlight the need to strengthen Malaysia’s economic and fiscal resilience in 2023 and beyond while also managing downside risks including those arising from geopolitical tensions as well as disrupted supply chains that have drastically increased global commodity and food prices

Tengku Zafrul said it would also highlight the strategic transition from the current recovery phase towards longer-term reforms to facilitate better income opportunities, enhanced holistic wellbeing as well as more inclusive and sustainable socio-economic development for Keluarga Malaysia.

“This PBS is the second in MoF’s history and is in line with global best practices on encouraging public discourse on the national budget as well as enhancing transparency and accountability in its formulation process,” he said.

Tengku Zafrul said the PBS also highlighted three specific areas that would be focused on in Budget 2023, including formulating people-centric initiatives, particularly those that generate job opportunities, raise incomes, strengthen social protection and enhance the rakyat’s socio-economic wellbeing.

He said the Budget 2023 would also focus on creating a conducive business environment, especially on enhancing the competitiveness and productivity of small and medium enterprises (SMEs), boosting the recovery of tourism and other pandemic-impacted sectors, leveraging on Malaysia’s leadership in Islamic finance as well as catalysing new growth areas including moving industries up the value chain.

 Besides that, he said the 2023 Budget would focus on driving a more inclusive and sustainable development model to support economic growth, particularly on narrowing the disparities between regions and communities as well as promoting sustainable development and strengthening food security.

“As an important enabler in driving the nation’s development, Budget 2023 will also focus on improving the effectiveness of public service delivery and enhancing the ease of doing business,” he said.

He said based on the Keluarga Malaysia principle, the government also aimed to partner with the private sector, NGOs and civil society on specific budget measures.

“Guided by the PBS and through the official portal, MoF would like to invite the public and stakeholders to contribute their inputs and proposals for the 2023 Budget in line with the prospects, challenges and priorities for the nation,” he said.

Essentially, the minister said the 2023 Budget would continue to support growth and focus on reforms to elevate the rakyat’s wellbeing, income and social protection, improve the competitiveness of Malaysian businesses and move up the value chain as well as strengthen the nation’s resilience against future shocks and consolidate the government’s fiscal position.

In the meantime, he said in an effort to effect improvements in Budget 2023, all the stakeholders are invited to share their feedback on Budget 2022 measures via https://budget.mof.gov.my/en/survey/rakyat/ and https://budget.mof.gov.my/en/survey/business/. 

-- BERNAMA