BUDGET 2023 will focus on a more sustainable subsidy management, strengthening the country’s resilience against future shocks and fiscal consolidation, according to Finance Minister Tengku Zafrul Abdul Aziz.

This is in view of increasing inflationary pressures, especially on commodity and food prices, he said.

“Budget 2023 will take into consideration sustainability related initiatives as the world grapples with challenges involving geopolitical uncertainties and climate change,” he said in a written parliamentary reply to Saifuddin Nasution Ismail (Kulim-Bandar Baharu-PH), who wanted to know how the policy, strategy and approach in drafting Budget 2023 differs from past spending plans.

According to Tengku Zafrul, economic reform efforts will also be given priority to enhance business competitiveness and the value chain.

The finance minister said in line with post-Covid economic recovery momentum, Budget 2023 will also continue to focus on the people’s wellbeing, especially in terms of income and social protection.

He said the inclusivity agenda, in line with the Shared Prosperity Vision 2030’s objectives, will be emphasised as well to ensure a fair and equitable wealth distribution. 

Tengku Zafrul added that throughout the budget preparation process, the government is committed to holding stakeholder engagement sessions especially to gain public views and feedback in line with the priorities set.

The theme of Budget 2023 is Strengthening Recovery, Facilitating Reforms Towards Sustainable Socio-economic Resilience of Keluarga Malaysia. – Bernama, July 21, 2022.