Malaysia unveils RM372.3 billion budget for 2023

Raevathi Supramaniam

The Finance Ministry is the top recipient for Budget 2023, with an allocation of RM67.2 billion. – Pic courtesy of Finance Ministry, October 7, 2022.

THE government announced one of the biggest budgets in the history of Malaysia, allocating RM372.3 billion for next year.

This is a 12% increase from the previous year when RM332 billion was allocated.

The three top recipients for Budget 2023 are the Finance Ministry (RM67.2 billion), Education Ministry (RM55.6 billion) and Health Ministry (RM36.1 billion), constituting 43.3% of total expenditure, Finance Minister Tengku Zafrul Abdul Aziz said today.

A sum of RM272.3 billion has been allocated for the government’s operational expenditure, up 16.6% from RM233.5 billion in Budget 2022.

For the development expenditure, the government has allocated RM95.1 billion, compared with RM75 billion last year, up 26.8%.

In terms of the government’s projected deficit, it stands at 5.5%. – October 7, 2022.

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