by ANIS HAZIM / Pic by BERNAMA
THE tabling of Budget 2023 last Friday (Oct 7) is not in vain, although it will be re-tabled to the Parliament after the 15th General Election (GE15).
The Finance Ministry (MoF) said Budget 2023 needed to be tabled for orderly financial planning such as estimated income, allocations and expenses for the year 2023.
“The tabling of Budget 2023 is important as a policy reference for the business and investment sectors, as well as for the people and small and medium enterprises’ planning,” it said in a statement today.
According to the ministry, efforts to prepare Budget 2023 took six months involving more than 200 engagement sessions with stakeholders and selected sectors, as well as reviews of more than 250 memoranda and 12,000 proposals.
Hence, the new government can rely on the engagement process and the comprehensive Budget 2023 in constructing the next steps in preparation for implementing various initiatives for the people, businesses and economy.
“With the tabling of Budget 2023, the government can continue to implement it in January 2023 as soon as the new government is formed after GE15,” it said.
Noting the previous experience, MoF said that Budget 2000 was tabled at the Parliament in October 1999 before its dissolution and was re-tabled and passed in February 2000.
Moreover, it said Budget 2023 is crucial considering that the GDP growth forecasts were only published twice a year, namely in March and October each year, which is a period that is in line with the month of the next year’s budget tabling.
“If Budget 2023 is not tabled, this will increase the sentiment of uncertainty which will certainly have a negative impact on investor confidence,” it added.
Budget 2023 is also an important avenue for MoF to distribute information to the people on various initiatives planned by the government to face short-term challenges.
“This includes Bantuan Keluarga Malaysia, tax reduction and long-term development plans to improve basic infrastructure in urban and rural areas, public transport, education and health, among others, to elevate the people’s quality of living,” it further said.