,In its inaugural pre-budget statement (PBS), the Finance Ministry said Budget 2022 will prioritise continuing programmes to support and spur economic recovery in line with the gradual reopening of the economic sectors through the National Recovery Plan.
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PETALING JAYA: The upcoming Budget 2022 will focus on protecting and driving the recovery of lives and livelihoods of Malaysians, rebuilding resilience of the economy and catalysing socio-economic reforms.
In its inaugural pre-budget statement (PBS), the Finance Ministry said Budget 2022 will prioritise continuing programmes to support and spur economic recovery in line with the gradual reopening of the economic sectors through the National Recovery Plan.
It will also address potential lingering and longer-term effects of the pandemic on public health and economic structure.
Another theme of Budget 2022 will be to ensure the continuity in policy and assistance provided to the people and businesses.
In addition, the Finance Ministry said Budget 2022 will catalyse structural reforms in the post-pandemic period to boost the nation’s competitiveness, apart from ensuring greater sustainability and inclusiveness in its development agenda.
“Budget 2022 will also focus on efforts to help the vulnerable and disadvantaged segments of society, women, indigenous people and the disabled to ensure no one is left behind in the nation’s developmental and recovery agenda.
“In addition, efforts to protect and generate new job opportunities will continue to be a priority,” the Finance Ministry said in the PBS yesterday.
Beginning this year, the PBS will be published ahead of the tabling of the budget to increase transparency in annual budget preparation.
The inaugural move is in line with the proposed framework in enacting the Fiscal Responsibility Act, which aims to improve the governance, transparency and accountability of the country’s fiscal management.
“Therefore, the public is able to have a preliminary view of the direction, approach taken and expected initiatives that will potentially be in Budget 2022.
“In addition, this effort will enhance Malaysia’s position in the Open Budget Index, an international report published by the International Budget Partnership (IBP).
“Based on the IBP report for 2019, Malaysia recorded a relatively low score of 47 for budget transparency compared to regional countries such as the Philippines (76), Indonesia (70) and Thailand (61),” according to the Finance Ministry.
The ministry said Budget 2022 will strive to ensure that no person or business is left behind in receiving the government’s assistance and support, especially those severely affected by the prolonged movement control order in 2021.
“In addition, this Budget also serves as a catalyst towards the implementation of the 12th Malaysia Plan (12MP) that will drive economic growth, inclusiveness and sustainability in the medium term, based on the Sustainable Development Goals and the Shared Prosperity Vision (SPV) 2030,” it added.