PETALING JAYA: The government has increased the expenditure ceiling for the 12th Malaysia Plan (12MP) by RM15 billion, bringing its total allocation to RM415 billion.
Tabling the 12MP mid-term review (MTR) in the Dewan Rakyat today, Prime Minister Anwar Ibrahim said the increase was necessary to enhance management quality and reallocate subsidies to cover basic needs.
“The 12MP will be realigned with the Madani economic policy, which aims to empower and accelerate the country’s economy for a 10-year period,” he told the Dewan Rakyat.
“As such, the government is committed to spend at least RM90 billion annually from 2023 to 2025.”
The 12MP was tabled by former prime minister, Ismail Sabri Yaakob, in September 2021, with an estimated development allocation of RM400 billion.
Anwar, who is also the finance minister, noted that in the first two years of the 12MP, the country recorded an average annual gross domestic product (GDP) of 5.9% between 2021 and 2022.
“Out of the 175 set targets, 31% have been achieved, and 59% are on schedule,” he said.
Anwar then spoke of 17 “big, bold measures” which carry 71 main initiatives under the MTR, which he said will help stimulate the country’s economic development for a period of 10 years.
This, he said, will enable socio-economic development through three main focuses: strengthening sustainability, promoting well-being, and achieving high income.
The measures include developing high growth, high value (HGHV) industries, enhancing fiscal sustainability, retargeting subsidies, accelerating energy transition, advancing digitalisation and technology through GovTech, as well as empowering micro, small and medium enterprises (MSMEs).
Other measures are reforming social protection, fostering a Madani society, improving access to healthcare services, housing, and public transportation, as well as reforming the labour market, and wages to ensure the availability of future-ready talent. - FMT
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