1 2 3 4 5 6 7 8 9 10 Last

Budget 2021 Goals

In preparing Budget 2021, for the first time  ever, budget consultations covered all 14 states, and involved more than 38 dialogues covering over 40 businesses and industries. The Ministry of Finance had  engagement sessions with leaders of all Federal ministries and State governments, various captains of industry, academicians, non-governmental organisations, political party leaders, and most importantly, Malaysians across the full spectrum, from youth, women, parents to senior citizens. I would like to express my heartfelt appreciation to all parties who have contributed their time to share their ideas and suggestions. In relation to  this, as the anchor of the fifth 6R strategy  of Revitalize, Budget 2021 was formulated based on  Three Integral Goals:

First :     Rakyat’s Well-being;

Second : Business Continuity; and

Third :   Economic Resilience.

The three goals are a continuity of the PRIHATIN, PRIHATIN SME PLUS, PENJANA and KITA PRIHATIN stimulus packages. Besides a more targeted approach, the Government will strike a balance between the Government’s financial sustainability, reduce the urban and rural development gap and uphold the values to shape the economy that we aspire for through this Budget 2021.

First Goal: Rakyat’s Well-Being

The first goal of Rakyat’s Well-Being will be manifested holistically, anchored on the fundamental understanding of the people’s problems and worries. Their well-being  remains  our most important concern. Seikat bak sirih, serumpun bak serai.

Strategy 1: COVID-19 Pandemic and Public Health

Our first strategy is to overcome the COVID-19 pandemic and protect public health.  Last August, Members  of this August House have wholeheartedly approved two very important Acts to address the COVID-19 pandemic.

The first is the Temporary Measures to Reduce the Impact  of Coronavirus 2019 (COVID-19) 2020 Act. This Act provides exemption or relief to individuals who are unable to fulfill their contractual obligations such  as  rent  payments  due  to the spread of the epidemic. A COVID-19 Mediation Center was also established to assist the B40 and M40 groups as well as micro industries resolve disputes related to their contractual obligations.

The second, the Temporary Measures for Government Financing (Coronavirus Disease 2019) Act allows the Government’s statutory debt level to be temporarily raised up to 60 percent of GDP, from 55 percent. Under this  Act, Parliament has approved an allocation ceiling of 45 billion ringgit for the COVID-19 Fund.

During the tabling of  this  Act,  there  were  Members of Parliament who called for a higher expenditure ceiling for  the COVID-19 Fund. Taking into account the current epidemic wave and requirements needed until 2022, the Government proposes to submit amendments to the  Schedule  of  the  Act  to this esteemed House to raise the ceiling of  the COVID-19 Fund,  by 20 billion ringgit, to 65 billion ringgit. The main purpose is to fund the KITA PRIHATIN package, additional assistance for the people’s well-being, needs of our frontliners’ and expected procurement of vaccine. I hope the Members of this August House will collectively approve this proposal.

1 2 3 4 5 6 7 8 9 10 Last