Budget 2023 to focus on initiatives for M'sia to face challenges of bleak global economy — PM

Budget 2023 to focus on initiatives for M'sia to face challenges of bleak global economy — PM

PUTRAJAYA (Aug 21): Prime Minister Datuk Seri Ismail Sabri Yaakob said the upcoming Budget 2023, to be tabled in October, will touch every segment of society, with a focus on preparing everyone to face the challenges of the world economy, which is expected to be more "bleak" next year.

The premier said the engagement process for budget preparation is currently under way and will involve several parties.

“We will meet everyone, including the Opposition. We will meet all of them — associations, the business community, farmers and breeders. The budget consultation will be held next week,” he said in an interview themed "Inspirasi Setahun Keluarga Malaysia" at Seri Perdana here.

This Sunday (Aug 21) marks Ismail Sabri’s one-year anniversary in leading the Government.

On Aug 15, Ismail Sabri said that Budget 2023 will, among other things, continue to emphasise the welfare of Keluarga Malaysia (the Malaysian Family). It will also take into account the country's readiness to face the possibility of a more challenging global economic crisis.

In July, International Monetary Fund (IMF) managing director Kristalina Georgieva said the fund expects the global economic situation to continue to be challenging in 2022 and 2023, with increased risk of a recession.

According to the IMF, the overall outlook is described as "extremely uncertain", and inflation rates will rise sharply, causing central banks in major economies to tighten monetary policy.

Commenting further, Ismail Sabri said he is confident that the tabling of Budget 2023 in the Dewan Rakyat will obtain the full support of the Opposition because it is one of the essences signed by the two sides in the Memorandum of Understanding (MOU) on Transformation and Political Stability.

“In terms of the MOU, they (the Opposition) should support us. [It's] the same process as last year's budget. They will give their support, in terms of the MOU, unless the election is held before the tabling of the budget,” he said.

The MOU, which was signed in September last year, aims to bring stability and a new dimension to the country's politics. No end date has been set, and the Government and the Opposition have agreed to cooperate. Support will be given to the prime minister until Parliament is dissolved.

http://www.theedgemarkets.com/article/budget-2023-focus-initiatives-msia-face-challenges-bleak-global-economy-%E2%80%94-pm