Budget 2023 tabling important for investors’ confidence, policy reference – MoF
12 Oct 2022
The tabling of Budget 2023 on Oct 7 is not in vain, despite it having to be re-tabled after the 15th General Election (GE15), as it is very important for investors’ confidence and policy reference to the business and investment sectors for planning purposes, especially regarding the country’s economic prospects, the Ministry of Finance (MoF) said.
Furthermore, it said the economic and gross domestic product (GDP) growth forecasts were only published by the government 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 the 2023 Budget is not tabled, this will increase the sentiment of uncertainty, which will certainly have a negative impact on investor confidence,” it said in a statement today.
It said the budget also needed to be tabled for orderly financial planning such as estimated income, allocations and expenses for the year 2023.
The ministry said efforts to prepare the Budget 2023 took six months, involving more than 200 engagement sessions with stakeholders and selected sectors as well as the study of more than 250 memorandums and 12,000 proposals.
Bantuan Keluarga Malaysia
It said the budget 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 such as Bantuan Keluarga Malaysia (BKM) and tax reduction as well as long-term development plans to improve, among others, basic infrastructure in urban and rural areas, public transport, education and health to elevate the people’s quality of living.
“With the tabling of Budget 2023, the government can straight away implement it on January once a new government is formed after the GE15,” it said.
Private, investment sectors planning
Besides that, it said Budget 2023 tabling is also an important policy reference for the private and investment sectors’ planning, especially regarding the country’s economic prospects.
It said among them were the Semarak Niaga programme measures worth RM45 billion that supported business expansion, including financing facility, various tax incentives to encourage strategic industries as well as financial management and the government fiscal position.
1999 October Budget
The ministry said based on the previous experience, the Budget 2000 was tabled at the Parliament in October 1999 prior to the Parliament dissolution and was re-tabled and passed in February 2000.
Therefore, it said the ministry is committed to retable and implement Budget 2023.