Find out more about the revised RM388 billion Budget 2023 that was tabled by prime minister and finance minister Dato' Seri Anwar Ibrahim on February 24, 2023
The revamped Budget 2023, under the theme Belanjawan Madani, sees an RM15.8 billion increase compared to the RM372.3 billion initially allocated by the previous government of Dato' Sri Ismail Sabri. It’s the first budget tabled by the new Unity Government after the 15th General Election (GE15).
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During his speech, Anwar presented a realistic picture of Malaysia’s economy (high national debt of RM1.5 trillion) and stressed the need to achieve a sustainable level of fiscal deficit, spurring economic growth and investments, and protecting the people. The revised Budget 2023 places emphasis on driving an inclusive and sustainable economy, inspiring confidence with institutional and governance reforms, and facilitating social justice by reducing inequality.
PwC Malaysia tax leader Jagdev Singh welcomed this, stating: "The re-tabled Budget 2023 takes a very structured approach to address the challenges the nation is expected to face in view of continuing global economic uncertainty. In his Budget speech, the finance minister shared proposed measures to address these challenges. This is a shift from previous Budgets and adopts an approach that is more strategic and reformist in nature in dealing with issues faced by the nation as a whole."
Below are the key highlights.
1. Education
The education ministry gets RM55.2 billion, the highest allocation.
RM1.2 billion will be allocated to repair 400 dilapidated clinics and 380 dilapidated schools, and RM560 million to build seven new schools.
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The higher education ministry gets RM15.3 billion: RM436 million to improve and replace old infrastructure in public universities, RM35 million to improve internet connectivity in higher education institutions, and RM428 million for research and development activities.
Additionally, PTPTN borrowers with monthly salaries of RM1,800 and below will be eligible for a moratorium of six months for repayments.