Malaysia’s Finance Minister Tengku Zafrul Aziz will table the 2021 budget in Parliament this afternoon. The Perikatan Nasional administration aims to boost the economy with a bigger allocation compared to Budget 2020.
The budget tabling is taking place at 4.00pm today (6th November). You can watch it live via RTM or through the Ministry of Finance’s website. You can also stream live on RTM’s MyKlik website. The full details of Budget 2021 will be published on the Ministry’s website after the tabling in Parliament.
As mentioned by the Finance Minister last week, Malaysia aims to increase spending in order to create more jobs and to restart Malaysia’s economy. When asked if there are plans to cut down on development projects, he said that the government will spend more on development projects next year while saving on operation costs. He explained that Budget 2021 is an expansionary budget, and development projects can create job opportunities and big economic spillovers.
Several quarters including those from both government and opposition had also called upon the government to extend the loan moratorium as individuals and businesses are still trying to cope with the impact of COVID-19. MATTA had recently suggested for the loan moratorium to be extended until June 2021.
Budget 2020 which was tabled by the Pakatan Harapan government had an allocation of RM297 billion. This consists of RM241 billion for operating expenditure while RM56 billion is allocated for development expenditure. Some of the key announcements made last year include tax for digital services and RM30 eTunai Rakyat. The previous administration had also announced the Petrol Subsidy Program which wasn’t implemented.
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