Tengku Zafrul sees pathway to recovery with expansionary Budget 2022

Tengku Datuk Seri Zafrul Aziz said on Thursday the Budget proposals, which will be unveiled on Oct 29, he said will focus on the 3Rs of speeding up recovery, strengthening economic resilience, and catalysing reform. (File pic).

KUALA LUMPUR: Malaysia’s pathway to recovery will continue with Budget 2022, which will be expansionary while laying the foundations for the Government’s wider and longer-term reform efforts, Finance Minister Tengku Datuk Seri Zafrul Aziz said on Thursday.

The Budget proposals, which will be unveiled on Oct 29, will focus on the 3Rs of speeding up recovery, strengthening economic resilience, and catalysing reform, he said.

Zafrul emphasised that in the spirit of transparency, the Ministry of Finance recently introduced a pre-budget statement and four consultation papers, a first in its history.

Speaking at the Invest Malaysia 2021, he said MoF had to date, received over 1,000 responses and comments.

“And, more than ever, we are engaging and consulting with more Malaysians from all walks of life, and across numerous sectors,” he added.

Zafrul also shared some emerging thoughts based on its engagement sessions thus far.

He said that firstly, beginning with Budget 2021, MoF had mapped its budget initiatives to the Sustainable Development Goals. This, he said, will continue in Budget 2022;

Secondly, financial assistance will remain ongoing for those most impacted, especially the B40 group, the unemployed and the vulnerable;

Thirdly, support for businesses will remain steadfast be it via affordable financing schemes, better access to credit or grants, to support operations while pivoting them towards increased automation and digitalisation;

Fourthly, there will be increased focus on sustainability and improving the resilience of the environment and water assets, following increased focus towards ESG, net zero emissions targets and further development of Malaysia’s circular economy;

“Next, we will improve the labour market by, amongst others, focusing on hiring incentives in addition to subsidising wages;

“And finally, we will be enhancing fiscal prudence by improving the government’s procurement and debt management process while enhancing tax enforcement measures,” Zafrul said.