Budget 2021 allocation biggest ever at RM322.5bil (Updated)


  • Nation
  • Friday, 06 Nov 2020

PETALING JAYA: The allocation for Budget 2021 is RM322.5bil, the largest on record for the country.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said RM236.5bil had been allocated for expenditure, RM69bil for development, and RM17bil to deal with the Covid-19 pandemic.

“Another RM2bil has been allocated for contingency savings, ” said the Finance Minister during the tabling of Budget 2021 in parliament on Friday (Nov 6).

A total of RM297bil was allocated for Budget 2020.

Zafrul said that government revenue had been affected because of the Covid-19 pandemic, with this year’s revenue revised to RM227.3bil, a reduction of almost RM18bil from the original projection of RM244.5bil.

He said despite the lower revenue scenario, the government would not compromise in protecting lives and livelihoods in battling Covid-19.

“Thus, total allocation for 2020 is estimated at RM314.7bil in terms of expenditure, an increase of RM17.7bil compared to the original projection.

“The rise in expenditure is intended to finance the stimulus package and economic recovery.

"Therefore, the fiscal deficit for 2020 is estimated to increase to 6% of GDP compared to the original target of 3.2%,” he said.

Zafrul said the effects of the Covid-19 epidemic would continue to be felt next year, with the 2021 revenue expected to be RM236.9bil.

“Nevertheless, the government has decided that the 2021 Budget is an expansionary budget,” he said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Allocation , Budget 2021 , Biggest

   

Next In Nation

Possible flash floods in Johor, Pahang, Sarawak
Dr Wee visits latest flood relief centre to open in Ayer Hitam
Fire breaks out in Taiping's Tupai industrial zone, no casualties reported
Umno purge: I'd rather be sacked than in be cahoots with current party leadership, says Noh
Umno purge: Why appeal when no due process in first place, says Shahril
Melaka wants schools to promote harmonious environment, unity, says CM
No politics, this is for flood matters only, says Zahid at Johor presser
African swine flu: 23 Penang pig farms hit
Malaysia to distribute one million copies of the Quran worldwide, says PM Anwar
Floods: Victims can replace lost, damaged identification documents without penalty, says Home Minister

Others Also Read