Anwar S Mettle As Finance Minister Now Put To The Test


 

There’s a lot riding on the unity government’s budget for the coming year.
The rakyat is hoping for more of everything under Prime Minister Anwar Ibrahim’s Madani Economy and it is up to him, in his other role as finance minister, to deliver.
A well-articulated budget speech alone will do little to convince the people that the government has a plan that will work in their favour.
Anwar will have to show that he can put money in their pocket, relieve them of the hardship they are going through now while ensuring that the economy continues to grow.
A lot of data has been unveiled to give us a rosy picture of the country’s economic well-being but for the layman, the feel good factor is still missing.
And therein lies the problem.
Impact of Covid-19
Many have lost entire savings while others have seen their retirement fund shrink significantly.
Those who have lost jobs and incomes at the height of the global pandemic are still looking for a way out of their financial predicament.
Meanwhile, prices continue to rise. For instance, meals are costlier than they have ever been, making it even less affordable to eat out.
The Malaysian quick-fix is, of course, more subsidies, which already account for a huge chunk of the government’s operating expenditure.
For instance under Budget 2022, RM31 billion was set aside for subsidies but by the end of the year, nearly RM80 billion had been given away, the highest amount ever spent on subsidies in a single year.
Under Budget 2023, the government raised the portion for subsidies to RM55 billion but indications are that a lot more will have been spent before the year is out.
Without a doubt, the allocation for Budget 2024 will rise, as it has with every new budget. A total of RM332 billion was allocated for Budget 2022.
In the original iteration of Budget 2023, the government raised the allocation to RM372.3 billion, but this was revised upwards to RM388.1 billion by the unity government in February. With the revision, the allocation for Budget 2023 was 17% more than that for the previous year.
Most of the money — RM289.1 billion in all — went into underwriting operating cost, leaving just RM99 billion for development.
Revenue from taxes alone is expected to yield RM205.58 billion by the end of this year, up from RM198.23 billion in 2022.
Therein lies a conundrum. Expenditure is rising rapidly but revenue growth continues to trail.
Plugging the holes
More will be expecting additional handouts, civil servants are already asking for a raise and businesses have already begun to submit requests for tax breaks.
Mismanagement, leakages and wastage continue to leach the government coffers.
The cost of servicing the government’s debt will rise.
The federal government’s debt amounted to RM1.08 trillion at the end of 2022, according to the finance ministry. That accounted for 60.4% of the GDP.
If other liabilities had been taken into account, the sum would have risen to RM1.45 trillion, or 80.9% of the GDP.
These other liabilities are guaranteed commitments which come up to RM205.9 billion, 1MDB (RM18.2 billion) and others (RM142.2 billion).
Servicing the debt alone will account for a huge chunk of the government expenditure. The government spent RM46 billion on interests alone last year.
Where the money will come from
Many suggestions on how to raise revenue have been put forward or have already been given the green light.
For instance, the targeted fuel subsidy policy, which is expected to come into force in 2024, will see those in the M40 and T20 pay the full price to fill up. This will save the government a large sum of money given that they have benefited the most from the subsidy.
However, other proposals are not likely to see the light of day, mostly for political expediency.
For instance, calls to abandon the sales and service tax (SST) and revert to the goods and services tax (GST), which will bring the government more money, have met with resistance.
World economic growth is also expected to moderate in 2024, which is certainly bad news for Malaysia. Being an open economy, it is susceptible to challenges elsewhere.
The continued weakening of the ringgit against major currencies worldwide will make imports more expensive for local consumers.
Anwar will have these and more to contend with when he presents the budget for debate at the Dewan Rakyat today.
It may be Friday, the 13th today, but it may yet ring in a new and more auspicious tomorrow. - FMT
The views expressed are those of the writer and do not necessarily reflect those of MMKtT.


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

http://malaysiansmustknowthetruth.blogspot.com/2023/10/anwars-mettle-as-finance-minister-now.html

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Mca Urges Anwar To Resign As Finance Minister

Mca Urges Anwar To Resign As Finance Minister

papar berkaitan - pada 4/10/2023 - jumlah : 189 hits
MCA has urged Prime Minister Datuk Seri Anwar Ibrahim to resign from his post as Finance Minister to give his full focus on the nation s administration The party s central information chief Mike Chong Yew Chuan said Anwar must appoint a sec...
The Huawei Mate X3 Is Now Cheaper In Malaysia By About Rm 1 600 Here S What You Need To Know

The Huawei Mate X3 Is Now Cheaper In Malaysia By About Rm 1 600 Here S What You Need To Know

papar berkaitan - pada 2/10/2023 - jumlah : 205 hits
If you are into foldables but not looking to buy a Samsung device have you checked out the Huawei Mate X3 The model was launched in Malaysia just a few months ago in May and now Huawei Malaysia has just cut the recommended retail price of t...
Pm Anwar Govt Identifying Locations For Foreign Investors In The Renewable Energy Sector

Pm Anwar Govt Identifying Locations For Foreign Investors In The Renewable Energy Sector

papar berkaitan - pada 7/10/2023 - jumlah : 159 hits
Anwar said this is following Malaysia becoming an attraction for foreign investors looking to invest in the renewable energy sector 8212 Bernama photo ABU DHABI The government will identify several suitable locations for foreign investors i...
It S All Out In The Open Now

It S All Out In The Open Now

papar berkaitan - pada 18/10/2023 - jumlah : 194 hits
He added that the bad blood between them had arisen in July and that things deteriorated just before nomination day for the six state elections The simmering feud between Penang Chief Minister Chow Kon Yeow and his predecessor Lim Guan Eng ...
Effective Gdp Growth Is 1 9 Cut The Opr Now

Effective Gdp Growth Is 1 9 Cut The Opr Now

papar berkaitan - pada 11/10/2023 - jumlah : 274 hits
The World Bank says our GDP will grow only 3 9 this year Malaysia s inflation rate is said to be 2 0 The annual inflation rate in Malaysia eased to 2 in July 2023 How many of you believe this Please ask your wife who does the shopping at th...
Anwar Doing Things He Opposed In The Past Claims Sanusi

Anwar Doing Things He Opposed In The Past Claims Sanusi

papar berkaitan - pada 7/10/2023 - jumlah : 135 hits
PN election director Sanusi Nor said Anwar Ibrahim had become a dangerous prime minister PETALING JAYA Perikatan Nasional election director Sanusi Nor has accused Anwar Ibrahim of having become a dangerous prime minister and said Anwar s go...
Temuan Dad Goes The Extra Mile To Put Daughter In Uni

Temuan Dad Goes The Extra Mile To Put Daughter In Uni

papar berkaitan - pada 2/10/2023 - jumlah : 173 hits
Newly enrolled university student Fida Adira 20 with her parents Eron Binchar and Fatimah Ali at Universiti Malaysia Kelantan yesterday KOTA BHARU Eron Binchar of the Temuan tribe in Pahang went the extra mile to show a father s love knows ...
Govt Won T Deny Lgbt Community S Rights Under The Constitution Says Minister

Govt Won T Deny Lgbt Community S Rights Under The Constitution Says Minister

papar berkaitan - pada 18/10/2023 - jumlah : 271 hits
Religious affairs minister Na im Mokhtar said Jakim had no record of same sex marriages in the country KUALA LUMPUR The government will not deny the lesbian gay bisexual and transgender community specific rights stipulated under the Federal...
Title Laugh Your Way To The Bank The Hilarious Importance Of Business And Finance

Title Laugh Your Way To The Bank The Hilarious Importance Of Business And Finance

papar berkaitan - pada 5/10/2023 - jumlah : 257 hits
Are you ready for a rib tickling ride through the world of business and finance Buckle up because we re about to dive into the amusing side of these seemingly serious subjects While the terms business and finance may bring to mind images of...
Kathryn And Sydney S Fantastic Pantyhose Adventure Part One

Orang Tua Sekarang Membunuh Anaknya Secara Halus

Seorang Sahaja Zul Ariffin Tersasul Doa Minta 4 Isteri

The American Society Of Cinematographers Over And Above The Frame Casin

Kenaikan Pangkat One Off Bagi Gred 9 10 11 Sspa

Isu Artis Mangsa Buli Syafiq Yusof Gesa Produksi Main Peranan Perlu Wujudkan Suasana Friendly

15 Creative Diy Fall Garlands To Spruce Up Your Autumn D Cor

Apabila Wanita Tertinggi Dan Paling Pendek Bertemu


echo '';
Senarai Lagu Tugasan Konsert Minggu 1 Gegar Vaganza 2024 Musim 11

Info Dan Sinopsis Drama Berepisod Dhia Kasyrani Slot Akasia TV3

Biodata Terkini Reshmonu Peserta Gegar Vaganza 2024 Musim 11 GV11 Penyanyi Lagu Hey Waley

Gegar Vaganza 2024 GV 11 Hadiah Tiket Peserta Juri Format Pemarkahan Dan Segala Info Tonton Live Di Astro Ria Dan Sooka

6 Janji Donald Trump Kalau Dia Naik Jadi Presiden Semula


Silat Gayong

Kaki Pelancong Terpaksa Dipotong Semasa Berkayak

3k 2025 Siap Sedia Sebelum Terlambat

Mahazalim Mahafiraun Mahakaya Why Didnt You Call Him Mahaliwat

What Grade Does Faisal Deserve For Abim S Role On Race Religion

Trump S Victory Shows Power Of Greed And The Ultra Rich