KUALA LUMPUR: The 2020 Budget is expected to raise confidence in the economy but needs to be continually monitored to ensure its effectiveness.
As such, the chairman of the Special Parliamentary Select Committee on the Budget and Jeli MP Mustapa Mohamed said the progress of development and government revenue needs to be reviewed every six months.
“The people should be kept informed as to what has been achieved in terms of expenditure, particularly for development projects, and revenue,” he said after the “Ruang Bicara” programme at Wisma Bernama here last night.
Mustapa said the 2020 Budget took cognizance of future challenges, digitalisation and the Industrial Revolution 4.0, among others.
He said many had expected the government to reduce spending in the 2020 Budget following the current challenging conditions.
“But the government has still been able to increase spending and continue spending. So, as Prime Minister Tun Dr Mahathir Mohamad said, many are happy.
“The government, must however, improve communications and provide clarification to the people on the policies implemented,” Mustapa added.
In tabling the budget in Parliament yesterday, Finance Minister Lim Guan Eng said the government needed RM297 billion as total expenditure for 2020, a rise of RM19.5 billion when compared to RM277.5 billion for last year.
Lim said the figure did not include contingent savings of RM2 billion.
The 2020 Budget has RM241 billion allocated for operational expenses and RM56 billion as development expenditure.
Government revenue is projected to reach RM244.5 billion next year, an increase of RM11.2 billion compared to 2019, and not taking on board the special dividend from Petronas of RM30 billion.