10 key budget highlights

10 key budget highlights

RM55 billion was allocated for government subsidies, aid and incentives while the education ministry received the largest allocation of any ministry with RM55.6 billion.

Tengku Zafrul Aziz taking media questions after announcing the 2023 federal budget. The biggest budget item is RM55 billion for subsidies.
PETALING JAYA:
The education and health ministries received the biggest allocations under the RM372.3 billion Budget 2023, but other ministries and sectors were also allocated large sums of money.

Here are the 10 key highlights of the national budget as announced by finance minister Tengku Zafrul Aziz.

1. RM55 billion was allocated for government subsidies, aid and incentives. This includes RM7.8 billion for Bantuan Keluarga Malaysia aid, which will benefit 8.7 million people, and RM2.5 billion in welfare aid for 450,000 households.

2. The education ministry received a RM55.6 billion allocation, the largest of any ministry. At least RM1.1 billion of this money would go towards the repair and maintenance of all schools to ensure students have a safe and conducive learning environment.

3. The health ministry received a RM36.1 billion allocation. This includes a RM4.9 billion allocation for public healthcare and RM1.8 billion to build new health facilities and procure new medical equipment.

4. RM45 billion was allocated for grants and loans for entrepreneurs under the Semarak Niaga funds, while RM10 billion in funds from Bank Negara Malaysia would be set aside to automate and digitise small and medium-sized enterprises.

5. The government allocated RM15 billion for flood mitigation initiatives and RM2 billion to build retention ponds to reduce the risk of floods.

6. Digital Nasional Bhd received a RM1.3 billion allocation to increase 5G internet coverage nationwide.

7. Government-linked companies and government-linked investment companies would invest RM50 billion next year, RM45 billion of which in direct domestic investments.

8. A RM1.5 billion allocation would be used for a RM100 increment for all civil servants between Grade 11 and Grade 56, while RM1.3 billion would be used for a one-off RM700 special aid for 1.3 million civil servants under Grade 56.

9. RM11.7 billion was allocated for infrastructure projects in Sabah and Sarawak, as well as health and education facilities.

10. The defence ministry received RM17.4 billion, including RM4 billion for the purchase of new military assets.

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