PETALING JAYA: The national budget will include public sector reforms aimed at reducing bureaucracy, improving ease of doing business and encouraging investments in the country, says the Prime Minister’s Office (PMO).
In a statement, the PMO said the budget will also see increased allocations for development and improved government services and infrastructure in rural areas.
“This is in line with the Madani concept to ensure all layers of society enjoy progress.
“The government will maintain its expansionary fiscal policy to support economic growth,” the PMO said, adding that Putrajaya was also committed to reducing government debt.
It said this was to ensure the ratio of the government’s debts and liabilities to the gross domestic product (GDP) would remain under control.
“In 2022, the government’s debts and liabilities nearly surpassed RM1.5 trillion or more than 80% of the GDP with the debt servicing ratio expected to be more than 15% of revenue.”
The PMO said with global economic growth expected to moderate in 2023, the national budget will reflect the government’s commitment to growth, equitable distribution, and social justice.
Prime Minister and finance minister Anwar Ibrahim will table the national budget in the Dewan Rakyat on Feb 24.