Malaysia to unveil new 2023 budget on Feb 24

Malaysia to unveil new 2023 budget on Feb 24
A view of the Kuala Lumpur city skyline in Malaysia on Aug 15, 2017. (Photo: Reuters/Lai Seng Sin)

KUALA LUMPUR: Malaysia’s new government will present its budget for 2023 on Feb 24, according to a schedule published on the parliament’s website.

The previous administration under former Prime Minister Ismail Sabri had on Oct 7 unveiled a smaller budget for 2023, but it was never approved as parliament was dissolved to make way for national elections.

Malaysia’s newly-elected Prime Minister Anwar Ibrahim, who is also the nation’s finance minister, is expected to present an updated budget when parliament convenes in February.

He has ordered a review of the government subsidies programme, aiming to direct money toward low-income groups.

Malaysia is estimated to spend a record RM77.7 billion (US$17.4 billion) on subsidies this year.

Source: Reuters/zl