by Datuk Dr Pamela Yong & Kat Wong
We appreciate the fact that the MOF has acknowledged the need for fiscal discipline and took the bold steps to move towards reducing the nation’s fiscal deficit progressively cognizant of the implications of any major shift in strategy. Nevertheless, we are relieved that the fiscal deficit for 2024 is targeted at 4.3% compared to 5% and above in the last two years.
In addition, we are glad that Budget 2024 attempts to redistribute savings from impending subsidy rationalisation and savings from more prudent government spending to widen the spread of aid, assistance, cash transfers to lower- and middle-income groups, and farmers. PM Anwar also assured Malaysians that the government will exercise responsible spending use the savings from lower subsidies to directly fund development activities including green initiatives, improving productivity of agro- activities and prioritise improving the living conditions for millions of government personnel.
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