26 September 2022
Discover some of Budget 2022 key highlights achievements
With the theme ‘Keluarga Malaysia, Makmur Bersama’, Budget 2022 was implemented to focus on three thrusts – protecting and driving the recovery of lives and livelihoods, rebuilding national resilience, and catalysing reforms.
The budget was set to be expansionary while laying the foundations for the government’s wider and longer-term reform efforts, and also to complement the Malaysia Digital Economy Blueprint (MYDigital) and 12th Malaysia Plan.
It is the largest budget to-date, with an allocation of RM332.1 billion, surpassing Budget 2021's allocation of RM322.54 billion.
Below are some of the Budget 2022 key highlights achievements, divided into 4 pillars:
Focusing on the Rakyat’s Wellbeing
The Bantuan Keluarga Malaysia (BKM) worth RM7.15 billion has benefitted 8,608,951 people. The direct cash assistance initiative announced in Budget 2022 was to help those in need to recover post-pandemic and ease the cost-of-living burden.
- The government has also introduced the RM150 e-Pemula programme worth RM266.03 million which benefited 1,773,514 people. The ePemula programme is one of the initiatives announced under Budget 2022 which aims to lighten the burden on youth’s expenses, encourage cashless spending by youth and increase the adoption of cashless transactions by brick and mortar businesses.
- Agenda Perpaduan - Provision of RM6,000 grant for each Rukun Tetangga worth RM47.56 million benefitting 7,927 recipients.
- JaminKerja – MySTEP worth RM101.43 million benefitting 11,703 job seekers. MySTEP is a programme announced by the Minister of Finance which provides training and short-term placements in the Public Sector as well as Government Linked Companies (GLCs) and its strategic partners.
- Strengthening neonatology and paediatric services worth RM24.49 million that benefitted 64 Government Hospitals.
- SLDN Upskilling and Reskilling programmes worth RM11.83 million and benefitting 3,503 participants.
Building Resilient Businesses
In 2022, the Malaysian economy showed a strong post-COVID-19 recovery with robust economic growth and the return to full workforce.
Budget 2022 has focused on strategies to restore business capabilities which include ensuring access to financing, drive strategic investments and revive targeted sectors.
The Syarikat Jaminan Pembiayaan Perniagaan (SJPP) assistance worth RM1.74 billion, has benefitted 3,807 businesses and also helped enable SMEs to obtain financing especially during difficult times.
- Micro Financing Programme for Hawkers and Small Traders worth RM1.44 billion benefitting 64,223 beneficiaries.
- MyCIF – Equity Crowdfunding (ECF) & Peer-to-Peer Financing (P2P) worth RM84.48 million benefitting 2,036 beneficiaries
- The SME Digitization Grant Scheme worth RM38.61 million benefitting 21,575 beneficiaries
- JaminKerja – Wage Incentives worth RM28.8 million benefitting 19,562 businesses.
- 0 (wage subsidy) worth RM210.19 million benefitting 119,813 employees; 7,928 employers.
Creating a Prosperous and Sustainable Economy
The Government is committed to strengthen its development agenda so that growth remains sustainable and inclusive. This can be seen when our economy grew in three consecutive quarters: Q4 2021 - 3.6%; Q1 2022 - 5.0%; Q2 2022 - 8.9%.
Our country’s unemployment rate also reduced to 3.7% in July 2022 (compared to 5.3% in May 2020).
- The Industrial Production Index (IPI) recorded an increase of 12.5% for July 2022.
- The value of wholesale and retail trade for July 2022 increased 41% to RM130.7 billion.
- Inflation rate at 2.8% for the first seven months of 2022.
Measures Taken by the Government
The government was determined to see orderly implementation of all strategies outlined in the 2022 Budget, hence the 2022 Budget Monitoring Committee was established to ensure the well-being of the people, a resilient business sector, and a prosperous and sustainable economic growth.
- Issuance of Pre-Budget Statements
- 164 engagement sessions on Budget 2023 based on a whole-of-nation approach.
- Government and MOF are always responsive in their measures to mitigate and ease the rakyat’s burden.
Overall Budget 2022, has strengthened and ironed out obstacles faced by many sectors. The government remains committed to improving the rakyat’s wellbeing, enhancing the competitiveness of businesses and strengthening the nation’s resilience against future shocks.
Towards this, the government is open to feedback and proposals from the rakyat, civil society and businesses to contribute towards crafting Budget 2023. Let’s look forward to the new Budget 2023 that would be tabled on October 7, for the upcoming year!
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(Web source: https://www.malaysiakini.com/brandedcontent/637077)