Budget 2024 Malaysia Date announcement: What Are The Summary & Highlight on 23 October 2023
What is the budget 2024 announcement? The national budget is an annual economic plan presented every year by the Federal Government of Malaysia. It was held to identify the government’s proposed spending results and the forecast of the economic situation in the next year.
This national budget will be presented to promote economic growth and income distribution towards more sustainable national economic growth.
Through the national budget, government expenditure estimates will be announced to create new policies and initiatives that will be created and introduced by the government that will benefit society for a long time. Usually, the Malaysian budget will be presented in the last quarter of the year, which is between September and December.
Therefore, the Malaysian Finance Minister plays an important role in managing the 2024 Budget so that it can benefit all parties without excluding any rights of the community. The presentation of the 2024 Budget is expected to be able to increase the national economy on a par with other developed countries as well as create new policies for the well-being of the community.
When is Malaysia Budget 2024 Date
In a Libat Urus Belanjawan 2024 event recently, the Prime Minister of Malaysia announced the Malaysia budget 2024 date, which will be tabled on October 13, 2023.
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The policies of the 2024 Budget will be presented in Parliament based on two (2) main targets, which are Asia’s Economic Leader and Quality People’s Life.
Both of these targets are raised with the aim of empowering the MADANI economy for the well-being of the people and the country.
Budget 2024 Summary Malaysia
Budget 2024 summary Will be update
What Is The Total Budget 2024 Announcement
Every year, the Malaysian government allocates billions of Ringgits to empower the country’s economy, society, and politics towards better national development in line with a global standard.
A period of 21 days will be debated after the date of the presentation of Budget 2024 in the Dewan Rakyat to reach a consensus and the approval of all parties for the common good.
Referring to the total budget allocated for the previous years, from 2019 to 2023, the total budget for the previous 5 years is worth RM331.64 million on average.
For the year 2024, the total spending budget is different and is still in government negotiations.
The allocated budget amount will be announced on the day of the 2024 budget presentation.
Who Will Be Presenting The Tabling of Malaysia Budget 2024
Generally, the national budget will be announced by the Minister of Finance in the current year.
As for the 2024 Budget, it will be announced by Dato’ Seri Anwar Ibrahim, the Malaysian Finance Minister and Malaysian Prime Minister, in Parliament.
This budget 2024 announcement will be done physically and online to get input from all parties.
SOURCE: MOF
What Is The Budget Defisit
The current economic situation will have an impact on next year’s Budget. This means that the national expenditure for the year 2023 will have an impact on the 2024 budget.
Therefore, the reduction of national expenditure and taxation on the T20 group is practiced to reduce the deficit budget gap.
At this point, the government is trying to stabilize the rate of national income and the standard of living in the community.
Not only that, government subsidies and aid will continue to be channeled to the communities that belong to the B40 and M40 groups that are eligible, while the upper class will be taxed to generate national income to benefit the lower class.
Because of this, the government needs to take various approaches to reduce this deficit budget gap for the presentation of the 2024 budget.
A deficit budget can indirectly affect the country’s economic development in the following year.
Hence, the gross domestic product (GDP) rate needs to increase from time to time to reflect the better development of the country.
What Are The Functions of Budget
Every country will present its annual budget, which can have a positive impact on the country in the long run.
The budget that is presented every year in Malaysia is intended to identify the proposed income and expenditure of the country as well as forecast the state of the economy in the next year.
The government must ensure that the presentation of this budget will benefit the community and the country in the long term for the country’s development.
The budget presented by the Minister of Finance must meet the needs and interests of the community. Not only that, it must guarantee the well-being of the people as well as improve the country’s more sustainable economy.
Through the presentation of the budget as well, government initiatives and policies must be enforced and improved over time.
Furthermore, the annual national budget must be able to increase national income through international and domestic investment activities.
Generating this income is important to increase Malaysia’s GDP rate while improving the standard of living of the community, reducing job loss rates, inflation, foreign currency exchange, and more.
Therefore, the Budget malaysia must be presented every year to measure the current level of the Malaysian economy in order to prevent recession and inflation.