PETALING JAYA: Prime Minister YAB Dato’ Seri Anwar Ibrahim introduced 17 ‘big, bold measures aimed at stimulating the nation’s economic development over 10 years. The government increased RM15 billion expenditure ceiling for the 12thMalaysia Plan Mid Term Review (12 MP MTR) making its total allocation to RM415 billion to enhance management quality and reallocate subsidies to cover basic needs.
The MEF President Datuk Dr Syed Hussain Syed Husman, P.J.N., J.P., lauds the 17 bold new initiatives of the 12 MP MTR to catalyze socioeconomic development through three main focuses, namely strengthening sustainability, developing prosperity and achieving high incomes. The 12MP MTR was initiated to evaluate achievements of the five-year plan in its first two years (2021-2022) and the directions for the next three years (2023-2025) towards achieving a sustainable, prosperous, and high-income nation, taking into the realities of current domestic challenges and global trends.
Datuk Dr Syed Hussain adds further that “MEF is confident that the 17 new initiatives will be the catalysts to ensure that Malysia will be able to uplift its economic status to greater heights in line with the Madani Economy Framework announced earlier The 12MP MR will need to be realigned with the Madani economic policy, which aims to empower and accelerate the country’s economy for the next 10-years. The new shift includes specific focus on:
(i) Eradicating extreme poverty: RM1.5 billion for programs to increase income.
(ii) Economic Structural Reform to areas such as Energy Transition Industry, Digital Industry, high value E&E, Food Security, Rare Earth Industry.
(iii) Leading the Islamic Economy with a focus on halal and toyyiban as well as Islamic Finance innovation in line with the principles of Maqasid Sharia and justice.
(iv) Focus on exporting services such as global services, creative industries, aerospace, tourism.”
“The priority of spending by the Unity Government is on basic infrastructure for the Rakyat, which includes:
(i) Health: 1,200 infirmary clinics nationwide will be upgraded between 2023 and 2025
(ii) Education: commitment to rehabilitate poor schools.
(iii) Road Network: Sarawak-Sabah Link Road II, Pan Borneo Sabah.
(iv) Transport: Penang Airport expansion and Subang redevelopment; New Port Development on Carey Island.
(v) Energy: improving the reliability of electricity supply in Sabah.
(vi) Water Supply: especially in Kelantan and Sabah.
(vii) Food Security: rice field infrastructure in MADA, Kedah
(viii) Flood Mitigation: commitment to the implementation of flood mitigation projects.
(ix) Border Security: Development of a naval base in Bintulu, and Littoral Mission Ships to strengthen the Malaysian Armed Forces.”
“The Unity government initiatives in placing importance on proper expenditure planning by carrying out Sustainability Reform, Governance and Government Delivery System will ensure that the 17 new shifts are practical and implementable.
The initiatives put in place under Institutional and governance reforms includes:
(i) Governance reform focuses on Legislation Related to Corruption, Government Procurement based on open tender.
(ii) fiscal deficit target of 3.5% of GDP or better in 2025.
(iii) Innovation of the public delivery system to speed up the implementation of Development projects, improve the effectiveness of service delivery to the Rakyat.
(iv) Digitization of services supported by National Digital Identity and Advanced Technology Government.”
Datuk Dr Syed Hussain states further that “MEF is happy to note that the Unity Government takes radical approaches to resolve major issues of Malaysia’s economic structure. The policy transitions take into account the views of industries and all the stakeholders, as well as the country's financial capacity, the availability of skills and Rakyat’s acceptance. What is critical is that the 12MTR MP will continuously improve and establish better business friendly environment for investors both local and FDI.”
For further information, please contact the MEF Secretariat at 03-7955-7778 or fax 03-7955-9008 or email
mef-hq@mef.org.my.
11 September 2023