KUALA LUMPUR, Oct. 13 (Xinhua) -- Malaysia unveiled an expansionary national budget for 2024 on Friday as the government seeks to strengthen the economy and ease the cost of living.
The allocation for the coming year will be a total of 393.8 billion ringgit (83.26 billion U.S. dollars), with around 303.8 billion ringgit being earmarked for operational expenditures and 90 billion ringgit for development, Prime Minister Anwar Ibrahim said in his tabling of the budget at the lower house of parliament.
Anwar, who is also the finance minister, said the budget has three focus points, namely, best governance for service agility, restructuring the economy to accelerate growth and improving the people's living standards.
He said the government would ease the cost of living through the allocation of subsidies on food, fuel energy and other essential needs, which will be enabled through savings and increased revenue.
The government aims to increase its revenue base without burdening the people, through implementing a tax on certain luxury goods and increasing the sales and service tax from the current 6 percent to 8 percent, with food, beverages, and telecommunications being exempted.
"So Budget 2024 conveys the determination and seriousness of the government to raise the economic level of the country and the people," he said.
He added that the government expects a gross domestic product (GDP) of 4 to 5 percent next year. ■
