The Malaysian 2024 Budget, which is themed “Madani Economy: Empowering the People”, was announced on...
The Malaysian 2022 Budget was announced on 29 October 2021 by the Minister of Finance. The 2022 Budget has a total allocation of RM332.1 billion which can be broadly distributed as follows:
The 2022 Budget was built upon the concept of ‘Keluarga Malaysia” or the Malaysian Family aimed at elevating and healing the nation. It was crafted to protect and drive recovery of livelihoods post-pandemic, rebuilding national resilience and catalysing reforms. It was conceptualised as a recovery budget to support the Government’s wider and longer-term reform efforts under the 12th Malaysian Plan. At the same time, the 2022 Budget is a continuation of the eight stimulus packages introduced since the pandemic.
As part of its Fiscal Reform Agenda (FRA), the Ministry of Finance (MOF) has since published a public consultation paper to obtain input and feedback on the formulation of the FRA. The consultation paper includes the rationale, issues related to fiscal management and the proposed framework for FRA.
The consultation paper was made available to the public on the MOF Budget 2022 portal from 3 to 15 September 2021. MOF has received positive feedback from the public on the proposed FRA framework as outlined in the consultation paper. In general, the public were very supportive of the Government’s efforts to enhance its governance, transparency and accountability in fiscal management through the introduction of the FRA. Feedback from industry players were taken into account in drafting the 2022 Budget.
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