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Malaysia to unveil new 2023 budget on February 24

CNA – Malaysia’s new government will present its budget for 2023 on February 24, according to a schedule published on the Parliament’s website.

The previous administration under former Prime Minister Ismail Sabri Yaakob had on October 7 unveiled a smaller budget for 2023, but it was never approved as Parliament was dissolved to make way for national elections.

Malaysia’s newly-elected Prime Minister Anwar Ibrahim, who is also the nation’s finance minister, is expected to present an updated budget when Parliament convenes in February.

He has ordered a review of the government subsidies programme, aiming to direct money toward low-income groups. Malaysia is estimated to spend a record MYR77.7 billion on subsidies this year.

A view of the Kuala Lumpur city skyline. PHOTO: CNA