Malaysia plans record budget to bolster economic recovery
ABC News
Malaysia’s government is proposing a record budget for 2022 to bolster an economic recovery following the coronavirus pandemic, with industrial incentives and cash handouts for the poor and a one-time tax for high-income companies
KUALA LUMPUR, Malaysia -- Malaysia's government on Friday proposed a record budget for 2022 to bolster an economic recovery following the coronavirus pandemic, with various industrial incentives and cash handouts for the poor and a one-time tax for high-income companies.
Finance Minister Zafrul Aziz introduced in Parliament the budget proposal of 332.1 billion ringgit ($80.2 billion), up from 320.6 billion ringgit ($77.4 billion) in the current year.
He said a virus lockdown in the third quarter has set back an economic recovery. With 95% of adults and more than 60% of teenagers fully vaccinated, he said the budget is designed to “strengthen economic recovery, build resilience and drive reforms."
The budget is the first under the administration of Prime Minister Ismail Sabri Yaakob, who took office in August after two changes of government since 2018 elections.
