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Malaysia Faces Challenging 2023 But Government Remains Responsive, Responsible & Reformist, Said Finance Minister

Malaysia Faces Challenging 2023 But Government Remains Responsive, Responsible & Reformist, Said Finance Minister

In order to face the rough seas ahead, Zafrul said that the recently tabled Budget 2023 was drafted with the “3R” principle in mind.

Akmal Hakim

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The government remains responsive in aiding Keluarga Malaysia’s entrepreneurs said Caretaker Finance Minister Senator Datuk Seri Tengku Zafrul Abdul Aziz.

The Minister was present to give a speech at the Karnival Usahawan & Koperasi Keluarga Malaysia Negeri Selangor taking place at Dataran Eco Grandeur, Puncak Alam today (20 October) together with Caretaker Prime Minister Datuk Seri Ismail Sabri Yaakob and Caretaker Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar.

(Credit: MOF)

In his speech, Zafrul noted that the country’s economy has gone through a lot because of the recent pandemic and external factors like geopolitical tensions and the rise in global commodity prices that led to inflation.

If we reflect on 2020 and 2021, it was challenging for entrepreneurs, especially small traders, to face the Covid-19 pandemic. Many have gone out of business and struggled to make ends meet for their family… The government is always responsive in helping Keluarga Malaysia, including its entrepreneurs through multiple aid packages totalling RM530 billion, as well as, Budget 2021 and 2022 totalling RM650 billion.

Caretaker Finance Minister Senator Datuk Seri Tengku Zafrul Abdul Aziz.

Despite slowdowns, Zafrul explained that the government is confident that the economy will remain stable with the country’s Gross Domestic Product (GDP) being reevaluated to be between 6.5% to 7%.

The Minister however added that Malaysia is not out of the woods yet. He elaborated that the country is in for a challenging 2023 due to extended geopolitical conflicts, global inflation and slow economic growth.

Budget 2023 and the three R’s

In order to face the rough seas ahead, Zafrul said that the recently tabled Budget 2023—allocating as much as RM372.3 billion to entrepreneurs—was drafted with the “3R” principle:

  • Responsive
  • Responsible
  • Reformist

Zafrul also outlined several programs proposed by the government in order to support Malaysia’s entrepreneurs, in line with the 3R principle:

  • Revamping the “SemarakNiaga” program with RM45 billion worth of funds. RM1.7 billion will be available specifically for micro-loans and facilities to benefit small traders.
  • A one-off grant worth RM1,000 to registered small,  minimum and micro enterprises (SMEs). The program in total will amount to RM1 billion and would benefit at least 1 million entrepreneurs.
  • Reduced rate on taxable income for SMEs from 17% to 15% for the first RM100,000.

The Minister employs Malaysia’s entrepreneurs to seize the opportunities provided by the government if Budget 2023 were to pass.

On a side note, the Finance Ministry had also released several inspiring pieces of content featuring as many as 20 Malaysian entrepreneurs and the life of ordinary Keluarga Malaysia members who’ve managed to succeed with their businesses with help from the government.

The videos are available for viewing on the official MOF Malaysia YouTube channel. Check out one of our favourites below;


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