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BUDGET 2024, presented by Prime Minister Datuk Seri Anwar Ibrahim in parliament on 13 October 2023, and subsequently passed at the policy stage on 2 November 2023, bears the theme “Economic Reform, Empowering People”. This strategic fiscal blueprint underscores the government’s commitment to good governance and fiscal accountability, as well as economic development and welfare enhancement with a particular focus on the underprivileged segments of society.
Expanded Revenue Base as Part of the Fiscal Consolidation Framework
The fiscal year 2024 heralds Malaysia’s most extensive budget yet, standing at RM393.8bil. Notably, the government expects a 9% reduction in the fiscal deficit to RM86.2bil compared to the 2023 budget, primarily owing to an expected 1.5% increase in revenue generation, which is set to reach RM307.6bil. This will effectively narrow the fiscal gap from 5% of GDP in 2023 to 4.3% in 2024.
