5 Questions
YAB Dato’ Seri Anwar bin Ibrahim tabled Malaysia's largest ever budget of RM394 billion for 2024, which was 2% higher than the previous year's RM386 billion. An amount of RM90 billion was allocated for development expenditure compared to RM97 billion for 2023, but the latter included a 1MDB debt repayment of US$3 billion. The larger budget will be funded by higher tax receipts, partly through the hike in Sales & Service Tax (SST) from 6% to 8% and other forms of new taxes, as the government reduces dependence on Petronas dividends from RM40 billion to RM32 billion for 2024, with lower subsidies and an increase in borrowings. The government maintains its gradual fiscal consolidation path, with the fiscal deficit improving from a projected 5% in 2023 to 4.3% in 2024. It sets out a series of targets to be met within 3 to 5 years which include achieving a fiscal ______.
deficit
An amount of RM90 billion was allocated for ______ expenditure compared to RM97 billion for 2023, but the latter included a 1MDB debt repayment of US$3 billion.
development
The larger budget will be funded by higher tax receipts, partly through the hike in Sales & Service Tax (SST) from 6% to 8% and other forms of new taxes, as the government reduces dependence on Petronas dividends from RM40 billion to RM32 billion for 2024, with lower subsidies and an increase in ______.
borrowings
The government maintains its gradual ______ path, with the fiscal deficit improving from a projected 5% in 2023 to 4.3% in 2024.
fiscal consolidation
It sets out a series of targets to be met within 3 to 5 years which include achieving a ______.
fiscal deficit
Study Notes
Malaysia's 2024 Budget
- Malaysia's largest ever budget of RM394 billion was tabled for 2024, representing a 2% increase from the previous year's RM386 billion.
Allocation of Funds
- RM90 billion was allocated for development expenditure in 2024, compared to RM97 billion in 2023, which included a 1MDB debt repayment of US$3 billion.
Funding the Budget
- The larger budget will be funded by higher tax receipts, partly through the hike in Sales & Service Tax (SST) from 6% to 8%, as well as other forms of new taxes.
Reduced Dependence on Petronas Dividends
- The government reduces its dependence on Petronas dividends from RM40 billion to RM32 billion for 2024.
Fiscal Consolidation Path
- The government maintains its gradual fiscal consolidation path, with the fiscal deficit improving from a projected 5% in 2023 to 4.3% in 2024.
Long-term Targets
- The government sets out a series of targets to be met within 3 to 5 years, including achieving a fiscal surplus.
Test your knowledge of Malaysia's Budget 2024 with this quiz. Explore the details of the country's largest budget and the allocations for different sectors.
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