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RM280.25bn allocated for Budget 2018

KUALA LUMPUR, Oct 27 (Bernama) -- In the interest and prosperity of the rakyat, Prime Minister Datuk Seri Najib Tun Razak said the 2018 Budget will have a higher allocation of RM280.25 billion compared with RM260.8 billion in the 2017 Budget.

Of the amount, operating expenditure (OE) accounts for RM234.25 billion while RM46 billion for development expenditure (DE).

This allocation does not include contingencies amounting to RM2 billion, he said when tabling the 2018 Budget themed "Prospering an inclusive economy, balancing between worldly and hereafter, for the well-being of rakyat, towards the TN50 aspiration".

Under the OE, a total of RM79.15 billion is for emolument and RM33.62 billion is for supplies and services while under the DE, the economic sector will receive the highest share of RM24.34 billion, social sector RM11.72 billion, security sector RM5.22 billion and general administration at RM2.72 billion.

"This Budget is the most vital as it summarises all the initiatives that have spurred the economy since I took office in 2009.

"Indeed it is one of my main report cards to the rakyat and the government under my leadership during my two-year term administration," said a radiant Najib clad in a blue baju Melayu.

For next year, the federal government revenue collection is expected to record RM239.86 billion.

The nation's fiscal deficit is estimated at 3.0 per cent of gross domestic product (GDP) in 2017 from 6.7 per cent in 2009 and will be reduced further to 2.8 per cent in 2018

Malaysia's economy is expected to record an annual growth of between 5.2 and 5.7 per cent in 2017, higher than the March estimates of 4.3 to 4.8 per cent.

The country registered a 5.7 per cent growth in the first half of this year.

Meanwhile, the prime minister said the 2018 Budget was formulated in line with the 11th Malaysia Plan and this being the third budget under the plan.

The Budget is based on eight main thrusts, namely:

- Invigorating investment, trade and industries
- Towards TN50 aspiration
- Empowering education, skills and training and, talent development.
- Driving inclusive development
- Prioritising the well-being of the people and provide opportunities to generate income.
- Fortifying the fourth industrial revolution and digital economy
- Enhancing efficiency and delivery of government-linked companies and public service
- Balancing between the par excellence of worldly and hereafter.

 

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