27 October 2017, Kuala Lumpur: 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 accounts for RM234.25 billion while RM46 billion for development expenditure.
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 wellbeing of rakyat, towards the TN50 aspiration’.
“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 economy is expected to record 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.
Malaysia registered a 5.7 per cent growth in the first half of this year.