KUALA LUMPUR: Malaysia’s authorities will present its plan for 2023 to parliament on Oct seven, earlier than originally planned, news portal Malaysiakini reported on Friday (Aug 26), citing the country’s regulation minister Wan Junaidi Tuanku Jaafar.
The budget was once scheduled to be tabled on Oct 28. A spokesperson pertaining to Wan Junaidi told Reuters the ministry would be issuing the statement on the matter soon.
The particular rescheduling of the spending budget comes as Malaysia looks to boost revenue within a bid to counteract a jump within spending on subsidies just for food, fuel and electricity amid increasing prices.
The government expects to spend at least US$18 billion on subsidies and money aid this year, the biggest amount in history.
It also comes among speculation that Primary Minister Ismail Sabri Yaakob could necessitate elections earlier than the September 2023 deadline day.
The premier has been under pressure from his party, the United Malays Nationwide Organisation, to demand early polls to capitalise on the success of the claims in recent nearby elections and the strong economic situation.
Malaysia’s economy grew 6. 9 per cent in the second quarter, its fastest annual pace in a year, boosted simply by expansion in household demand and resilient exports.