RM322.5 billion for Budget 2021, the largest expenditure in Malaysia’s history

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KUALA LUMPUR NOV.6: The National Budget 2021 that was tabled by the Perikatan Nasional (PN) Government at the Dewan Rakyat today with the allocation of RM322.5 billion was recorded as the largest expenditure in Malaysia’s history.

Finance Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz said, from the amount allocated, RM236.5 billion is for operating expenditure, RM69 billion for the national development and RM17 billion for the COVID-19 Fund.

Tengku Zafrul said, the Budget 2021has three objectives namely for the people’s well being, the continuity of businesses and the economic sustainability.

“The effects of the COVID-19 pandemic will continue to be felt next year and the government revenue collection for the year 2021 is expected to increase to RM236.9 billion,” he said when tabling the National Budget 2021 at the Dewan Rakyat here today.

However he said, the government has decided that the 2021 Budget would be an expanding or expansionary budget.

Regarding the withdrawal of the Employee Provident Fund (EPF) from account one that was much awaited for by the people, Tengku Zafrul said, the contributors to the EPF that are qualified could withdraw RM500 per month for the period of 12 months starting January 2021.

According to Tengku Zafrul the provision will benefit 600,000 EPF members that are economically affected by the COVID-19 pandemic.

The government have also provided the “Bantuan Prihatin Rakyat” (BPR) worth RM6.5 billion that will benefit 8.2 million recipients who have been affected badly by the COVID-19 pandemic.

The PN government has also extended the allowance for those in search of employment for three months and the provision includes 80% of the salary for the first month, 50% for the second month and 30% for the third month.

“For 130,000 job seekers in the country the government has allocated RM150 million to assist them with their livelihoods,” said Tengku Zafrul.

The government has also allocated RM1.7 billion for granting subsidy, assistance and incentives for the farmers and the fishermen and this includes RM570 million for the Padi Price Subsidy, RM960 million for Subsidy and Padi Growing Incentive and RM40 million for the Hill Padi Fertiliser Subsidy.

Meanwhile, the living allowance for fishermen is also increased from RM250 to RM300 with the allocation of RM151 million and will benefit 50,000 fishermen nationwide.

The 2021 Budget has also allocated RM400 million to help FELDA settlers to write off their debts and to empower their developmental programmes.

Regarding the reskilling and upskilling programme for PERHEBAT, the government has allocated RM30 million to provide entrepreneurship training programmes where 12,000 Malaysian Armed Forces veterans will benefit.

In view of many people have lost their jobs due to the COVID-19 pandemic, RM700 million has been allocated for the short term employment programme (MySTEP) that offers 50,000 job opportunities in the public sectors and government linked companies (GLC) on contract basis.

Tengku Zafrul also said that RM6.5 billion has been set aside to provide quality education in the Bumiputera Institutions like MARA, UiTM and Learning Digitalisation Technical and Vocational Education and Training (TVET) .

The Finance Minister added, an allocation of RM4.6 billion has been provided to empower the Bumiputera entrepreneurs. Besides that RM750 million has also been provided for Pelaburan Hartanah Berhad and to increase the holding value of Bumiputera in real estate sectors.

The Finance Minister also said that the Education Ministry receives the largest allocation of RM50.4 billion and it is equivalent to 15.6% of the total government expenditure.
For the higher education, Tengku Zafrul said, a total of RM14.4 billion will be allocated to the Ministry of Higher Education. This includes RM50 million for infrastructure and equipment replacement in public universities.

He said, RM420 million will be allocated as part of the procurement for local milk producers to supply milk to students from low income families, an improvement to the government’s Supplementary Meal Plan which is currently available twice a week. –Malaysia World News

 


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