KUALA LUMPUR, July 20 — Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz is targeting an estimated RM5 billion to RM6 billion worth of savings from the remaining operating allocation in 2022.

He said the savings involved several things, including a reduction in the purchase of imported goods and expenditure out of the country.

"The value of five per cent (is) not that big, even if you look at (Budget 2022) our expenditure is RM332 billion, this year’s development expenditure is RM75 billion, while subsidies reach RM77.7 billion and we expect it may reach RM80 billion.

"Although the value is small, but every sen counts for us to help the people and therefore we have to find other ways, not only from additional revenue from high oil and commodity prices, but also by means of savings,” he told reporters at the R&D Studio’s (animation based) 10th anniversary celebration here today.

Tengku Zafrul stressed that no projects will be cancelled but (maybe) there are projects that can be temporarily postponed.

On the question of the possibility of a new tax to be introduced to help in increasing the country’s revenue, he said no new form of tax would be made at this time.

"Our economy is still in recovery mode, so no new taxes will be introduced, but in the announcement of Budget 2022, in terms of revenue we have introduced for example the Prosperity Tax.

"The government will continue to focus on helping the people and the continuation of our business,” he added. — Bernama