KUALA LUMPUR, Aug 20 — Datuk Seri Ismail Sabri Yaakob said Budget 2023 will continue to have incentives for segments that need them, but will also consider the implications of the Russian invasion of Ukraine.
The prime minister said that consultation was still ongoing but that the budget will focus on small to medium enterprises (SME) and industries and job opportunities, both of which have been severely affected in the past two years.
"We have to look at the possibility of an uncertain economic future as well. The spinoff from the ongoing war between Russia and Ukraine will affect the market globally and Malaysia is not an exception. So we have to be prepared for that in the budget as well,” he said in a televised address commemorating his first year as prime minister..
He said that while the business sector was in its recovery phase, and the country’s gross domestic product was among the best in Southeast Asia, there was still a lot to be done like ensuring job stability and the small to medium industries.
"So support for the SMEs will continue and we will announce some incentives in the budget,” he said.
The Bera MP said that the Finance Ministry was still conducting consultation with various parties including the opposition.
"I asked the MoF to do the budget consultation with the private sector, state governments, the business community, MPs from both divides, state elected representatives including the opposition, basically all sides.
"We are taking everyone into consideration,” he said.
