Budget 2023: Can PM Ismail Sabri please everyone with an election Budget?

KUALA LUMPUR, Oct 5 — Prime Minister Datuk Seri Ismail Sabri Yaakob will be tabling only his second federal Budget on October 7 but it could be the most significant one for his political career.

Still, the country’s ninth prime minister is expected to unveil a spending plan that will push his approval ratings up, which means it’s more than likely to be an expansionary Budget.agree that Budget 2023 will be much higher than this year’s, already the highest to date, even as the government tries to shrink its deficit to meet targets set previously.

Appeasing key constituents will be the primary aim, yet for Ismail Sabri and his advisers, deciding who gets what and how much could prove to be tricky now that some five million first-time voters have been added to the electoral roll. UOB’s global economics and markets research analysts, in a note on what to expect from Budget 2023, suggest that Putrajaya is considering, among a slew of other support measures, a loan moratorium for SMEs to help them cope with higher borrowing costs, in anticipation that Bank Negara Malaysia may raise the overnight policy rate further.“Given that this Budget will be tabled before the next general election, we expect it to be election friendly with expansionary measures .

Because Malaysia imports most of its food there are concerns that the increasingly strong US dollar and a weak ringgit will push food import costs up further, tightening the squeeze on the bottom 60 per cent of Malaysian households and spooking even the middle class. The bigger spending will likely be made possible by a higher oil revenue, smaller allocation for the national Covid-19 fund and the return of tax income foregone as pandemic support measures, UOB analysts suggest.

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