The 2020 Budget follows the government’s 10-year national blueprint to improve the standard of living for Malaysians and reduce reliance on foreign workers.
The federal government debt sits at around RM800 billion for 2019, equal to 52.7% of GDP, according to latest budget document. The measures are an attempt to quell growing income inequality and poverty, issues Mahathir’s coalition pledged to tackle in the lead up to their surprise victory in general elections last year.
While revenue is weakening and the government is tightening its belt, Mahathir’s latest budget indicates some willingness to be flexible on fiscal restraint to appease a Malay community that accounts for half the population.“You do see this government maintaining a fairly Malay nationalist approach and I think that’s the way they see this in terms of staying in power,” said Mumford.
The government will spend within its means and won’t add taxes just to fund certain infrastructure projects, Finance Minister Lim Guan Eng said in a Bloomberg interview after announcing the 2020 Budget on Friday.
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