KUALA LUMPUR: The government is set to raise the expenditure ceiling of the 12MP by RM15 billion, bringing the total allocation for the plan to RM415 billion from RM400 billion allocated in 2021.
Prime Minister Datuk Seri Anwar Ibrahim said this in his presentation of the mid-term review (MTR) in parliament today where it heard that the 12th Malaysian Plan (12MP) for the years 2023 to 2025 will emphasise sustainable economic growth, as well as transparent, fair and equitable wealth distribution across all economic sectors.
"The increase in allocation is to prioritise the people's well-being while improving the quality of management and retargeting subsidies in meeting the people's basic needs.
"Hence, the government will spend RM90 billion per year (2023 to 2025) to upgrade the people's well-being," he said.
This is in line with the aspirations of the Madani Economy Framework: Sustainable, Prosperous and a High Income Nation which aims to empower the national economy for a 10 year period.
Anwar added that the MTR would also allow for a comprehensive review of policies, strategies, targets and initiatives for socioeconomic development, as well as measures to strengthen governance towards a sustainable, prosperous and high-income nation.
"The review will be re-aligned with the government's vision of the Madani Economy, which focuses on empowering and strengthening the national economy in the next 10 years.
"This means taking into account the development gap between city and rural areas, the existing economic gap between the rich and poor, swelling debt, slow transition of economic structure as well as limited fiscal space," he said when tabling the review, today.
Meanwhile, he added that the government had spent at least 34 per cent of the allocation for the first two years.
"In 2021, the total development expenditure will only be as much as RM64.3 billion, while in 2022 the amount will be as much as RM71.6 billion," he said.
The 12MP tabled under the administration of former prime minister Datuk Seri Ismail Sabri Yaakob had allocated RM400 billion as development expenditure or RM80 billion per annum, higher than 11MP's allocation of RM248 billion.