KUALA LUMPUR: Finance Minister Datuk Seri Anwar Ibrahim has unveiled the revised national 2023 Budget, in which the government will maintain its spending with the total expenditure of RM388.1 billion this year
The RM388.1 billion allocation was the largest to be tabled in Parliament, which exceeded last year's budget of RM332.1 billion.
"The 2023 Budget allocates RM388.1 billion with RM289.1 billion for operations; RM99 billion for development and RM2 billion for contingency savings.
"In line with the expanding fiscal policy, the allocation for development has increased to RM97 billion compared with RM71.6 billion last year.
"The increase is to focus on programmes to eradicate poverty; repair public infrastructure and rural facilities," he told Dewan Rakyat during the re-tabling of the 2023 Budget here today.
Anwar, who is also the prime minister, said the government was projecting the country's gross domestic product (GDP) to grow at 4.5 per cent.
"Analysis by the World Bank and Fitch estimates the country's GDP is projected at a rate of four per cent, taking into account the challenging global economic situation.
"I am confident the country will surpass the projected GDP of 4.5 per cent taking into account efforts towards implementing reforms and administrative changes," he said.
Anwar said the government was expecting revenue collection of RM291.5 billion this year compared with RM294.4 billion last year.
"However, this does not take into account the additional revenue and we are confident the profits will increase this year," he said.