KUALA LUMPUR: The government must expedite the remaining allocation under the 12th Malaysian Plan (12MP) to enable a multiplier effect and benefit the national economy, the Dewan Rakyat was told today.
Datuk Seri Johari Ghani (Barisan Nasional-Titiwangsa) in his debate speech at the 12MP mid-term review today said the rolling out of the budget and approved allocations for projects must be done efficiently by the government, especially to stimulate the economy from the private sectors.
"With the slowing down of private sectors, we need to play an important role in stimulating the economy.
"Hence, the rolling out of the budget must be expedited and every allocation must be used efficiently, including revising a project that does not benefit the economy or search (a project) that can give a multiplier effect to the economy," he said.
Johari added that in uncertain economic conditions, the government must also ensure that the Malaysian Plan established every five years could allow more investments, either domestic or foreign into the country.
He said the increase in investment would also allow a recovering economy cycle.
Meanwhile, he also urged the government to expedite its targeted subsidy programme to control subsidy leakages from irresponsible parties.
Citing a study conducted by the Central Bank which revealed that a big chunk of subsidy was enjoyed by the T20 income earners (42 per cent), Johari said only 14 per cent was enjoyed by the M40 and B40 groups.
"This is why a progressive approach must be done by the government to replace the bulk subsidies we have now with targeted subsidies as soon as possible.
"We have been talking about this for a long time now and I hope that we do not wait as the nation's economic situation with high debts is critical."
Yesterday, Prime Minister Datuk Seri Anwar Ibrahim announced that the government would 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.
Anwar said that the government had spent at least 34 per cent of the allocation for the first two years.