Govt to give attention to fiscal strengthening, establish new sources of progress: Rafizi Ramli

KUALA LUMPUR: The federal government will give attention to strengthening the nation’s fiscal place by increasing income and rationalising expenditure.

It’ll additionally establish new sources of progress and implement structural reforms geared in the direction of greater worth chains to strengthen progress and improve competitiveness and productiveness in all sectors, mentioned Financial system Minister Rafizi Ramli (pix).

The main target can be on strategic sectors that may expedite new investments and excessive expertise and precedence can be given to digitalisation in areas akin to electrical and electronics, aerospace, and knowledge centres.

“Focus will even be given to new areas of progress akin to good agriculture and biomass, in addition to tourism-related industries,” he informed Parliament in response to queries from Tan Sri Muhyiddin Yassin (PN-Pagoh) concerning the financial restoration, particularly in relation to micro, small and medium enterprises (MSMEs).

On digitalisation and automation amongst micro and small enterprises, Rafizi mentioned 95 per cent of companies in Malaysia are small and micro, so their focus is principally on survival.

“The difficulty with digitalisation for them is how its software can enhance their earnings.

“So a number of weeks from now, a number of initiatives can be launched to make sure the understanding and compatibility between innovation and digitalisation in addition to the every day wants of the micro and small enterprise in order that there can be wider acceptance and use of (digital functions),” he added.

For the weak teams, Rafizi mentioned the federal government will develop alternatives for the B40 earnings group in addition to the hardcore poor to maintain their earnings.

Beforehand below the Individuals’s Earnings Initiative (IPR), the federal government focused 100,000 hardcore poor and B40 households to ship support.

“We are going to monitor them for twenty-four months and goal an extra 50,000 such households by 2024,” he added.

For 2023, Malaysia’s financial system is anticipated to develop by 4.5 per cent, from 8.7 per cent final yr. –Bernama

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