Budget 2022: Malaysia proposes a budget of 332.1 bln set to recover, rebuild economy

Finance Minister Tengku Zafrul Aziz presenting Budget 2022 at the Dewan Rakyat on Friday. Livestream screen grab courtesy of Parliament YouTube channel.

KUALA LUMPUR, Oct 29 – The government today announced a historic Budget of 332.1 billion for 2022.

Presenting the Budget at the Parliament today, Finance Minister Tengku Zafrul Aziz said the Budget, themed Keluarga Malaysia, Makmur Sejahtera or Malaysian Family, Happily Prosper, will focus on raising the well being of the people, recover and sustain businesses.

A total of RM8.2 billion will be allocated for a new cash assistance programme called Bantuan Keluarga Malaysia, which will help 9.6 million recipients. This will see the provision of cash assistance to households amounting to RM2,500 according to their eligibility, especially families that have been affected economically.

He said more than 50,000 suggestions and proposals were received by the ministry as it prepared the Budget with input from across the board including Opposition party members.

From allocations to strengthen the country’s health system, businesses, and the fight against the pandemic to education, the Budget is aimed at equipping all Malaysians as well as businesses to recover from the Covid-19 pandemic and enjoy better economic status.

In terms of allocations for ministry, a total of RM52.6 billion has been allocated to the Education Ministry, making it the highest recipient of allocations in the Budget, while the Health Ministry has been allocated RM32.4 billion

A total of RM4.8bil has been allocated to create 600,000 employment opportunities. These jobs will be available through the Jamin Kerja Keluarga Malaysia (JaminKerja) programme.

Some highlights from Budget 2020:

  • RM8.2 billion for the Bantuan Keluarga Malaysia or BKM programme to benefit 9.6 million recipients.
  • RM25 million for Yayasan Keluarga Malaysia intended for the welfare and education of children made orphans by Covid-19
  • RM23 billion to be allocated to the Covid-19 fund
  • RM635 million for the support of senior citizens
  • RM30 million for infrastructure development and facilities for OKU
  • RM11.4 billion for Bumiputera empowerment, RM200 million for the Chinese community and RM145 million for the Indian community.