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Budget 2021 : Highlights

The Budget 2021 was unveiled on 6 November 2020 by the Finance Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz. As expected, Budget 2021 is an expansionary one with an allocation of RM322.5 billion, the highest in Malaysia’s history and representing an increase of 8.6% compared to the initial Budget 2020 allocation of RM297 billion.

 Themed “Resilient As One, Together We Triumph” and formulated based on 3 integral goals (Rakyat’s wellbeing, Business Continuity and Economic Resilience).

Budget 2021 strives to achieve a balance between managing the government’s financial sustainability, ensuring social well-being, and reviving the economy. Some of the key allocations are:

· RM6.5 billion for Bantuan Prihatin Rakyat
· RM2 billion for PenjanaKerjaya initiatives which is expected to increase employment opportunities for 200,000 job seekers.
· RM1.5 billion for targeted wage subsidy
· RM50.4 billion for education
· RM780 million to fund development projects in the 5 regional corridors
· RM1 billion special incentive package for high value-added technology
· RM500 million High Technology Fund to support high technology and innovative companies.

Armed with an expansionary budget, the government hopes to achieve economic recovery at a growth rate between 6.5% to 7.5%, more

Source: Deloitte Malaysia
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