2020 Budget first step towards realisation of shared prosperity vision 2030

KUALA LUMPUR, The 2020 Budget is the first step towards realising the objectives of the Shared Prosperity Vision 2030 (WKB 2030), said Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.

He said the comprehensive budget is in line with the WKB2030 in terms of restructuring the nation’s economy and driving sustainable development towards a fair, equitable and inclusive wealth distribution for the people.

The budget is the government’s commitment towards bridging the economic gap between income groups, ethnic groups and regions.

This is an integral part of the WKB2030 philosophy which is centred on an inclusive growth model for the people’s prosperity, he said in a statement today.

In tabling the 2020 Budget here today, Finance Minister Lim Guan Eng announced that the development expenditure for 2020 has been increased to RM56 billion, or 18.9 per cent of the total budget allocation for next year, compared with RM54.7 billion under the 2019 Budget.

Azmin said the increase would benefit Malaysians, especially the B40 income group, the people living in rural areas and the youths.

Under the budget, the government has allocated RM1.6 billion for the FELDA, FELCRA and RISDA settlers and smallholders.

Additionally, more than RM1 billion has been allocated for small and medium enterprises to enhance their skills in adopting new technologies, which would enable them to face the challenges in the Fourth Industrial Revolution (IR 4.0).

Azmin said the 2020 Budget had also focused on enabling the youths to face new challenges in the era of advanced technology, adding that the government had allocated RM5.9 billion for Technical and Vocational Training to enhance the graduates’ marketability in an increasingly competitive job market.

Source: BERNAMA (News Agency)