BUDGET 2025 TO CONTINUE EFFORTS IN ECONOMIC RESTRUCTURING, TOWARDS INCLUSIVE GROWTH -- ANWAR

PUTRAJAYA, July 9 (Bernama) -- The MADANI Budget 2025, to be tabled in Parliament in October 2024, will continue to focus on achieving the targets set out in the MADANI Economy framework, said Prime Minister Datuk Seri Anwar Ibrahim.

Therefore, he said, the government has to think of how to boost efforts to “raise the ceiling”, which means carrying out economic restructuring efforts for the nation to attain greater wealth.

“We need to restructure the economy towards becoming a leading Southeast Asian economy,” he said in his speech at an engagement session for Budget 2025 themed “Ekonomi MADANI, Negara Makmur, Rakyat Sejahtera” here today.

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Also present were Finance Minister II Datuk Seri Amir Hamzah Azizan, Deputy Finance Minister Lim Hui Ying, Treasury secretary general Datuk Johan Mahmood Merican and Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour.

Noting that the government’s main challenge is to raise both the ceiling and the floor (championing social justice to ensure the enlarged wealth is shared equitably), Anwar said that if the government does the former without the other, the people, especially the urban and rural poor, will be burdened.

“This is our main challenge. (We want) to drive growth but (without) leaving behind those at the bottom of society.

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“Therefore, I will start by urging those involved, including enforcement agencies, to be fast and effective in taking action,” he said.

Anwar also emphasised the importance of Malaysia becoming a member of the intergovernmental organisation BRICS (which initially comprised of Brazil, Russia, India, China and South Africa) to create opportunities and attract domestic and foreign traders to continue investing in the country.   

Speaking in Parliament in the morning, he said preliminary assessments showed that Malaysia's participation in BRICS has the potential to gain various benefits, particularly in improving trade and export performance, as well as strengthening the country's economic resilience.

“Cumulatively, the gross domestic product (GDP) of BRICS member countries amounted to US$26.6 trillion, which is 26.2 per cent of the world's GDP, which is almost the same as the economic strength of the G7 countries.

“The economic strength of the BRICS members as a bloc will help increase international trade among the member countries,” he added.

-- BERNAMA