KUCHING: The tabling of the Budget 2024 underscores the federal government’s dedication to fostering economic growth and upholding the principles of the Malaysia Madani concept of equitably distributing benefits across all segments of society.
Deputy Prime Minister cum Plantation and Commodities (KPK) minister Datuk Seri Fadillah Yusof said he welcomes the tabling of the Budget as it translates the government’s determination to make strides in the process of reforming Malaysia; rebuilding the country to be glorious, comprehensive and sustainable as well as distribute the overflow of revenue to raise the status of the people so that they could enjoy a better quality of life especially to those involved in the agri commodity sector.
“The Budget 2024 includes policy reforms that support the principles and values of the civil economy through emphasis on two things, namely restructuring the economy towards Malaysia as an Asian economic leader and upgrading the quality of life for all Malaysians.
“In line with the medium to long-term policy, particularly the Half-Term Review of the 12th Malaysia Plan which highlights socioeconomic development, three main focuses are strengthened which are strengthening sustainability, developing a prosperous society, and achieving a high income nation.
“Thus, the Budget 2024 is seen to be able to target increasing the competitiveness of the Agricommodity Sector to become a High Growth, High Value (HGHV) industry through the adoption of sustainable technology and practices,” he said in a statement today (Oct 14).
He said as of June 2023, the agricommodity sector has contributed RM38 billion or around 5 percent to GDP and RM77.4 billion or 11 percent to national exports.
“The Budget 2024 focuses on the development of the agricommodity sector with a total of RM 732.7 million covering operating expenses of RM428.31 million and development expenses totaling RM 304.39 million.
“As a ministry responsible for the country’s Agricommodity Sector, my ministry is determined to ensure long-term sustainability through the implementation of policy reforms for the survival of the agricommodity sector as well as raising the economic status of the people so that the country’s wealth resources can be equitably balanced.”
He added that the Budget also shows the federal government’s commitment to ongoing negotiations and the fulfilment of the Malaysia Agreement 1963 (MA63).
“Among them, the Malaysian Inland Revenue Board Bill (Amendment) 2023 was approved in the Dewan Rakyat to allocate a representative from Sarawak and Sabah in accordance with the results of the Intergovernmental Committee (IGC) Report.
“The federal government is also negotiating to realise the handover of Bintulu Port and the operation of the Rural Air Service (RAS) to the state government,” he said
Fadillah pointed out the increment of allocation for the Borneo states shows the federal government’s earnestness in fighting for the wellbeing of the two states.
“The development allocation for Sarawak increased to RM5.8 billion from RM5.6 billion while the allocation for Sabah increased to RM6.6 billion from RM6.5 billion.
“Moreover, lowering authority to implement development projects below the value of RM50 million to Sarawak and Sabah technical agencies and the increment of interim special grants proves the solid commitment of the Unity Government in empowering infrastructure development in both states,” he said.
