Economy

Budget: RM200 saving fund for all Malaysians born between 2018 and 2022

Budget: RM200 saving fund for all Malaysians born between 2018 and 2022”

"If you support us (Barisan Nasional) and everyone supports us, and if we work really hard and smart, we can achieve it in the upcoming polls", Ahmad Zahid said during a press conference after the Budget 2018 presentation at the Parliament here today.

Mr Najib also budgeted RM6.5 billion for rural infrastructure development and waived tolls from key highways in several cities.

The Prime Minister said the total investment would account for 25.5 per cent of gross domestic product in 2018.

Total expenditure is expected to be 280.25 billion ringgit ($66.06 billion) in 2018, higher than this year's 260.8 billion ringgit, Najib said.

The government will also allocate RM1 billion to EXIM Bank for insurance coverage credit facilities and RM200 million for finacing facilities to the small and medium enterprises exporters, he said.

The government planned to allocate RM1 billion for the five main corridors in Malaysia.

Wong Chen, who is the PKR Kelana Jaya MP, said the budget was also weird as the income tax rate has been reduced and more items have been exempted from paying the 6% goods and services tax (GST).

To improve the country's connectivity, he said the government will continue to improve the logistics and transport infrastructure, highlighting the East Coast Rail Link (ECRL), a major railway project linking Malaysia's underdeveloped east coastal area with the more developed west region, and the Kuala Lumpur-Singapore High Speed Rail.

Under his 2018 Budget, Najib has proposed that all services provided by local authorities be exempted from GST from April 1, 2018 or Oct 1, 2018 onwards, depending on the local authority's own discretion.

Wong Chen said the budget was RM21 billion more than a year ago at RM282 billion.

"How is he going to do this?"

The government has allocated a sum of RM280.25 billion, a 7.46% increase from RM260.8 billion allocated for 2017 for Budget 2018.



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