PM to unveil ‘Madani Economy’ as theme for Budget 2024, empowering people.

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim is planning to launch “Madani Economy: Empowering the People” as the theme for Budget 2024. The main objective of this budget is to protect the country’s future by steering the economy in the right direction.

The launch event will be held at the Securities Commission’s headquarters in Kuala Lumpur on Thursday (July 27) at 9am.

Anwar expressed anticipation for the event in a social media post on Wednesday (July 26), saying, “Wait for it, God willing.”

In the first quarter of the year, Malaysia’s economy experienced better-than-expected growth of 5.6%, mainly driven by private-sector spending.

Earlier, Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour had stated that the central bank maintains its projection for the country’s gross domestic product (GDP) growth this year, set between 4.0% and 5.0%.

Ghaffour highlighted the resilience of domestic demand and an improving job market, which further contributes to consumer spending.

On February 24, Anwar, who is also the Finance Minister, presented the first Budget of the unity government. This budget allocated RM388.1 billion, an increase from the previous administration’s RM372.3 billion budget presented in October.

The operating expenditure was allocated RM289.1 billion, while RM99 billion was allocated for development expenditure, including a contingency reserve of RM2 billion. – Bernama