clock 16-10-2023
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Catalyzing Economic Empowerment: Malaysia Madani Budget 2024 Unveiled

Prime Minister Datuk Seri Anwar Ibrahim announced the Malaysia Madani Budget 2024 on Friday, 13th October 2023, underscoring the government's steadfast commitment to reducing the cost of living, enhancing job opportunities, and bolstering competitiveness. The budget, themed 'Reformasi Ekonomi: Memperkasa Rakyat' (Economic Reform: Empowering People), reflects the unity government's efforts to foster a favourable investment climate in an evolving global landscape.

In a recent Facebook post, the Prime Minister highlighted the budget's emphasis on sustainable and pro-people economic growth, aligning with the nation's new economic direction. During his presentation of Budget 2024 in the Dewan Rakyat, he unveiled an allocation of RM393.8 billion, marking the largest budget ever proposed. The budget outlines three primary areas of focus: "Best Governance for Service Agility," "Restructuring the Economy to Accelerate Growth," and "Improving People’s Living Standards."

He also noted that Budget 2024 reflects an increase in the country's revenue, thanks to economic and fiscal restructuring, taxation reforms, and targeted subsidies. These resources are intended to enhance the standard of living for the people.

Additionally, the government has allocated RM2.47 billion to support the People's Housing Project (PPR) for the coming year. This allocation includes a special RM1 billion guarantee fund designed to incentivize responsible developers to revitalize abandoned projects. An impressive 256 sick projects, comprising over 28,000 housing units with a total gross development value of RM23.37 billion, have been revived as of August this year.

Furthermore, RM546 million has been earmarked to continue 36 PPRs, including a new project in Kluang, Johor. It is expected that 15 PPRs, accommodating approximately 5,100 potential new residents, will be completed in the coming year.

The budget also includes provisions for 14 Rumah Mesra Rakyat projects, aiming to construct 3,500 housing units with an investment of RM358 million. An additional RM460 million will be allocated to assist roughly 65,000 underprivileged families in rural areas with the construction of new houses or the renovation of dilapidated ones.

To address housing-related infrastructure, RM100 million has been set aside for the maintenance of low- and medium-cost stratified public and private housing nationwide, covering the repair of water tanks, roofs, cable systems, and the installation of closed-circuit television (CCTV) cameras.

In an effort to facilitate housing development, the Housing Credit Guarantee Scheme will see an increase in funding to RM10 billion, benefiting 40,000 borrowers.

For property development and redevelopment, the government plans to lower the threshold for residents' consent to property sales within a block, aligning with international practices. Notably, the government is overseeing the development of Bandar Malaysia to ensure optimal land usage for projects that resonate with Madani values.

Moreover, RM100 million will be allocated to Chinese new villages to bolster basic infrastructure and social amenities. To stabilize property prices, the government is proposing a flat four percent stamp duty on property transfers by non-citizens and foreign-owned companies, excluding permanent residents of Malaysia. Additionally, the transfer of property ownership involving beneficiaries relinquishing their rights to entitled beneficiaries under a will or the Distribution Act 1958 will only incur a RM10 stamp duty, simplifying the process.

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