Malaysia Budget 2012 preview
The 2012 Budget, which is to be tabled in Parliament on Oct 7 2011 will focus on tackling the rising cost of living. The government is said to have taken several initiatives to find solutions to the increasing cost of food supply, housing and public transportation and they will be tabled together with the 2012 budget.
The Prime Minister Datuk Seri Najib Razak who is also the Finance Minister said it is the government's responsibility to do their best to deal with rising costs and find ways to reduce its impact on people amid today’s challenging global conditions, while at same time managing the country's economic development.
The latest National Key Result Areas (NKRAs) will play a pivotal role in tackling the rising food and material prices –the phenomenon that not only experienced by the Malaysian population, but also suffered by population of other countries as well.
The government via the NKRA will find better ways to improve the agricultural supply chain to ensure minimum food shortages during the process of food production process and supply.
The price control system will also continue with subsidy management is already categorized as among the highest in the world.
The government will also expand people-focused initiatives such as 1Malaysia Clinics (Klinik 1Malaysia), 1Malaysia People’s Shops (Kedai Rakyat 1Malaysia), and the latest 1Malaysia People’s Menu (Menu Rakyat 1Malaysia).
During the Budget 2012 Consultation Council meeting in May, the Prime Minister said the 2012 Budget would be inclusive with focus on the people, and it would be a step towards realizing Malaysia as a high income nation by 2020. He also said the focus would be on transformation programs that would increase the growth momentum and ensuring the prosperity of the people.