NRP, Budget 2022 will form building blocks for Malaysia's recovery – Tengku Zafrul

NRP, Budget 2022 will form building blocks for Malaysia's recovery – Tengku Zafrul

KUALA LUMPUR, Oct 6 – The National Recovery Plan (NRP) and Budget 2022 will form the building blocks for Malaysia’s longer-term recovery and reform efforts through the 12th Malaysia Plan (12MP), said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

In his closing address at the Khazanah Megatrends Forum 2021 today, he said the NRP would set the nation firmly on the path to recovery based on science and data.

The journey to recovery would also be supported by the expansionary Budget 2022, laying the foundations for the government’s wider and longer-term reform efforts, he added.

"In this respect, some key lessons come to mind. Firstly, efforts must be made to not only address COVID-19, but also to emerge more resilient post-pandemic.

"Secondly, in pursuing short-term goals to prevent an economic recession, we must also take the opportunity to address structural issues in the medium and longer term.

“Lastly, a proper digital infrastructure will be crucial especially in reducing urban-rural inequality," said Tengku Zafrul.

To ensure its success, the Finance Ministry was fully committed to provide for the development expenditure of the nation as detailed in the 12MP, he said.

Tengku Zafrul said in the 12MP, one key goal was to achieve a 45 per cent reduction in green-house gas emissions intensity to the Gross Domestic Product by 2030 compared to the 2005 intensity levels.

"The game changers, like embracing the circular economy and accelerating the adoption of integrated water resources management, will prove critical," he added.

Overall, Tengku Zafrul said, the 12MP was targeting growth of between 4.5 and 5.5 per cent per annum, resulting in a gross national income per capita of RM57,882 or US$14,842 in 2025, while regaining full employment.