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Budget 2017 to be tabled today amid high anticipation

Prime Minister Najib Abdul Razak, who is also finance minister, is scheduled to table the much-anticipated Budget 2017 in the Dewan Rakyat today at 4pm.

The budget is likely to focus on tackling the cost of living especially in terms of housing, food and transportation, in line with the government's principle of 'People First, Performance Now'.

Themed 'Accelerating Growth, Ensuring Fiscal Prudence, Enhancing Well-being of the Rakyat', the Budget 2017 is expected to reveal a number of measures to address the country's economic challenges following the weak external front.

With the ultimate goal of enhancing the people's prosperity in a fair and inclusive manner, it will also consist of a new approach to bolster certain industries to face the global economic slowdown.

These industries have been affected by weak international trade, coupled with Britain's exit from the European Union, as well as, global uncertainties contributed by lower prices of commodities such as crude oil, gas, minerals, palm oil and rubber.

The Finance Ministry had conducted many meetings with various stakeholders to discuss issues and recommendations for the Budget 2017, as well as, invited the public to contribute ideas for the preparation of the budget.

"The planning process for the Budget 2017 has taken several measures to advance the economy with the aim of enhancing the people's prosperity in a fair and inclusive manner," Najib told the Dewan Rakyat on Monday.

He pointed out that Malaysia recorded a Gross Domestic Product growth of five percent in 2015, which far exceeded that of Indonesia (4.8 percent), Thailand (2.8 percent) and South Korea (2.6 percent).

The economy grew 4.1 percent in the first half of this year and is forecast to register a growth of between 4.0 and 4.5 percent in 2016.

Under Budget 2016, RM267.2 billion had been allocated compared with the revised RM260.7 billion in 2015.

On Jan 28 this year, the government restructured and recalibrated the Budget 2016 but within the range of initiatives and allocation that was approved by Parliament.

The Budget 2017 speech will be telecast live over Bernama News Channel and Bernama Online Live Streaming, while the latest breaking news will also be available on Bernama's Facebook and Twitter accounts.

- Bernama

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