Expansionary budget much needed to chart post-pandemic growth - banks
BUDGET 2022 | Budget 2022 remains expansionary, which is necessary for individuals and businesses as Malaysia charts its post-pandemic growth, according to Public Bank Bhd founder Teh Hong Piow.
He said the budget tabled by Finance Minister Tengku Zafrul Abdul Aziz appropriately balances the mix between reducing income inequality, expanding on targeted assistance to households and businesses while also investing in the nation’s healthcare and basic infrastructures...
BUDGET 2022 | Budget 2022 remains expansionary, which is necessary for individuals and businesses as Malaysia charts its post-pandemic growth, according to Public Bank Bhd founder Teh Hong Piow.
He said the budget tabled by Finance Minister Tengku Zafrul Abdul Aziz appropriately balances the mix between reducing income inequality, expanding on targeted assistance to households and businesses while also investing in the nation’s healthcare and basic infrastructures.
He welcomed measures such as allocating RM8.2 billion to a newly introduced Bantuan Keluarga Malaysia programme which will benefit 9.6 million recipients and the RM4.8 billion set aside to create 600,000 employment opportunities under the Jamin Kerja Keluarga Malaysia initiative.
“With a renewed path mapped out and the country’s investment prospects reinvigorated, underpinned by Budget 2022, the Public Bank group will continue to play its role in actively facilitating growth, while also continuing to engage with customers and providing assistance when and where necessary to aid in the rehabilitation and rebuilding of our national resilience,” he said in a statement today.
Teh said to this end, the government’s ongoing initiatives in providing support by way of subsidies, grants, and various other measures of assistance totalling RM31 billion are lauded.
OCBC Bank (Malaysia) Bhd chief executive officer Ong Eng Bin said Budget 2022 rightly focuses on helping individuals and businesses regain their footing by continuing to provide support even as the economy improves.
“This remains necessary as they still need considerable help,” he said.
He added that the government’s initiatives on addressing the climate change issues and other sustainability-related measures are timely.
“I am glad that the banking sector remains in a position to play its key role in the rebuilding efforts. There is every reason to be optimistic about the future as the building blocks are in place,” he said.
Meanwhile, Standard Chartered Malaysia managing director and chief executive officer Abrar A Anwar said Budget 2022 is an inclusive one, focusing on economic recovery, building resilience as well as driving socio-economic reform and the national development agenda.
“With vaccine rollouts being a critical factor to economic recovery, the procurement of an additional 88 million doses of vaccines under the National Covid-19 Immunisation Programme will contribute significantly to nationwide efforts to contain the pandemic which will, in turn, have positive effects on Malaysia’s economic recovery,” he added.
- Bernama
