KUALA LUMPUR – The Pakatan Harapan (PH) government will strive to fulfil its promised initiatives in the spirit of inclusivity and shared prosperity, said the Prime Minister Tun Dr Mahathir Mohamad.
Despite limitations and challenges, he said the government will continue to safeguard the welfare of the rakyat.
Dr Mahathir explained that it is essential for the government to manage its fiscal policy effectively by finding the balance between supporting economic growths and keeping all of its debt and liabilities on a sustainable path.
“Resources are limited and any allocation should be optimised according to socioeconomic priorities while maintaining a comfortable fiscal space,” he said in the foreword of the “Fiscal Outlook and Federal Government Revenue Estimates 2020” report, released by the Ministry of Finance today.
The year 2020 will see the conclusion of the 11th Malaysia Plan (11MP).
In place, it will also be the year the government sets the foundation for the 12 MP (2021-20125) that is going to be premised on the “Shared Prosperity” vision or agenda.
“While economic growth and dynamism must be pursued actively, disparities in economic opportunities should be addressed to create an equitable foundation for national development,” he said.
The Prime Minister said the private sector has a vital role to play in fulfilling the Shared Prosperity vision.
Business-led initiatives in research and development partnerships, technology and skills transfer and infrastructure investment have the potential to spur development, support productivity, create quality jobs, strengthen skills and promote technological progress.
Meanwhile, he said on the part of the government, it remains committed to instructional reforms, particularly in areas related to public finances and governance, aimed at restoring public confidence in public institutions.