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ࣧࢥ࢛࣮ࢸࣔ࣎ Fiscal Policy Overview 113 ࣔࣾࢥࣣࣾࢸࢥࣿ 113 ࢥऄ࣠ࢍ࣎ࣧࢸࣔ࣎ࢍࣣअࢯࢸ࢛ࣧࢍࣇ ࣠ࣔࣇࢸ࢛अࣳ࣎ࢡࢥࣣ࣠ࢸ࣎ࣧࢥ࢛ࣔ࣎ࣔ࣍ࢸ࢛ ࣣࢥ࢛ࣔࣾࢥࣣअ Information Box - National Trust Fund 121 ࢯࢸ࢛ࣧࢍࣇ࣠ࣔࣧࢸ࣮ࢸࣔ࣎ࢸ࣎ 122 ࣮ࣔࣳࣇࣔࣔࣅࢯࣣࣔ 122 ࣍ࢥࢡࢸ࣮ࣳ࣍ࢥࣣ࣍ࢯࢸ࢛ࣧࢍࣇ ࢯࣣࢍ࣍ࢥࣣࣿࣔࣅ Feature Article - Fiscal Responsibility Act Framework ࢛࢛ࣔ࣎ࣇࣳࣧࢸࣔ࣎ ࣧࢥ࢛࣮ࢸࣔ࣎ࢯࢸ࢛ࣧࢍࣇ࣠ࣔࣇࢸ࢛अࣔࣾࢥࣣࣾࢸࢥࣿ ࣧࢥ࢛࣮ࢸࣔ࣎ Fiscal Policy Overview Overview Recognising that vaccination is the key factor in addressing the pandemic, the Government Against the backdrop of the prolonged launched the National COVID-19 Immunisation COVID-19 pandemic, fiscal policy assumes a Programme (PICK) on 24 February 2021. The primary role in economic recovery. The third rollout of PICK signifies the Government wave of the COVID-19 outbreak poses a major commitment to ensure at least 80% of the challenge to the Government’s fiscal burden, adult population receives full vaccination by particularly in balancing its impact on the the end of October 2021. Subsequently, in future generation. With an exponential rise in June 2021, the Government unveiled the positive cases, a national state of emergency National Recovery Plan (NRP), a roadmap was declared effective from 11 January until to exit from the pandemic and accelerate 1 August 2021 to enhance enforcement, economic recovery. The NRP, tabled in improve containment measures and tighten Parliament in July 2021, provides clear border control. In view of the extraordinary guidance for reopening the economy and situation, the Government has proactively social activities through a four-transitional extended its policy flexibility and pragmatism phase strategy based on data analytics. As to protect the people and businesses as well a policy continuation, the NRP consolidates as supporting the economy. all containment and economic assistance measures into a comprehensive and whole- The Government continues to provide of-nation approach in uniting the country to substantial fiscal support in 2021 in the combat the pandemic. form of additional assistance and stimulus packages to cushion the adverse impact of the pandemic and containment measures. Expansionary Fiscal A series of four packages totalling RM225 Policy Underpins billion has been introduced this year, namely the Perlindungan Ekonomi dan Rakyat Malaysia Economic Recovery (PERMAI), Strategic Programme to Empower the People and Economy (PEMERKASA), The Federal Government’s fiscal stance Strategic Programme to Empower the People continue to prioritise steering the nation and Economy Plus (PEMERKASA+) and National out of the pandemic crisis. The provision People’s Well-Being and Economic Recovery of significant fiscal support is expected Package (PEMULIH). Additional fiscal injection to contain the outbreak, sustain domestic under these packages, estimated at RM25 economic activity, generate investments, billion, aims to boost healthcare spending, stimulate consumer spending and create job ensure business continuity and ease the opportunities. The rollout of more targeted burden of the rakyat. Overall, the Government recovery measures has positively impacted the has announced eight assistance and stimulus economy, as reflected by the strong economic packages totalling RM530 billion since the growth of 7.1% in the first half of this year. pandemic last year with fiscal support of RM80 The Government is confident that with the billion provided under the COVID-19 Fund. smooth political transition as well as policy ࢯࢸ࢛ࣧࢍࣇ࣮ࣔࣳࣇࣔࣔࣅ 113 ࣧࢥ࢛࣮ࢸࣔ࣎ࢯࢸ࢛ࣧࢍࣇ࣠ࣔࣇࢸ࢛अࣔࣾࢥࣣࣾࢸࢥࣿ continuation and clarity, the economy will 2021 compared to 30,000 in the early stages recover and record positive growth in 2021. of implementation due to a higher supply of vaccines. As at end-August, the Government As the global economic recovery continues has secured more than 87 million vaccine to be uneven and volatile, fiscal operations doses worth around RM4.3 billion to ensure remain proactive and agile to respond to a smooth PICK implementation. Malaysia dynamic economic environments and policy achieved its target of inoculating 80% of the priorities. Efforts to enhance spending adult population in September 2021. effectiveness and efficiency will be supported by prudent expenditure measures as well In addition, the socioeconomic and as optimising the operating environment in development agenda remains the top priority adjusting to the new normal. Furthermore, for the Government in the medium term, as strategies to improve revenue buoyancy will be stipulated in the Twelfth Malaysia Plan, implemented more orderly without disrupting 2021 – 2025 (12MP). Consequently, fiscal the recovery momentum. resources will also be directed to implement programmes and projects under the 12MP, To drive health and economic recovery, the which will serve as a catalyst in charting Government has mobilised various fiscal the path for a prosperous, inclusive and tools to balance the spending needs and sustainable nation. In this extraordinary fiscal sustainability. This includes partial situation, the Government has tabled a utilisation of the National Trust Fund (NTF) to motion in Parliament to increase its statutory ensure sufficient funding and accelerate the debt limit, taking into account the financing implementation of vaccination programmes needs of the recovery measures and the under PICK. As a result, Malaysia’s vaccination implementation of 12MP. In ensuring rate is among the fastest globally, thus medium-term fiscal sustainability, the fiscal allowing the Government to reopen more consolidation trajectory is envisaged to be economic sectors to boost the economy. The more gradual than initially projected. This is to number of daily vaccinations has recorded a provide sufficient fiscal support for the nation’s sharp increase to around 500,000 doses in July economic recovery and development agenda. ࢸ࣎ࢯࣣࣔ࣍ࢍ࣮ࢸ࢚ࣔ࣎ࣔऄ 1DWLRQDO7UXVW)XQG ,QWURGXFWLRQ A sovereign wealth fund (SWF) is a fund established by a government to manage and grow the country’s wealth. The source of the wealth may be in various forms, such as revenue from natural resources, fiscal or budgetary surpluses and even direct transfers from the government to achieve specific economic and development purposes. SWF usually serves as a contingent asset to preserve the wealth from the country’s non-renewable resources and may be utilised to cushion any unexpected shocks such as an economic downturn or impact from a natural disaster. There are various types of SWF established around the world based on their source of funds and purpose, which is summarised as follows: 114 ࢯࢸ࢛ࣧࢍࣇ࣮ࣔࣳࣇࣔࣔࣅ
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