KUALA LUMPUR: The opposition leader Datuk Seri Hamzah Zainuddin today said that the Madani government was seen as interested in 'chasing' a lower fiscal deficit rate in its 2024 Budget, unveiled last Friday.
"The government is seen more interested in pursuing a lower fiscal deficit rate rather than preparing a budget that helps the people and boosts the country's economic growth.
"What's the point being proud with the reduction in the fiscal deficit rate, the inflation rate and the decrease in the unemployment rate, when the reality experienced by the people on the ground is different," he said when debating the 2024 Budget in the Dewan Rakyat today.
Hamzah said the fiscal deficit management strategy in the 2024 Budget was related to the management of debt and liabilities borne by the government.
"This subsequently encourages the government to reduce allocations for subsidies and development expenditure.
"However, the question is whether this approach is good for a small and developing country, which at the same time wants to get out of the middle-income country trap.
"Can this strategy guarantee the well-being of the people and the prosperity of the country's economy," he said.
Instead, Hamzah said the 2024 Budget should be drawn up with a responsible debt management strategy in mind, rather than simply chasing the macro-economic figure of the fiscal deficit.
"It is crucial to create a feel-good feeling among the people that they have enough money to spend.
"By doing so, it can increase the domestic market and stimulate the national economy."