The government will also focus on boosting small and medium enterprises even as it maintains fiscal discipline amid a government debt that has exceeded RM1.2 trillion and a budget deficit hovering at about 5.8% of gross domestic product, Anwar said at a budget dialogue held in Putrajaya today.

Anwar, who doubles as finance minister, is set to table the country’s revised Budget 2023 in Parliament on Feb 24 against the backdrop of lingering price pressures at home and increasing risks to the global economy. A reformist who heads a multiracial coalition, Anwar has made protecting low and middle-income groups from rising prices the top priority of his administration.

The previous government presented a tighter budget for 2023 in October, seeking to narrow the fiscal deficit. Parliament was dissolved before lawmakers could approve that spending plan, requiring Anwar to present a fresh budget that supports his coalition government’s aspirations.