An opposition MP says the government is treating Petronas like a “piggy bank” by taking a RM35 billion dividend. (Bernama pic)

PETALING JAYA:

Opposition MPs, describing the 2023 budget tabled today as an election budget, say a real – and bitter – budget can be expected after the general election.

Bayan Baru MP Sim Tze Tzin said the budget tabled today was filled with goodies as expected of one ahead of an election. However, he felt the government’s revenue projection was too optimistic and the finance minister should show how the expenditures would be financed.

“If the Parliament is dissolved before the budget is passed, we can expect a newly revised budget will be tabled. And that new budget will be a bitter pill to swallow,” he said in a statement.

Lembah Pantai MP Fahmi Fadzil said a second budget was likely to be tabled after the general election, and might be a more realistic one.

“I don’t think the 2023 budget gives a full picture. I believe we’ll only see a real budget after the elections,” he said.

Fahmi said while it was good that a lot of social support incentives were announced, the auditor-general’s concerns over debt remains a niggling thought in most minds.

“This is definitely an election budget. We need to scrutinise the details. With the weakening ringgit, how will our budget deal with the rising price of food imports and the costs of subsidies?

“The other thing which is very concerning is how Petronas is being treated as the government’s piggy bank,” he said, referring to the budget expectation of a RM35 billion dividend to the government from Petronas.

Klang MP Charles Santiago said the 2023 budget was a “great one” as it appeared to shower goodies on all strata of society. However, the taking on of more commitments by Putrajaya was worrying, as the national debt stood at RM1.44 trillion as of June.

Santiago said as a result food and fuel subsidies might be removed after the elections so as to shore up more money to sustain the government.

He said the government might be forced to borrow more money and if it was US dollar-denominated, it would be very dear to repay.

“It is going to be a massive overhang on the economy. Government services will begin to suffer as those creditors would ask for your money back. Fuel and oil subsidies are likely going to be cut to make do. Hospitals will not be built so as to service debts.

“This is a great election budget, but one with a disaster that is looming,” he told FMT.

LatestHeadlines

Expect the real budget after elections, say opposition MPs

Questions are raised as to how the 2023 expenditures will be paid for, as one MP sees a disaster arising from the amount of government debt.