The bill was tabled by deputy finance minister Ahmad Maslan, with its second reading set for 4pm on Friday.

Last week, Prime Minister Anwar Ibrahim said the government will continue to implement initiatives to control inflationary pressures and ease the people’s burden from the high cost of living through Budget 2023.

He said the budget would drive reforms in the country’s economic recovery, boost investment and improve public infrastructure.

Anwar’s comments came after credit rating agency Fitch Ratings affirmed Malaysia’s sovereign credit ratings at “BBB+” with a stable outlook for 2023.

Fitch expects Malaysia’s gross domestic product (GDP) growth to moderate to 4.0% in 2023 before rising to 4.8% in 2024, while deficit reductions will be gradual and fiscal deficit will decline to an average of 4.5% of GDP in 2023-2025.