KUALA LUMPUR: Standard Chartered Malaysia says the updated national budget is well curated and recognises the delicate balance of fiscal discipline while maintaining growth momentum into 2023.
Standard Chartered also lauded the government's move to reduce the operating expenditure for the revised 2023 Budget to RM289.1 billion in a bid to strengthen the country's fiscal position.
"As the largest allocation in Malaysia's history, the RM388.1 billion budgeg reinforces collective resilience to help the nation withstand external pressures and economic shocks in the long run," Standard Chartered Malaysia chief executive officer Mak Join Nien said.
"It is heartening to note that the budget also truly reflects on the government's commitment to protect the livelihood and wellbeing of the people," Mak said in a post-budget commentary.
The bank supported the government's commitment to ensure that Amanah Saham Bumiputra (ASB) fund holders would receive dividends and assistance up to RM64 billion in the form of subsidies, cash aids and incentives.
Mak said the government's initiatives to ease the financial burdens of 8.7 million beneficiaries from the B40 community were key to ensure no one was left behind.
"As facilitators of cross-border trade, we strongly support the government's mandate of Tun Razak Exchange as an international financial hub and the designation of a special financial zone within Iskandar Malaysia to attract quality investments and skilled workers.
"With our roots in trade banking in Malaysia dating back to over a century, initiatives such as the expansion of Penang International Airport and Subang Airport, development of a port in Sanglang, Perlis and construction of a main port in Carey Island will cement the country's position as a key trading hub in Asean," he noted.
He said Standard Chartered was proud to align itself to the national agenda to transition to net zero by delivering sustainable finance solutions.
Standard Chartered was taking the lead from Bank Negara Malaysia, which was providing up to RM billion in financing facilities to support sustainable tech start-ups and help small and medium-scale enterprises (SMEs) incorporate low-carbon practices, Mak added.
"Despite being the backbone of a nation's economy, equitable access to financial support continues to be a main challenge for SMEs.
"Hence, we welcome the provision of up to RM billion in financing facilities and credit guarantees, as well as Bank Negara Malaysia's move to provide almost RM10 billion in loans for SMEs to lighten their financial burden and support business growth," he said.
