Malaysia's 2027 budget to factor in global geopolitics for cost of living

Malaysia's upcoming 2027 budget, scheduled for presentation on October 9th, will be formulated with a keen eye on the global geopolitical landscape. The primary objective is to effectively manage the rising cost of living for Malaysian citizens, a key focus for the government.

Minister of Communications Datuk Seri Fahmi Fadzil stated that the budget deliberations will take into account the ongoing global geopolitical uncertainties. These international conditions significantly impact the cost of living. He specifically mentioned that projections for crude oil prices, a common benchmark, will be a crucial factor in the budget's economic calculations.

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So maybe in terms of crude oil price projections which usually become one of the benchmarks, that will be among the factors that will be taken into account.

Beyond managing daily expenses, the government aims to prioritize projects that offer immediate solutions to public issues. This includes a concerted effort to attract both domestic and international investments. Furthermore, the budget will seek to ensure the successful execution of the 13th Malaysia Plan (RMK13), a national development blueprint.

For the Ministry of Communications, Fahmi indicated a focus on expanding internet access, particularly in rural areas, and addressing the sustainability challenges faced by media practitioners. The ministry is exploring incentives like the Malaysia Concert and Event Incentive (CIME) and the Film in Malaysia Incentive (FIMI) to draw more investors. These discussions are ongoing between the Ministry of Communications and the Ministry of Finance.

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It includes efforts to attract more investment, not only domestic but also international, and also those that are capable of implementing the 13th Malaysia Plan (RMK13) well.