Malaysia's Ministry of Economy to finalize 2027 budget proposals this month

Malaysia's Ministry of Economy is on the verge of completing its development proposals for the 2027 budget, with finalization expected by mid-August. Minister Akmal Nasrullah Mohd. Nasir stated that the ministry is currently conducting a final budget screening before submitting the comprehensive proposals to the Ministry of Finance.

"At the Ministry of Economy level, we have actually reached the final stage, which is budget screening, before we submit the framework for the 2027 development plan to MOF (Ministry of Finance)," Akmal Nasrullah explained. He anticipates that all processes will be concluded by the middle of this month, noting that the planning includes considerations for new allocations and ongoing projects.

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At the Ministry of Economy level, we have actually reached the final stage, which is budget screening, before we submit the framework for the 2027 development plan to MOF (Ministry of Finance).

The development plan for 2027 aligns with the government's capacity to execute the agenda outlined in the 13th Malaysia Plan (RMK-13). Key focus areas include strengthening infrastructure and facilities, alongside accelerating the development of high-value industries. This strategic approach aims to foster sustainable economic growth and enhance the nation's competitive edge.

In a related initiative, the ministry is prepared to allocate RM12.3 million to support Science, Technology, Engineering, and Mathematics (STEM) programs in Penang over the next four years. This investment aims to equip Penang's youth with the skills needed for industry demands and secure better-paying jobs. If the pilot STEM project in Penang proves successful, it could be expanded to other states, promoting a nationwide push for STEM education and workforce development.

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Our intention is to see Penang prepare to meet industry needs, as well as ensure that the state's children (Penang) and local children get jobs that offer better salaries.