Malaysia allocates $1.7 bln in cash aid for low-income households in 2023 budget

Malaysia unveiled a smaller budget for 2023, prioritising fiscal discipline over expected populist measures, as it warned of a slowdown in the economy from rising global risks.

Malaysia has allocated 7.8 billion ringgit ($1.68 billion) in cash aid for low-income households and individuals, Finance Minister Tengku Zafrul Abdul Aziz said on Friday in his budget speech.

Malaysia's Finance Minister Tengku Zafrul holds a bag containing the 2023 budget at Finance Ministry building as he departs to the Parliament, in Putrajaya, Malaysia, October 7. (REUTERS)

The government has also allocated 2.5 billion ringgit in welfare aid in its 2023 budget, he said.

Malaysia unveiled a smaller budget for 2023, prioritising fiscal discipline over expected populist measures, as it warned of a slowdown in the economy from rising global risks.