Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698751063874.pdf (Malaysia)
4 Untitled-1 1 21/10/2021 9:41 AM Kertas Perintah CMD.35 Tahun 2021 MALAYSIA DIKEMUKAKAN DALAM DEWAN RAKYAT MENURUT PERINTAH TINJAUAN FISKAL DAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN 2022 KEMENTERIAN KEWANGAN MALAYSIA 1.

Prakata FO.indd 1 21/10/2021 9:55 AM Hakcipta Terpelihara Semua hak terpelihara.
Tiada mana-mana bahagian jua daripada penerbitan ini boleh diterbitkan semula, disimpan dalam bentuk yang boleh diperoleh semula atau disiarkan dalam sebarang bentuk dengan apa jua cara elektronik, mekanikal, fotokopi, rakaman dan/atau sebaliknya tanpa mendapat izin daripada: Ketua Ekonomi, Bahagian Fiskal dan Ekonomi, Kementerian Kewangan Malaysia, Aras 9, Blok Tengah, Kompleks Kementerian Kewangan, No.
5, Persiaran Perdana, Presint 2, Pusat Pentadbiran Kerajaan Persekutuan, 62592 Putrajaya Faks: e-mel: bfe@mof.gov.my 03-88823881 Tinjauan Fiskal dan Anggaran Hasil Kerajaan Persekutuan diterbitkan setiap tahun dan dikeluarkan pada hari pembentangan Bajet Tahunan.

Edisi 2022 diterbitkan pada 29 Oktober 2021.

Naskhah jualan boleh diperoleh daripada: www.pnmb2u.com dan MPH Book Store.
Naskhah ini juga boleh dimuat turun di: www.mof.gov.my DICETAK OLEH PERCETAKAN NASIONAL MALAYSIA BERHAD KUALA LUMPUR, 2021 www.printnasional.com.my email: cservice@printnasional.com.my Tel.

: 03-92366895 Faks: 03-92224773 1.

Prakata FO.indd 2 21/10/2021 9:55 AM KATA PENGANTAR PERDANA MENTERI MALAYSIA Tahun 2021 merupakan tahun yang sukar dan mencabar untuk Malaysia.
Seiring dengan negara lain di seluruh dunia, negara kita masih berjuang mendepani impak COVID-19 terhadap rakyat dan perniagaan, khususnya kerugian ekonomi dan kesejahteraan rakyat yang terjejas akibat pelaksanaan langkah pembendungan.

Kita dapat lihat bagaimana pandemik ini telah memberi impak kepada kedudukan kewangan Kerajaan, di mana defisit fiskal meningkat kepada 6.2% kepada KDNK pada 2020, tersasar daripada landasan konsolidasi fiskal.
Kesannya, Malaysia bukan sahaja terpaksa menangguhkan sasaran negara ke arah ekonomi berpendapatan tinggi, inklusif dan maju, malah turut berhadapan dengan risiko kesan kekal terhadap ekonomi dalam jangka masa panjang dan merencatkan segala usaha yang telah dilaksanakan selama ini dalam membangunkan antaranya daya saing, produktiviti, kekayaan negara dan keterangkuman sosioekonomi.
Sejak pengisytiharan darurat kesihatan awam dan ekonomi (“Ordinan Darurat”) oleh KDYMM Seri Paduka Baginda Yang di-Pertuan Agong pada Januari 2021, Kerajaan telah segera melaksanakan beberapa langkah berani untuk menangani impak kepada sosioekonomi akibat pandemik ini.

Langkah ini termasuk penetapan dasar intervensi tegas seperti pengagihan dan penyusunan semula keutamaan belanjawan kepada pakej bantuan dan rangsangan tambahan.
Pakej rangsangan yang diumumkan bermula dengan PERMAI pada Januari, diikuti oleh PEMERKASA pada Mac, PEMERKASA Tambahan pada Mei dan kemudiannya PEMULIH pada Jun dengan jumlah keseluruhan sebanyak RM225 bilion bagi membolehkan pengurusan pandemik yang tepat pada masanya, cekap dan berkesan.
Sejurus selepas pelancaran PEMULIH, Kerajaan telah memperkenalkan Pelan Pemulihan Negara (PPN) yang merupakan strategi komprehensif untuk keluar daripada pandemik dalam keadaan selamat dan sistematik berdasarkan pendekatan berfasa disokong oleh data dan sains.

Langkah berkenaan telah meletakkan negara di atas landasan pemulihan kukuh yang mula menampakkan hasil sejak suku kedua tahun ini.
Apabila Kerajaan mendapat bekalan vaksin yang mencukupi, Program Imunisasi COVID-19 Kebangsaan (PICK) telah dipercepat – membolehkan Malaysia menjadi antara negara yang terpantas di dunia dalam kadar pemberian vaksin – memainkan peranan utama dalam menurunkan bilangan kes positif terutamanya bagi kes-kes yang serius.
Alhamdulillah, negara telah hampir untuk melengkapkan vaksinasi penuh populasi dewasa serta memperluaskan program PICK kepada golongan remaja bagi membolehkan pembukaan semula segmen pendidikan dengan selamat.

Secara keseluruhan, sokongan dasar berterusan Kerajaan bertujuan untuk membina daya tahan dan penyesuaian kepada norma baharu akan menjadi asas untuk kembali pulih serta keluar daripada krisis dengan keupayaan lebih baik bagi mencapai pertumbuhan.
Ke arah ini, pengurusan kewangan yang bertanggungjawab dan berhemat sentiasa menjadi amalan Kerajaan berpandukan prinsip ketelusan dan akauntabiliti.

Saya memberi jaminan kepada rakyat dan komuniti perniagaan bahawa kedudukan fiskal negara kekal kukuh disokong oleh sistem kewangan yang dikawal selia dengan baik.

TINJAUAN FISKAL 2022 iii 1.


Prakata FO.indd 3 21/10/2021 9:55 AM Walaupun kita bakal melalui fasa pemulihan pada 2022, kita perlu memikirkan perancangan melangkaui tempoh 12 bulan dalam usaha memperkukuh kedudukan negara dalam jangka sederhana dan panjang.

Oleh yang demikian, Kerajaan terus komited melaksanakan dasar yang lebih terperinci dan bersasar untuk memacu pemulihan ekonomi, membina semula daya tahan negara dan memangkin pembaharuan.
Bagi tujuan ini, Bajet 2022 telah dirangka sebagai usaha untuk merancakkan semula ekonomi dalam jangka terdekat serta strategi pembangunan dan pembaharuan jangka sederhana yang akan menghidupkan aspirasi diilhamkan dalam Rancangan Malaysia Kedua Belas (RMKe-12).
Sebagaimana pentingnya dasar jangka pendek dalam memacu pemulihan sosioekonomi pada 2022, pengukuhan asas bagi pembaharuan institusi dan fiskal jangka panjang turut kritikal bagi membina semula daya tahan negara pascapandemik supaya kita bersedia menghadapi krisis seumpama ini pada masa hadapan.

Akauntabiliti fiskal bukan sahaja merangkumi perbelanjaan kutipan hasil secara bertanggungjawab dan memastikan belanjawan pembangunan yang mencukupi bagi pertumbuhan sosioekonomi.
Ia juga meliputi proses belanjawan yang telus dan inklusif serta memperkasa institusi untuk mencegah ketirisan dan rasuah.

Bagi meningkatkan ketelusan dan keterangkuman, buat julung kalinya dalam sejarah penyediaan belanjawan, Kerajaan telah menerbitkan Kenyataan Pra-Bajet pada Ogos dan Kertas Konsultasi Awam pada September 2021.

Kertas konsultasi tersebut merangkumi penambahbaikan perolehan Kerajaan; penambahbaikan program bantuan tunai; kajian insentif cukai; dan penggubalan Akta Tanggungjawab Fiskal.
Sebagai usaha mengurangkan ketirisan dan mencegah rasuah, Kerajaan telah melancarkan Pelan Antirasuah Nasional yang bermatlamat menambah baik akauntabiliti agensi perundangan dan penguatkuasa; menjadikan penyampaian perkhidmatan awam lebih cekap dan responsif; dan menggalakkan integriti dalam perniagaan.

Setelah hampir 19 bulan, Kerajaan telah berulang kali membuktikan keupayaan penyampaian perkhidmatan yang terbaik walaupun dalam keadaan negara menghadapi ruang fiskal yang terhad.
Ini termasuk menyelamatkan pekerjaan, memberikan sokongan kepada majikan, melaksanakan program vaksinasi secara besar-besaran dan membantu membekalkan makanan kepada golongan rentan.

Namun demikian, usaha untuk mengukuhkan kedudukan fiskal bergantung sepenuhnya kepada pemulihan ekonomi yang mampan didorong oleh pendekatan ‘Seluruh Negara’.

Ini akan dapat dicapai melalui kerjasama secara menyeluruh antara Kerajaan dan sektor swasta, badan bukan kerajaan (NGO), pemimpin komuniti dan seluruh rakyat.
Bersama, kita mesti memanfaatkan asas kukuh Malaysia yang merangkumi modal insan yang mahir; institusi dan rangkakerja dasar yang kukuh; sumber asli yang pelbagai serta keazaman dan kecekalan luar biasa dari semangat Keluarga Malaysia untuk membina semula daya tahan ekonomi dan fiskal negara agar kita berupaya bangkit dan menghadapi sebarang cabaran masa hadapan.
Melangkah ke hadapan, kita harus berpandangan jauh melangkaui perbezaan etnik dan agama, mahupun ideologi politik serta mengetepikan suara-suara sumbang dan sebaliknya ‘mendengar’ suara yang mewakili jiwa Malaysia sebenar: inilah asas kekuatan dan naratif bersama kita yang dapat membantu pemulihan negara.
Ini juga tindakan paling mudah yang boleh kita laksanakan demi menghargai petugas barisan hadapan yang telah membuktikan jati diri sebenar semangat penyayang rakyat Malaysia dengan mempertaruhkan nyawa mereka setiap hari untuk menyelamatkan nyawa warga Malaysia.

Insya-Allah, sekiranya kita bekerja dan bergerak setiap langkah bersama, kita pasti pulih daripada cabaran pandemik ini dan apabila tiba masanya nanti, kita pasti akan mencapai kejayaan hakiki.
DATO’ SRI ISMAIL SABRI BIN YAAKOB 29 Oktober 2021 iv 1.

Prakata FO.indd 4 21/10/2021 9:55 AM tinjauan fiskal 2022 PRAKATA MENTERI KEWANGAN MALAYSIA Pandemik COVID-19 terus memberi kesan kepada negara-negara di seluruh dunia, di mana kemunculan varian-varian yang pantas menular telah menyebabkan krisis kesihatan dan ekonomi yang berlarutan.
Namun, kini mula jelas terdapat tanda-tanda pemulihan ekonomi global dipacu oleh kadar vaksinasi yang dipercepat di negara-negara maju dengan sokongan fiskal yang tinggi.

Walau bagaimanapun, pemulihan global ini tidaklah sekata memandangkan kebanyakan negara berkembang pesat dan membangun masih menghadapi rintangan dalam usaha vaksinasi besar-besaran mereka.
Sementara ekonomi maju semakin beransur pulih, banyak negara termiskin di dunia masih ketinggalan, dan memerlukan usaha yang lebih gigih untuk menangani kesan besar pandemik ini ke atas ekonomi dan manusia sejagat.

Di persada negara pula, sejak bermulanya wabak COVID-19, Kerajaan telah melaksanakan lapan pakej rangsangan dan bantuan berjumlah RM530 bilion, di mana RM225 bilion telah diumumkan pada tahun ini.
Kesemua pakej ini juga diperkukuh lagi dengan langkah Bajet 2021 dan telah memanfaatkan lebih daripada 20 juta orang dan 2.4 juta perniagaan seterusnya mendorong pertumbuhan separuh pertama tahun 2021 dengan KDNK meningkat sebanyak 7.1% berbanding penguncupan 8.4% dalam tempoh yang sama tahun lalu.
Di sebalik cabaran berterusan terhadap pematuhan SOP, tindakan pencegahan yang bersasar dan isu berkaitan pembukaan semula sempadan dan mobiliti fizikal, prospek untuk separuh kedua 2021 kekal positif disokong oleh pembukaan semula sektor ekonomi dan sosial secara beransur-ansur.
Memandangkan semakin banyak negeri beralih ke Fasa 3 dan 4 di bawah Pelan Pemulihan Negara dan Program Imunisasi COVID-19 Kebangsaan (PICK) diperluas lagi untuk merangkumi remaja dan anak- anak muda, kita telah mampu mengorak langkah secara selamat dan sistematik bagi menggerakkan semula sektor pendidikan, selain daripada membenarkan lebih banyak aktiviti ekonomi dan sosial.
Perkembangan ini yang disusuli bantuan dan langkah sokongan berterusan akan memacu prospek pemulihan negara dengan unjuran pertumbuhan antara 3% hingga 4% tahun ini.

Menjelang tahun 2022, kita akan tetap tangkas dan fleksibel dalam menyediakan sokongan fiskal yang diperlukan kepada rakyat dan perniagaan untuk kembali bangkit demi memastikan pemulihan yang mampan.
Dasar fiskal berkembang tetap diteruskan dan digubal dengan terperinci untuk memastikan pertumbuhan dan pembangunan dalam menghadapi ketidaktentuan dan risiko penularan semula COVID-19 yang berpanjangan.

Susulan pakej rangsangan tambahan yang telah diumumkan Kerajaan untuk menyokong ekonomi, defisit fiskal pada tahun 2021 telah secara rasminya disemak semula kepada 6.5% kepada KDNK.
Sehubungan itu, Kerajaan telah meningkatkan had hutang statutori negara kepada 65% daripada KDNK pada Oktober 2021 bagi membolehkan pelaksanaan langkah rangsangan sedia ada dan Bajet 2022, serta pada masa yang sama membantu mencapai objektif yang ditetapkan dalam Rancangan Malaysia Kedua Belas, 2021-2025 (RMKe-12).

TINJAUAN FISKAL 2022 v 1.


Prakata FO.indd 5 21/10/2021 9:55 AM Dari segi sumber pembiayaan, penggunaan pulangan pelaburan daripada Kumpulan Wang Amanah Nasional (KWAN) untuk mempercepat PICK adalah bersesuaian dan tepat pada masanya.
Melangkah ke hadapan, Kerajaan komited untuk menggantikan semula dana KWAN dan meneruskan usaha ke arah matlamat konsolidasi fiskal seiring dengan pemulihan ekonomi, menetapkan sasaran pengurangan hutang yang realistik dan tegas bagi memastikan kemampanan fiskal dalam jangka sederhana dan panjang.
Mengulangi komitmen yang dibuat melalui Kenyataan Pra-Bajet pertama yang dikeluarkan pada Ogos, Rangka Fiskal Jangka Sederhana akan menerajui langkah konsolidasi fiskal, di samping meningkatkan kapasiti pendapatan, kecekapan perbelanjaan, dan kemampuan keberhutangan Kerajaan.

Pembaharuan fiskal untuk meningkatkan disiplin dan tadbir urus akan dilaksanakan sejajar dengan usaha ini manakala Akta Tanggungjawab Fiskal (FRA) akan diperkenalkan pada tahun 2022.
Selain itu, Strategi Hasil Jangka Sederhana akan diguna pakai untuk meluaskan asas cukai, mengukuhkan sistem percukaian dan melaksanakan kajian insentif cukai, manakala perbelanjaan awam akan disemak semula secara berkala untuk mengoptimumkan perbelanjaan.
Melangkah ke hadapan, seperti mana pentingnya dasar jangka pendek yang telah Kerajaan laksanakan untuk memulihkan sosioekonomi negara pada tahun 2022, adalah penting bagi kita memperkukuh asas ekonomi melalui pembaharuan institusi dan fiskal jangka panjang untuk mengembalikan daya tahan ekonomi supaya bersiap siaga dalam menghadapi sebarang kemungkinan pada masa hadapan.
Bajet 2022 akan terus mengutamakan rakyat dan sektor ekonomi kita yang terkesan akibat pandemik ini, terutamanya dengan mewujudkan peluang pekerjaan dan memastikan bantuan bersasar tersedia untuk golongan rentan.

Bajet 2022 juga akan membina asas bagi pembaharuan yang direncanakan dalam RMKe-12.
Pada masa yang sama, dalam mencapai matlamat digital nasional sejajar dengan Revolusi Perindustrian Keempat (4IR), Kerajaan akan mengutamakan usaha bagi memperkukuh keupayaan dan kemampuan digital negara, selain melengkapi tenaga kerja kita dengan kemahiran yang bersesuaian.

Usaha ini memerlukan tonggak struktur digital negara dipertingkatkan untuk menyokong ketersambungan internet serta memanfaatkan teknologi 5G.
Selanjutnya, pembaharuan yang digariskan dalam inisiatif seperti Aspirasi Pelaburan Nasional (NIA) dan PERKUKUH Pelaburan Rakyat juga akan diterapkan ke dalam rancangan yang sejajar dengan Matlamat Pembangunan Mampan (SDG) dan RMKe-12 untuk pertumbuhan ekonomi jangka sederhana dan panjang yang mampan, penambahbaikan keterangkuman sosioekonomi dan peningkatan kelestarian alam sekitar.
Dari segi tinjauan ekonomi, KDNK negara dijangka meningkat antara 5.5% hingga 6.5% pada tahun 2022, didorong oleh pembukaan semula lebih banyak sektor ekonomi dan sosial serta peningkatan permintaan luar dari rakan dagang utama.

Faktor-faktor lain yang akan menyokong pertumbuhan ekonomi Malaysia termasuklah harga komoditi yang lebih tinggi serta pelaksanaan projek infrastruktur dengan kesan pengganda yang tinggi.
Ini akan mengukuhkan lagi asas ekonomi kita, yang kekal berdaya tahan walaupun dalam tempoh mencabar ini, disokong oleh kemajuan, keampuhan dan kepelbagaian ekonomi.

Kerajaan akan memastikan negara ini pulih dari krisis pandemik tanpa mendatangkan kesan buruk jangka panjang terhadap ekonomi, namun adalah penting seluruh rakyat Malaysia berpegang kepada semangat Keluarga Malaysia dan berganding bahu mengharungi segala cabaran masa hadapan.
Langit tidak akan terus mendung, dan melalui usaha sama kita, sinar baharu bakal melimpahi hari-hari mendatang yang lebih baik untuk tanah air tercinta agar kita kembali bangkit sebagai sebuah negara yang lebih teguh dan bersatu padu, Insya-Allah.

TENGKU DATUK SERI UTAMA ZAFRUL TENGKU ABDUL AZIZ 29 Oktober 2021 vi 1.
Prakata FO.indd 6 21/10/2021 9:55 AM tinjauan fiskal 2022 BA JET KERA JAAN PE RSEKUTUAN 2022 DA RI MANA DATANGNYA Pinjaman dan Penggunaan Aset Kerajaan 29.5% Cukai Pendapatan 35.7% RM 332,100 1 JUTA Hasil Bukan Cukai 18.9% Cukai Langsung Lain 2.6% Cukai Tidak Langsung 13.3% KE MANA DIBELANJAK AN Pentadbiran Am 1.2% Kumpulan Wang COVI D-19 3 6.9% PERBELANJAAN PEMBANGUNAN Keselamatan 2.7% Sosial 6.8% Ekonomi 12.1% Lain-lain 6.1% Subsidi dan Bantuan Sosial 5.2% RM 332,100 2 JUTA Emolumen 26.0 % Bayaran Khidmat Hutang 13.0% PERBELAN J A A N MENGU RUS Pemberian dan Serahan kepada Kerajaan Negeri 2.4% Bayaran Persaraan 8.5% Perkhidmatan dan Bekalan 9.1% 1 Terdiri daripada hasil dan pinjaman 2 Tidak termasuk simpanan luar jangka 3 Kumpulan Wang COVID-19 di bawah Akta Langkah-Langkah Sementara Bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 Sumber: Kementerian Kewangan Malaysia vii 1.
Prakata FO.indd 7 21/10/2021 9:55 AM tinjauan fiskal 2022 1.
Prakata FO.indd 8 21/10/2021 9:55 AM MALAYSIA: PERANGKAAN PENTING DAN UNJURAN MALAYSIA: KEY DATA AND FORECAST LUAS KAWASAN (Kilometer persegi) AREA (Square kilometres) Malaysia 330,548 Semenanjung Malaysia1 Peninsular Malaysia1 132,104 Sarawak 124,450 20217 32.7 2020 32.6 Sabah2 73,994 20228 32.9 RM juta RM million % perubahan % change RM juta RM million % perubahan % change RM juta RM million % perubahan % change PENDUDUK (juta) POPULATION (million) PENGELUARAN DALAM NEGERI DOMESTIC PRODUCTION Keluaran Dalam Negeri Kasar (harga malar 2015) Gross Domestic Product (constant 2015 prices) 1,343,880 -5.6 1,391,311 3.0 - 4.0 1,474,342 5.5 - 6.5 Pertanian Agriculture Perlombongan dan pengkuarian Mining and quarrying Pembuatan Manufacturing Pembinaan Construction Perkhidmatan Services Duti import Import duties 99,367 -2.2 98,532 -0.8 102,416 3.9 91,993 -10.6 93,340 1.5 93,086 -0.3 307,924 -2.6 332,743 8.1 348,547 4.7 53,556 -19.4 53,110 -0.8 59,244 11.5 775,717 -5.5 796,222 2.6 852,298 15,324 -5.6 17,363 13.3 18,750 7.0 8.0 Keluaran Dalam Negeri Kasar (harga semasa) Gross Domestic Product (current prices) 1,416,605 -6.4 1,514,624 6.4 - 7.4 1,637,800 7.7 - 8.7 Perbelanjaan penggunaan akhir: Awam Final consumption expenditure : Public Swasta Private Pembentukan modal tetap kasar: Awam3 Gross fixed capital formation : Public3 Swasta Private 184,043 4.2 191,334 4.0 193,641 861,758 -4.7 917,972 6.5 1,006,409 1.2 9.6 74,320 -21.3 73,504 -1.1 93,031 26.6 222,238 -12.0 227,063 2.2 237,043 4.4 Perubahan inventori dan barangan berharga Changes in inventories and valuables -17,016 – -4,630 – -13,602 Eksport barangan dan perkhidmatan Exports of goods and services Import barangan dan perkhidmatan Imports of goods and services PENDAPATAN DAN PERBELANJAAN NEGARA NATIONAL INCOME AND EXPENDITURE Pendapatan Negara Kasar (harga malar 2015) Gross National Income (constant 2015 prices) Pendapatan Negara Kasar (harga semasa) Gross National Income (current prices) Tabungan Negara Kasar (harga semasa) Gross National Savings (current prices) Pendapatan Per Kapita (harga semasa, RM) Per Capita Income (current prices, RM) 870,272 -11.9 1,027,614 18.1 1,086,802 779,011 -10.8 918,233 17.9 965,523 1,330,169 -5.2 1,372,726 3.2 1,449,588 1,388,021 -5.8 1,474,621 6.2 1,588,430 339,549 -8.6 352,593 3.8 372,049 42,598 -6.0 45,157 6.0 48,187 – 5.8 5.2 5.6 7.4 5.5 6.7 ix 3.
Key Data Fiskal.indd 9 18/10/2021 6:01 PM tinjauan fiskal fiscal outlook 2022 MALAYSIA: PERANGKAAN PENTING DAN UNJURAN (samb.)
MALAYSIA: KEY DATA AND FORECAST (cont’d) KEWANGAN KERAJAAN PERSEKUTUAN FEDERAL GOVERNMENT FINANCE RM juta RM million % perubahan % change RM juta RM million % perubahan % change RM juta RM million % perubahan % change 2020 20219 202210 Hasil Revenue Perbelanjaan mengurus Operating expenditure Baki semasa Current balance Perbelanjaan pembangunan (bersih) Development expenditure (net) Kumpulan Wang COVID-194 COVID-19 Fund4 Baki keseluruhan Overall balance % KDNK % GDP Pinjaman dalam negeri (bersih) Domestic borrowings (net) Pinjaman luar pesisir (bersih) Offshore borrowings (net) Perubahan aset5 Change in assets5 Hutang Kerajaan Persekutuan6 Federal Government Debt6 Hutang dalam negeri Domestic debt Bil perbendaharaan Treasury bills 225,076 -14.9 221,023 -1.8 234,011 224,600 -14.7 219,600 -2.2 233,500 476 – 1,423 – 511 5.9 6.3 – 50,101 -4.7 61,200 22.2 75,000 22.5 38,019 – 39,000 2.6 23,000 -41.0 -87,644 -6.2 86,921 -331 1,054 -98,777 -6.5 98,800 1,601 -1,624 % KDNK % GDP % KDNK % GDP 879,560 62.1 958,388 63.3 851,284 60.1 924,784 61.1 15,500 1.1 34,000 2.3 Terbitan Pelaburan Kerajaan Malaysia Malaysian Government Investment Issues 375,266 26.5 391,266 25.8 Sekuriti Kerajaan Malaysia Malaysian Government Securities Sukuk Perumahan Kerajaan Government Housing Sukuk Pinjaman luar pesisir Offshore borrowings Pinjaman pasaran Market loans Pinjaman projek Project loans 436,418 30.8 475,418 31.4 24,100 28,276 23,055 5,221 1.7 2.0 1.6 0.4 24,100 33,604 28,703 4,901 1.6 2.2 1.9 0.3 -97,489 -6.0 – – – – – – – – – – – – – – – – – – – – – 1 Termasuk Wilayah Persekutuan Kuala Lumpur dan Wilayah Persekutuan Putrajaya 2 Termasuk Wilayah Persekutuan Labuan 3 Termasuk pelaburan oleh syarikat awam 4 Kumpulan wang amanah khusus di bawah Akta Langkah-Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 untuk membiayai pakej rangsangan dan pelan pemulihan ekonomi 5 (+) menunjukkan pengurangan aset; (-) menunjukkan pertambahan aset 6 Pada 2021, data adalah sehingga akhir Jun 2021 7 Anggaran 8 Unjuran 9 Anggaran disemak 10 Anggaran belanjawan tidak termasuk langkah Bajet 2022 Nota: Jumlah angka mungkin berbeza disebabkan pembundaran 1 Includes the Federal Territory of Kuala Lumpur and Federal Territory of Putrajaya 2 Includes the Federal Territory of Labuan 3 Includes investment of public corporations 4 A specific trust fund established under Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 to finance economic stimulus packages and recovery plan 5 (+) indicates drawdown of assets; (-) indicates accumulation of assets 6 For 2021, data is at end-June 2021 7 Estimate 8 Forecast 9 Revised estimate 10 Budget estimate, excluding 2022 Budget measures Note: Total may not add up due to rounding x 3.
Key Data Fiskal.indd 10 18/10/2021 6:01 PM tinjauan fiskal fiscal outlook 2022 kandungan KATA PENGANTAR PRAKATA BA JET KERA JAAN PERSEKUTUAN 2022 MALAYSIA: PERANGKAAN PENTING DAN UNJURAN AKRONIM DAN SINGKATAN SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKAL Perspektif Keseluruhan Dasar Fiskal Mengembang Menyokong Pemulihan Ekonomi Sisipan – Kumpulan Wang Amanah Negara Kedudukan Fiskal 2021 Tinjauan 2022 Rangka Kerja Fiskal Jangka Sederhana 2022-2024 Rencana – Rangka Kerja Akta Tanggungjawab Fiskal Kesimpulan SEKSYEN 2 HASIL KERAJAAN PERSEKUTUAN Perspektif Keseluruhan Hasil 2021 Rencana – Strategi Hasil Jangka Sederhana: Ke Arah Pembaharuan Hasil di Malaysia Tinjauan 2022 Kesimpulan SEKSYEN 3 PERBELANJAAN KERAJAAN PERSEKUTUAN Perspektif Keseluruhan Prestasi 2021 Kumpulan Wang COVID-19 Sisipan – Status Terkini Kumpulan Wang COVID-19 Tinjauan 2022 Pinjaman Boleh Dituntut Persekutuan Kesimpulan SEKSYEN 4 PENGURUSAN HUTANG Perspektif Keseluruhan Pembiayaan Rencana – Sukuk Global 2021 oleh Kerajaan Malaysia Hutang Kerajaan Persekutuan Rencana – Analisis Kemampanan Hutang Malaysia 2021 Hutang Luar Hutang Sektor Awam Tinjauan 2022 Kesimpulan SEKSYEN 5 RISIKO FISKAL DAN LIABILITI Perspektif Keseluruhan Pendedahan Hutang dan Liabiliti Jaminan Kerajaan 1Malaysia Development Berhad Liabiliti Lain Kesimpulan SEKSYEN 6 SEKTOR AWAM DISATUKAN Sektor Awam Disatukan Sisipan – Statistik Kewangan Kerajaan Kerajaan Am Kerajaan Negeri Syarikat Awam Bukan Kewangan Muka Surat iii v vii ix xiii xi 2.
Kandungan FO .indd 11 18/10/2021 5:48 PM tinjauan fiskal 2022 JADUAL Jadual 1.1.

Jadual 1.2.

Jadual 2.1.

Jadual 3.1.

Jadual 3.2.

Jadual 3.3.

Jadual 4.1.

Jadual 4.2.

Jadual 4.3.

Jadual 4.4.

Jadual 4.5.

Jadual 4.6.

Jadual 5.1.

Jadual 5.2.

Jadual 5.3.

Jadual 5.4.

Jadual 6.1.

Jadual 6.2.

Jadual 6.3.

Jadual 6.4.

RAJAH Rajah 1.1.

Rajah 1.2.

Rajah 1.3.

Rajah 1.4.

Rajah 2.1.

Rajah 2.2.

Rajah 3.1.

Rajah 3.2.

Rajah 3.3.

Rajah 3.4.

Rajah 3.5.

Rajah 3.6.

Rajah 4.1.

Rajah 4.2.


Rajah 4.3.

Rajah 4.4.

Rajah 4.5.

Rajah 4.6.

Rajah 4.7.

Rajah 4.8.

Rajah 4.9.

Rajah 4.10.

Rajah 5.1.

Rajah 5.2.

Rajah 5.3.

Rajah 5.4.

Rajah 6.1.
Kedudukan Kewangan Kerajaan Persekutuan Rangka Kerja Fiskal Jangka Sederhana (MTFF) Hasil Kerajaan Persekutuan Perbelanjaan Mengurus Kerajaan Persekutuan Mengikut Komponen Perbelanjaan Pembangunan Kerajaan Persekutuan Mengikut Sektor Peruntukan Kumpulan Wang COVID-19 Pembiayaan Kerajaan Persekutuan Garis Panduan Perundangan Hutang Hutang Kerajaan Persekutuan Mengikut Instrumen Hutang Kerajaan Persekutuan Mengikut Pemegang Hutang Luar Hutang Sektor Awam Pendedahan Hutang dan Liabiliti Kerajaan Persekutuan Penerima Utama Jaminan Kerajaan Komitmen Jaminan Hutang 1MDB Kedudukan Kewangan Sektor Awam Disatukan Kedudukan Kewangan Kerajaan Am Disatukan Kedudukan Kewangan Kerajaan Negeri Disatukan Kedudukan Kewangan SABK Disatukan Baki Keseluruhan dan Primer Kerajaan Persekutuan Hasil, Perbelanjaan Mengurus dan Baki Semasa Kerajaan Persekutuan Baki Keseluruhan MTFF Kerajaan Persekutuan Kedudukan Fiskal Disemak Semula 2021 Hasil Berkaitan Petroleum dan Bukan Petroleum Hasil Sebagai Peratusan kepada KDNK Jumlah Perbelanjaan Mengikut Sektor Jumlah Perbelanjaan mengikut Kementerian dan Agensi Perbelanjaan Mengurus mengikut Komponen Perbelanjaan Mengurus mengikut Sektor Perbelanjaan Pembangunan mengikut Sektor Pinjaman Boleh Dituntut Persekutuan di bawah Kumpulan Wang Pembangunan Terbitan Mengikut Tempoh Matang Nisbah BTC MGS dan MGII Keluk Kadar Hasil Penanda Aras MGS Kadar Hasil Indikatif MGS Komposisi Hutang Kerajaan Persekutuan Hutang Kerajaan Persekutuan Mengikut Pemegang Pemegangan Hutang dalam Denominasi Ringgit oleh Bukan Pemastautin Hutang Kerajaan Persekutuan Mengikut Baki Tempoh Matang Bayaran Khidmat Hutang Profil Kematangan Hutang Jaminan Pinjaman Terkumpul Profil Kematangan Jaminan Pinjaman Jaminan Pinjaman Terkumpul Mengikut Segmen Obligasi PPP Terkumpul Mengikut Sektor Aset dan Liabiliti SABK STATISTIK KEWANGAN AWAM MEMORANDUM PERBENDAHARAAN MENGENAI ANGGARAN HASIL KERAJAAN PERSEKUTUAN TAHUN 2022 xii Muka Surat 2.
Kandungan FO .indd 12 18/10/2021 5:48 PM tinjauan fiskal 2022 AKRONIM DAN SINGKATAN 1MDB BCG BEPS 1Malaysia Development Berhad budgetary central government Base Erosion and Profit Shifting BNM Bank Negara Malaysia BPN BPR bps BSH BTC Bantuan Prihatin Nasional Bantuan Prihatin Rakyat mata asas Bantuan Sara Hidup bidaan kepada terbitan CENDANA Dana Pemasaran dan Promosi Pendigitalan di bawah Agensi Pembangunan Ekonomi Kebudayaan GG GKP GLC GoM GSSS IMF IPSAS JANM JKDM jaminan Kerajaan Geran PRIHATIN PKS syarikat berkaitan kerajaan Kerajaan Malaysia Green, Social, Sustainability and Sustainability-linked Tabung Kewangan Antarabangsa Piawaian Perakaunan Sektor Awam Antarabangsa Jabatan Akauntan Negara Malaysia Jabatan Kastam DiRaja Malaysia KDNK Keluaran Dalam Negeri Kasar CIA CITA CKHT Collection Intelligence Arrangement cukai pendapatan syarikat KHAZANAH Khazanah Nasional Berhad KWAN Kumpulan Wang Amanah Negara cukai keuntungan harta tanah KWAP Kumpulan Wang Persaraan (Diperbadankan) COVID-19 Penyakit Koronavirus 2019 CPO CPS minyak sawit mentah sektor awam disatukan DanaInfra DanaInfra Nasional Berhad DE DSA DSC ESG e-Tanah FELDA FPC FRA perbelanjaan pembangunan Analisis Kemampanan Hutang bayaran khidmat hutang alam sekitar, sosial dan tadbir urus korporat sistem pengurusan tanah secara elektronik Lembaga Kemajuan Tanah Persekutuan Jawatankuasa Dasar Fiskal Akta Tanggungjawab Fiskal GFSM 2014 Government Finance Statistics Manual 2014 KWC-19 Kumpulan Wang COVID-19 KWSP LHDN LPPSA LRT MAA MGII MGS MIDA MITB MKD Kumpulan Wang Simpanan Pekerja Lembaga Hasil Dalam Negeri Lembaga Pembiayaan Perumahan Sektor Awam transit aliran ringan Persatuan Automotif Malaysia Terbitan Pelaburan Kerajaan Malaysia Sekuriti Kerajaan Malaysia Lembaga Pembangunan Pelaburan Malaysia Bil Perbendaharaan Islam Malaysia Menteri Kewangan Diperbadankan xiii tinjauan fiskal 2022akronim dan singkatan MOF MPC MRT MTB MTFF MTRS Kementerian Kewangan Malaysia Jawatankuasa Dasar Monetari transit aliran massa Bil Perbendaharaan Malaysia Rangka Kerja Fiskal Jangka Sederhana Strategi Hasil Jangka Sederhana MWSB Malaysia Wakala Sukuk Berhad PPN PPP PPR PRIHATIN PRIHATIN PKS+ PSU REITs Pelan Pemulihan Nasional kerjasama awam swasta Program Perumahan Rakyat Pakej Rangsangan Ekonomi Prihatin Rakyat Langkah Tambahan bagi Pakej Rangsangan Ekonomi PRIHATIN Rakyat Program Subsidi Upah amanah pelaburan hartanah Jawatankuasa Nasional Mengenai Pelaburan perbelanjaan mengurus RMKe-11 Rancangan Malaysia Kesebelas RMKe-12 Rancangan Malaysia Kedua Belas NCI OE OECD OPR PBLT Organisation for Economic Co- operation and Development Kadar Dasar Semalaman PBLT Sdn.
Bhd.
PDRM Polis Diraja Malaysia PEMERKASA Program Strategik Memperkasa Rakyat dan Ekonomi PEMERKASA+ Program Strategik Memperkasa Rakyat dan Ekonomi Tambahan PEMULIH PENJANA PERMAI Pakej Perlindungan Rakyat dan Pemulihan Ekonomi Pelan Jana Semula Ekonomi Negara Perlindungan Ekonomi dan Rakyat Malaysia PETRONAS Petroliam Nasional Berhad inisiatif pembiayaan swasta Program Imunisasi COVID-19 Kebangsaan cukai pendapatan petroleum Perintah Kawalan Pergerakan perusahaan kecil dan sederhana perusahaan mikro, kecil dan sederhana PFI PICK PITA PKP PKS PMKS xiv SABK SDG SPK SPRM SPV SRI SRR SSM SST SVDP SWF TIV TRC TVET WGBI VAT syarikat awam bukan kewangan Matlamat Pembangunan Mampan Sukuk Perumahan Kerajaan Suruhanjaya Pencegahan Rasuah Malaysia syarikat bertujuan khas Sukuk Pelaburan Mampan dan Bertanggungjawab Keperluan Rizab Berkanun Suruhanjaya Syarikat Malaysia Cukai Jualan dan Cukai Perkhidmatan Program Pengakuan Khas Sukarela sovereign wealth fund jumlah pengeluaran industri Jawatankuasa Pembaharuan Cukai pendidikan dan latihan teknikal dan vokasional Indeks Bon Kerajaan Dunia cukai nilai tambah tinjauan fiskal 2022akronim dan singkatan seksyen 1 Perspektif Keseluruhan Dasar Fiskal 3 3 pe r s pe k t i f k e s e luruh a n da sa r fi s k a l me nge mba ng me n yokong pe mul i h a n e konom i Sisipan - Kumpulan Wang Amanah Negara 12 k e duduk a n fi s k a l 2021 13 t i njaua n 2022 14 r a ngk a k e r j a fi s k a l j a ngk a s e de r h a n a 2022-202 4 Rencana - Rangka Kerja Akta Tanggungjawab Fiskal 2 1 k e s i mpul a n Seksyen 1 Teks BM new.indd 1 18/10/2021 5:50 PM Seksyen 1 Teks BM new.indd 2 18/10/2021 5:50 PM seksyen 1 Perspektif Keseluruhan Dasar Fiskal Perspektif Keseluruhan Dasar fiskal terus memainkan peranan utama bagi menyokong pemulihan ekonomi dalam situasi pandemik COVID-19 yang berpanjangan.
Gelombang ketiga penularan wabak ini memberi cabaran besar kepada kemampuan fiskal Kerajaan terutamanya dalam mengimbangi impak kepada generasi masa hadapan.

Susulan peningkatan mendadak kes COVID-19, proklamasi darurat telah diisytiharkan berkuatkuasa pada 11 Januari hingga 1 Ogos 2021 bagi meningkatkan penguatkuasaan, menambah baik langkah pencegahan dan memperketat kawalan sempadan.
Kerajaan juga secara proaktif telah meneruskan dasar yang fleksibel dan pragmatik demi melindungi rakyat dan perniagaan serta menyokong ekonomi dalam menghadapi situasi luar biasa ini.

Kerajaan terus menyediakan sokongan fiskal yang besar pada tahun 2021 melalui pakej bantuan dan rangsangan ekonomi tambahan bagi mengurangkan impak buruk pandemik dan langkah kawalan.
Empat pakej tersebut yang bernilai RM225 bilion telah diperkenalkan pada tahun ini iaitu Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI), Program Strategik Memperkasa Rakyat dan Ekonomi (PEMERKASA), Program Strategik Memperkasa Rakyat dan Ekonomi Tambahan (PEMERKASA+) dan Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH).
Pakej bantuan tersebut melibatkan suntikan fiskal tambahan yang dianggarkan sebanyak RM25 bilion bertujuan meningkatkan perbelanjaan penjagaan kesihatan, memastikan kelangsungan perniagaan dan meringankan beban rakyat.

Secara keseluruhan, Kerajaan telah mengumumkan lapan pakej bantuan dan rangsangan ekonomi berjumlah RM530 bilion dengan sokongan fiskal sebanyak RM80 bilion disediakan di bawah Kumpulan Wang COVID-19 (KWC-19) sejak penularan pandemik pada tahun lalu.
Kerajaan telah melancarkan Program Imunisasi COVID-19 Kebangsaan (PICK) pada 24 Februari 2021 memandangkan vaksinasi merupakan faktor utama dalam menangani pandemik.

Pelancaran PICK membuktikan komitmen Kerajaan untuk memastikan sekurang- kurangnya 80% penduduk dewasa menerima vaksin sepenuhnya pada akhir Oktober 2021.

Seterusnya, Kerajaan telah melancarkan Pelan Pemulihan Negara (PPN) pada Jun 2021 yang menetapkan hala tuju untuk keluar daripada pandemik dan mempercepat pemulihan ekonomi.
Pelan ini yang telah dibentangkan di Parlimen pada Julai 2021 menyediakan panduan jelas untuk pembukaan semula aktiviti ekonomi dan sosial melalui strategi empat fasa peralihan berdasarkan analisis data.

Sebagai kesinambungan dasar, PPN menggabungkan semua langkah kawalan dan bantuan ekonomi kepada satu pendekatan komprehensif dan ‘seluruh negara’ (whole-of- nation) untuk menyatupadukan rakyat dalam memerangi pandemik.
Dasar Fiskal Mengembang Menyokong Pemulihan Ekonomi Pendirian fiskal Kerajaan Persekutuan terus memberi keutamaan untuk memacu negara keluar daripada krisis pandemik.

Sokongan fiskal yang ketara dijangka mampu mengawal penularan COVID-19, menyokong aktiviti 3 Seksyen 1 Teks BM new.indd 3 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 ekonomi domestik, menjana pelaburan, merangsang perbelanjaan pengguna dan mewujudkan peluang pekerjaan.
Pelaksanaan langkah pemulihan yang lebih bersasar telah memberi kesan positif kepada ekonomi dan dibuktikan melalui pertumbuhan ekonomi yang kukuh sebanyak 7.1% pada separuh pertama tahun ini.

Susulan proses peralihan politik yang lancar serta kesinambungan dasar yang jelas, Kerajaan yakin ekonomi akan pulih dan mencatat pertumbuhan positif pada 2021.
Dalam situasi pemulihan ekonomi global yang tidak seimbang dan tidak menentu, operasi fiskal kekal proaktif dan pantas bertindak balas terhadap persekitaran ekonomi dan keutamaan dasar yang dinamik.

Usaha untuk meningkatkan keberkesanan dan kecekapan perbelanjaan akan disokong oleh langkah perbelanjaan berhemat serta mengoptimumkan persekitaran operasi bersesuaian dengan norma baharu.
Selain itu, strategi untuk meningkatkan keapungan hasil akan dilaksanakan dengan lebih tersusun tanpa menjejaskan momentum pemulihan.

Kerajaan telah memanfaatkan pelbagai instrumen fiskal untuk mengimbangi keperluan perbelanjaan dan kemampanan fiskal bagi memacu pemulihan ekonomi dan kesihatan.

Langkah ini termasuk penggunaan sebahagian dana Kumpulan Wang Amanah Negara (KWAN) bagi memastikan pembiayaan yang mencukupi dan mempercepat pelaksanaan program vaksinasi di bawah PICK.
Justeru, kadar vaksinasi di Malaysia merekodkan antara terpantas di dunia seterusnya membolehkan Kerajaan membuka semula lebih banyak sektor ekonomi untuk menyokong pertumbuhan.

Jumlah vaksinasi harian telah mencatatkan peningkatan mendadak kepada sekitar 500,000 dos pada Julai 2021 berbanding 30,000 dos pada awal pelaksanaan program berikutan peningkatan bekalan vaksin.
Pada akhir Ogos, Kerajaan telah menempah lebih 87 juta dos vaksin bernilai sekitar RM4.3 bilion bagi memastikan kelancaran pelaksanaan PICK.

Malaysia telah mencapai sasaran untuk memvaksin 80% daripada penduduk dewasa pada September 2021.

Selain itu, agenda sosioekonomi dan pembangunan kekal menjadi keutamaan Kerajaan dalam jangka masa sederhana seperti yang dinyatakan dalam Rancangan Malaysia Kedua Belas, 2021 – 2025 (RMKe- 12).
Justeru, sumber fiskal akan disalurkan bagi melaksanakan program dan projek di bawah RMKe-12 yang akan bertindak sebagai pemangkin dalam mencorak hala tuju ke arah negara yang makmur, inklusif dan mampan.

Kerajaan telah mengemukakan usul di Parlimen untuk meningkatkan had statutori hutang dengan mengambil kira keperluan pembiayaan langkah pemulihan dan pelaksanaan RMKe- 12 dalam menghadapi situasi luar biasa ini.
Bagi memastikan kemampanan fiskal jangka masa sederhana, trajektori konsolidasi fiskal dijangka bergerak secara lebih beransur- ansur berbanding sasaran asal.

Trajektori ini mengambil kira keperluan bagi menyediakan sokongan fiskal yang mencukupi untuk pemulihan ekonomi dan agenda pembangunan negara.
4 Seksyen 1 Teks BM new.indd 4 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 seksyen 1 PERSPEKTIF KESELURUHAN DASAR FISKAL sIsIPan Kumpulan Wang Amanah Negara Pengenalan Dana kekayaan berdaulat adalah dana yang ditubuhkan oleh kerajaan untuk mengurus dan meningkatkan kekayaan sesebuah negara.
Sumber dana ini terdiri daripada pelbagai bentuk antaranya hasil daripada sumber asli, lebihan fiskal atau belanjawan serta pindahan langsung daripada kerajaan untuk mencapai matlamat ekonomi dan pembangunan yang khusus.

Dana ini secara lazimnya berfungsi sebagai aset penampan untuk mengekalkan kekayaan daripada sumber tidak boleh baharu sesebuah negara serta boleh digunakan bagi mengurangkan impak kejutan luar jangka seperti kegawatan ekonomi atau bencana alam.
Terdapat pelbagai jenis dana kekayaan berdaulat yang ditubuhkan di seluruh dunia berdasarkan sumber dan tujuan dana yang boleh diringkaskan seperti berikut: RAJAH 1.

Jenis Dana Kekayaan Berdaulat DANA PENSTABILAN DANA SIMPANAN Berfungsi sebagai mekanisme penampan untuk mengurangkan impak ketidaktentuan harga komoditi atau kejutan ekonomi kepada belanjawan negara.

Kebiasaannya sumber dana adalah terimaan daripada hasil sumber asli atau lebihan belanjawan.
Contoh: State Oil Fund of Republic Azerbaijan dan Chile Economic and Social Stabilization Fund Berperanan sebagai simpanan untuk generasi akan datang terutamanya apabila sesebuah negara bergantung kepada hasil daripada sumber tidak boleh baharu seperti petroleum.

Oleh itu, sumber berkenaan boleh dikongsi merentas generasi dengan menukarkan kekayaan sumber tidak boleh baharu kepada portfolio pelaburan.

Dana simpanan pada kebiasaannya mempunyai tempoh masa yang ditetapkan sebelum boleh digunakan.
Contoh: Government Pension Fund Global, Norway dan Abu Dhabi Investment Authority DANA STRATEGIK DAN PEMBANGUNAN DANA RIZAB PERSARAAN Berperanan memenuhi matlamat umum makroekonomi seperti memacu pasaran modal domestik atau melabur dalam sektor strategik.

Sumber dana tidak semestinya daripada lebihan belanjawan atau rizab kerajaan tetapi boleh juga daripada instrumen pinjaman dan ekuiti.

Berfungsi sebagai rizab liabiliti persaraan yang perlu ditanggung oleh kerajaan.
Sumber utama dana adalah daripada peruntukan tahunan kerajaan yang akan dilaburkan bagi meningkatkan dana agar berupaya untuk menampung liabiliti persaraan.
Contoh: Temasek Holdings, Singapura dan Public Investment Fund, Arab Saudi Contoh: Government Pension Investment Fund, Jepun dan Danish Labour Market Supplementary Pension Fund (ATP), Denmark Sumber: IMF Global Financial Stability Report 2007 dan Global SWF Annual Report 2020 Setiap dana kekayaan berdaulat mempunyai strategi pelaburan dan had risiko tertentu untuk mencapai objektif yang ditetapkan serta memastikan kemampanan dana.
Sebagai contoh, dana penstabilan pada kebiasaannya dilabur dalam instrumen berkecairan tinggi dan berisiko rendah seperti bon dan sukuk.

Walau bagaimanapun, dana kekayaan berdaulat dengan tanggungan jangka masa panjang seperti dana simpanan, dana strategik dan dana persaraan memberi fokus kepada strategi pelaburan jangka masa panjang bagi mencapai pulangan yang stabil dan konsisten serta mengimbangi profil risiko dan pulangan.
Malaysia mempunyai beberapa dana kekayaan berdaulat dengan objektif penubuhan berbeza seperti Khazanah Nasional Berhad (Khazanah), Kumpulan Wang Persaraan (Diperbadankan) (KWAP) dan Kumpulan Wang Amanah Negara (KWAN).
Khazanah telah ditubuhkan sebagai syarikat Menteri TInjauan FIskal 2022 5 Seksyen 1 Teks BM new.indd 5 18/10/2021 5:50 PM Kewangan Diperbadankan (MKD) yang berperanan melaksanakan pelaburan strategik Kerajaan manakala KWAP ditubuhkan pada 2007 bertujuan membantu Kerajaan membiayai tanggungan liabiliti pencen.

Khazanah dan KWAP ditadbir urus oleh lembaga pengarah dengan dibantu oleh pasukan pengurusan yang khusus.
Kumpulan Wang Amanah Negara KWAN ditubuhkan pada 1988 melalui Akta Kumpulan Wang Amanah Negara 1988 [Akta 339].

Penubuhan KWAN bertujuan memastikan hasil daripada sumber tidak boleh baharu negara dioptimumkan sebagai sumber hasil yang mampan untuk generasi akan datang.

Tadbir Urus Seksyen 4 Akta 339 memperuntukkan penubuhan panel pemegang amanah yang bertindak sebagai jawatankuasa bagi memantau dan mentadbir operasi KWAN.
Ahli panel KWAN terdiri daripada seorang Pengerusi, Timbalan Pengerusi (pegawai daripada Kementerian Kewangan), wakil daripada Jabatan Perdana Menteri serta dua ahli yang berpengalaman dalam bidang perniagaan dan kewangan.

Panel pemegang amanah bertanggungjawab ke atas keputusan pelaburan, perakaunan dan pelaporan dana kepada Menteri Kewangan manakala Bank Negara Malaysia (BNM) diberi mandat mengurus operasi harian dana KWAN.
Akta ini juga memperuntukkan supaya akaun KWAN diaudit secara tahunan oleh Jabatan Audit Negara dalam tempoh tiga bulan selepas tahun kewangan berakhir.

Penyata kewangan KWAN yang telah diaudit berserta laporan tahunan yang mengandungi profil pelaburan dikemukakan kepada Menteri Kewangan sebelum dibentangkan di Parlimen.
Prestasi Berdasarkan Seksyen 5 Akta 339, pihak yang wajar membuat sumbangan kepada dana KWAN termasuk Petroliam Nasional Berhad (PETRONAS), kerajaan negeri yang menerima bayaran royalti daripada pengeksploitasian petroleum atau sumber asli tidak boleh baharu lain serta pihak yang terlibat dengan penyelidikan dan pembangunan sumber asli.

Penubuhan KWAN pada 1988 bermula dengan dana berjumlah RM114 juta dan meningkat kepada RM19.5 bilion pada akhir Disember 2020.
Pertumbuhan dana ini dipacu oleh peningkatan sumbangan daripada PETRONAS serta pulangan daripada pelaburan melalui strategi dan kepelbagaian portfolio yang digunakan.

Portfolio pelaburan KWAN terdiri daripada ekuiti, bon, amanah pelaburan hartanah (REITs), emas serta deposit.

Sehingga 31 Disember 2020, lebihan terkumpul dana KWAN adalah berjumlah RM8.2 bilion manakala sumbangan dana berjumlah RM10.4 bilion.
6 Seksyen 1 Teks BM new.indd 6 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 RAJAH 2.

Pertumbuhan dan Pulangan ke atas Aset KWAN RM bilion SAIZ ASET PULANGAN KE ATAS ASET (SKALA KANAN) Sumber: Laporan Tahunan KWAN RAJAH 3.
Kedudukan Kewangan KWAN, sehingga 31 Disember 2020 Aset 0.1% 2.2% 9.1% Liabiliti dan Lebihan Terkumpul 0.1% 4.4% RM19.5 bilion 42.2% RM19.5 bilion 53.3% 88.6% TUNAI DAN KESETARAAN TUNAI ASET KEWANGAN AKAUN BELUM TERIMA PELABURAN Sumber: Penyata Kewangan KWAN Beraudit, 2020 AKAUN BELUM BAYAR SUMBANGAN DANA LEBIHAN TERKUMPUL RIZAB ASET KEWANGAN % 25 19.5 20 15 10 5 0 -5 7 Seksyen 1 Teks BM new.indd 7 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 seksyen 1 PERSPEKTIF KESELURUHAN DASAR FISKAL RAJAH 4.
Ringkasan Portfolio Pelaburan KWAN EKUITI • Ekuiti tempatan dan luar negara – contoh: Putrajaya Holdings Berhad • Pelaburan melalui program pengurusan dana luar BON • Peruntukan aset terbesar • Sekuriti tempatan dan luar negara • Pelaburan melalui BNM dan program pengurusan dana luar REITs • Amanah pelaburan hartanah (REITs) tempatan dan luar negara • Pelaburan melalui BNM dan program pengurusan dana luar EMAS • Pelaburan melalui BNM • Pelaburan terhad kepada pelaburan emas fizikal DEPOSIT • Peruntukan aset minimum • Mata wang tempatan dan luar negara Sumber: Laporan Tahunan KWAN Penggunaan Dana Seksyen 6 Akta 339 membenarkan penggunaan dana KWAN selepas sepuluh tahun daripada tarikh kuat kuasa Akta dengan kelulusan Menteri Kewangan.
Seksyen 6(a) memperuntukkan penggunaan dana bagi perbelanjaan pembangunan seperti dinyatakan dalam Jadual Pertama Akta Kumpulan Wang Pembangunan 1966 [Akta 406] manakala Seksyen 6(b) membenarkan pemberian pinjaman atau pendahuluan kepada Kerajaan Persekutuan atau kerajaan negeri.

Sejak ditubuhkan, dana KWAN pernah digunakan untuk membiayai pembangunan Paya Indah Wetlands berjumlah RM42 juta pada 1998.
Namun begitu, pinjaman atau pendahuluan tidak pernah diberikan kepada Kerajaan Persekutuan atau kerajaan negeri.

Walau bagaimanapun, KWAN mempunyai pegangan dalam Sekuriti Kerajaan Malaysia (MGS) sebagai sebahagian daripada portfolio pelaburan seperti diperuntukkan di bawah Seksyen 7 Akta 339.

Pada awal 2020, Malaysia telah dilanda pandemik COVID-19 yang memerlukan pelaksanaan pelbagai perintah kawalan pergerakan (PKP) untuk membendung penularan virus tersebut.
Bagi mengurangkan impak ekonomi dan membantu rakyat susulan daripada pelaksanaan PKP, beberapa pakej rangsangan dan pelan pemulihan telah diperkenalkan oleh Kerajaan.

Apabila vaksin mula dibekalkan pada 2021, Program Imunisasi COVID-19 Kebangsaan (PICK) telah dilancarkan dengan kos awalan dianggarkan berjumlah RM3 bilion seperti diumumkan dalam Belanjawan 2021.
Berikutan kekangan ruang fiskal Kerajaan, sejumlah RM5 bilion daripada dana KWAN telah diuntukkan bagi meningkatkan liputan penerimaan vaksin serta mempercepat program vaksinasi seluruh negara.

Perbelanjaan di bawah program ini diperuntukkan bagi perolehan vaksin dan kos berkaitan vaksinasi seperti peralatan, logistik, sewaan tempat dan sebagainya.
8 TInjauan FIskal 2022 Seksyen 1 Teks BM new.indd 8 18/10/2021 5:50 PM Penggunaan dana KWAN bagi PICK dibuat setelah mengambil kira faktor berikut: a) Malaysia telah dilanda gelombang kedua dan ketiga pandemik COVID-19 yang membawa varian virus dengan kadar kebolehjangkitan tinggi.

Gelombang tersebut menyebabkan peningkatan mendadak kes jangkitan sehingga memberi kesan ke atas sistem kesihatan negara.
Justeru, Kerajaan perlu menyegerakan PICK bagi mencapai sasaran kadar vaksinasi 80% penduduk dewasa menjelang Oktober 2021 iaitu lebih awal daripada sasaran asal pada suku pertama 2022; b) Pelanjutan PKP memerlukan pelaksanaan pelbagai pakej rangsangan dan bantuan bagi melindungi kehidupan rakyat (contoh: program Bantuan Prihatin Nasional dan Bakul Makanan) serta kelangsungan perniagaan (contoh: Geran Prihatin PKS dan Program Subsidi Upah).
Situasi ini memerlukan Kerajaan untuk mengoptimumkan pembiayaan bagi kestabilan aliran tunai berikutan kutipan hasil yang perlahan seterusnya mengehadkan ruang fiskal; c) Ruang fiskal juga semakin terhad dengan peningkatan obligasi kewangan yang berpunca daripada liabiliti yang perlu ditanggung oleh Kerajaan Persekutuan.
Maka, Kerajaan perlu mencari pembiayaan alternatif sedia ada dan tidak melibatkan tambahan bebanan hutang dalam jangka masa pendek dan sederhana; dan d) Kerajaan hanya akan menggunakan dana daripada pulangan pelaburan terkumpul dan bukan daripada jumlah sumbangan.

Kerajaan tidak berhasrat untuk membebankan generasi akan datang dengan hutang jika perolehan vaksin perlu dibiayai melalui pinjaman tambahan.
Walaupun Akta 339 memperuntukkan penggunaan dana KWAN bagi perbelanjaan pembangunan termasuk sektor kesihatan ( Jadual Pertama, Akta 406) seperti pembinaan hospital dan klinik serta perolehan aset dan peralatan perubatan, namun perolehan vaksin bukan sebahagian daripada senarai perbelanjaan yang dibenarkan.
Justeru, Kerajaan perlu meminda Seksyen 6 Akta 339 bagi membolehkan perolehan vaksin dan pindaan berkenaan telah dibuat melalui Ordinan Darurat pada April 2021 dengan memasukkan klausa sementara dalam Akta seperti berikut: “Seksyen 6(c) pemerolehan vaksin dan apa-apa perbelanjaan yang dilakukan berhubung dengan vaksin bagi suatu wabak apa-apa penyakit berjangkit sebagaimana yang dinyatakan di bawah Akta Pencegahan dan Pengawalan Penyakit Berjangkit 1988 [Akta 342].” Seterusnya pindaan ini dibentangkan di Parlimen pada Oktober 2021 untuk mengekalkan klausa tersebut dalam Akta 339.
Kemajuan PICK Sumbangan dana KWAN telah merancakkan pelaksanaan program vaksinasi seterusnya menjadikan Malaysia antara negara terpantas dari segi kadar pemberian vaksin COVID-19 harian.

Sehingga 30 September 2021, seramai 20 juta individu atau 85.7% populasi dewasa telah divaksin sepenuhnya.

Perkembangan ini membolehkan pembukaan sektor ekonomi dilaksanakan secara berperingkat seterusnya mempercepat pemulihan ekonomi negara.
Seksyen 1 Teks BM new.indd 9 18/10/2021 5:50 PM 9 seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 seksyen 1 PERSPEKTIF KESELURUHAN DASAR FISKAL RAJAH 5.
Malaysia: Kadar Vaksinasi, Akhir September 2021 Jumlah dos (’000) Pewartaan Pindaan Akta 339 Melalui Ordinan Darurat 21 April 600 500 400 300 200 100 0 Operasi Lonjakan Kapasiti 26 Julai – 1 Ogos Feb Mac Apr Mei Jun Jul Ogos Sep DOS KEDUA DOS PERTAMA Sumber: Jawatankuasa Petugas Khas Imunisasi COVID-19 (CITF) Pengalaman Dana Kekayaan Berdaulat Lain Seperti Malaysia, negara lain juga menggunakan dana simpanan dan dana penstabilan terutamanya dana berasaskan sumber asli untuk membiayai langkah bantuan dan rangsangan dalam menangani impak pandemik COVID-19 (Rajah 6).
Tindakan ini selaras dengan salah satu tujuan penubuhan dana berkenaan iaitu menyediakan sokongan segera fiskal dalam tempoh krisis.

Sebagai contoh, Norway Government Pension Fund Global telah menyumbang USD35.7 bilion pada 2020 dan USD30.7 bilion pada 2021 untuk membiayai belanjawan termasuk langkah menangani krisis COVID-19.

Singapura pula memperuntukkan USD31.8 bilion daripada rizab untuk membiayai COVID-19 Resilience Package pada 2020 dan USD8.2 bilion pada 2021.

RAJAH 6.
Penggunaan Dana Kekayaan Berdaulat Global 2020 USD bilion 35.7 31.8 NORWAY SINGAPURA MEXICO PERU COLOMBIA AZERBAIJAN CHILE IRELAND TRINIDAD & TOBAGO ANGOLA MALAYSIA IRAN KAZAKHSTAN NIGERIA BOTSWANA TIMOR LESTE GHANA 5.4 5.4 3.2 2.7 2.0 1.8 1.5 1.5 1.2 1.1 1.1 0.4 0.3 0.3 0.2 Sumber: Natural Resource Governance Institute, Ministry of Finance Norway dan Ministry of Finance Singapore 10 TInjauan FIskal 2022 Seksyen 1 Teks BM new.indd 10 18/10/2021 5:50 PM Kesimpulan Dana kekayaan berdaulat berperanan penting untuk melindungi kepentingan generasi akan datang.
Namun begitu, dana ini telah menjadi sumber kewangan alternatif bagi kebanyakan negara termasuk Malaysia untuk membiayai strategi pemulihan krisis pandemik COVID-19.

Memandangkan terdapat kekangan fiskal, Kerajaan telah menggunakan sebahagian dana KWAN untuk menangani pandemik ini.

Penggunaan dana KWAN untuk program vaksinasi kebangsaan merupakan komponen penting agenda pemulihan negara demi membolehkan Malaysia keluar daripada krisis, memacu pemulihan ekonomi serta melindungi masa hadapan negara.
Kerajaan komited untuk menggantikan semula dana berkenaan apabila ekonomi stabil dan kembali mencapai trajektori pertumbuhan.

Rujukan Bauer, A.

(2020).

How Have Governments of Resource-Rich Countries Used Their Sovereign Wealth Funds During the Crisis?.

Natural Resource Governance Institute.

Dicapai daripada https:// resourcegovernance.org Global SWF.

(2021).

2021 Annual Report.

Dicapai daripada https://globalswf.com/reports Kementerian Kesihatan Malaysia.

(2021).
(2021).

COVID-19 Malaysia: Empat Hari Berturut-Turut, Pemberian Vaksin Lepasi 400,000 dos Sehari.

Dicapai daripada https://covid-19.moh.gov.my Kumpulan Wang Amanah Negara (KWAN).

(2020).

Penyata Kewangan Beraudit sehingga 31 Disember 2020.

Ministry of Finance Norway.

(2021).

Revised National Budget 2021.

Dicapai daripada https://www.

regjeringen.no Ministry of Finance Singapore.

(2021).

Annex F-2: Fiscal Position in FY2021.


Dicapai daripada https:// www.mof.gov.sg Tabung Kewangan Antarabangsa (IMF).

(2007).

Global Financial Stability Report 2007: Financial Market Turbulence: Causes, Consequences, and Policies.
Dicapai daripada https://www.imf.org Seksyen 1 Teks BM new.indd 11 18/10/2021 5:50 PM 11 seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 Kedudukan Fiskal 2021 Kerajaan menerusi Belanjawan 2021 telah mengunjurkan defisit fiskal berbanding KDNK berkurang kepada 5.4% berdasarkan andaian pemulihan ekonomi yang stabil pada separuh kedua 2020 dan berlanjutan hingga 2021.
Walau bagaimanapun, kemunculan varian baharu COVID-19 yang lebih merbahaya dan mudah merebak memberi cabaran besar kepada Kerajaan dalam melindungi rakyat, perniagaan dan ekonomi.

Justeru, Kerajaan telah melaksanakan semula Perintah Kawalan Pergerakan (PKP) dan mengumumkan pakej bantuan dan rangsangan ekonomi tambahan untuk meringankan beban rakyat dan perniagaan.

Pelaksanaan PKP dan pakej bantuan tersebut telah menjejaskan kedudukan kewangan Kerajaan Persekutuan.
Pada 2021, hasil dianggarkan menyusut 6.7% daripada anggaran belanjawan kepada RM221 bilion atau 14.6% kepada KDNK.

Penyusutan ini terutamanya disebabkan oleh kutipan hasil cukai yang lebih rendah.

Walau bagaimanapun, pengurangan tersebut akan ditampung oleh hasil tambahan berikutan purata harga minyak mentah dan minyak sawit yang lebih tinggi serta dividen tambahan dan bayaran khas daripada entiti Kerajaan.
Kerajaan telah menyusun semula keutamaan perbelanjaan ke arah menyokong sistem penjagaan kesihatan, meringankan beban rakyat dan memastikan kelangsungan perniagaan dengan mengambil kira keperluan fiskal yang semakin meningkat.

Justeru, perbelanjaan telah disemak semula untuk membiayai pakej bantuan dan rangsangan ekonomi tambahan seterusnya meningkatkan keperluan perbelanjaan di bawah KWC-19.
Oleh itu, jumlah perbelanjaan dijangka kekal signifikan sebanyak RM320.6 bilion walaupun lebih rendah secara marginal sebanyak 0.6% berbanding anggaran belanjawan pada RM322.5 bilion.

jadual 1.1.
Kedudukan Kewangan Kerajaan Persekutuan, 2020 – 2022 rM juTa PeruBaHan (%) BaHaGIan kePada kdnk (%) 2020 20213 20224 2020 20213 20224 2020 20213 20224 Hasil 225,076 221,023 234,011 Perbelanjaan mengurus 224,600 219,600 233,500 Baki semasa 476 1,423 511 -14.9 -14.7 -1.8 -2.2 5.9 6.3 15.9 15.9 14.6 14.5 14.3 14.3 Perbelanjaan pembangunan kasar Tolak: Terimaan balik pinjaman Perbelanjaan pembangunan bersih 51,360 62,000 75,600 -5.2 20.7 21.9 1,259 800 600 -21.5 -36.5 -25.0 50,101 61,200 75,000 -4.7 22.2 22.5 Kumpulan Wang COVID-191 38,019 39,000 23,000 2.6 -41.0 Baki keseluruhan -87,644 -98,777 -97,489 Baki primer2 -53,149 -59,777 -54,389 0.0 3.6 0.1 3.5 2.7 -6.2 -3.8 0.1 4.1 0.1 4.0 2.6 -6.5 -3.9 0.0 4.6 0.0 4.6 1.4 -6.0 -3.3 1 Kumpulan wang amanah khusus di bawah Akta Langkah-Langkah Sementara Bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 untuk membiayai pakej rangsangan dan pemulihan ekonomi 2 Tidak termasuk bayaran khidmat hutang 3 Anggaran disemak 4 Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia 12 Seksyen 1 Teks BM new.indd 12 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 Perbelanjaan mengurus (OE) dijangka berkurang sebanyak 7.1% atau RM16.9 bilion kepada RM219.6 bilion terutamanya daripada bekalan dan perkhidmatan serta pemberian kepada badan berkanun yang mempunyai rizab kewangan tinggi.
Di samping itu, perbelanjaan pembangunan (DE) dijangka berkurang 10.1% kepada RM62 bilion berbanding anggaran belanjawan sebanyak RM69 bilion.

Beberapa projek pembangunan telah disemak dan dijadual semula berikutan pelaksanaan PKP yang telah menjejaskan kemajuan pelaksanaan projek.

Walau bagaimanapun, peruntukan KWC-19 dianggar meningkat sebanyak 129.4% atau RM22 bilion kepada RM39 bilion bagi membiayai pakej bantuan dan rangsangan ekonomi tambahan.
Pandemik yang berpanjangan melangkaui jangkaan telah memaksa Kerajaan untuk meningkatkan kapasiti perbelanjaan bagi menyediakan sokongan fiskal tambahan.

Justeru, defisit fiskal Kerajaan Persekutuan berbanding KDNK diunjur meningkat kepada 6.5% berikutan suntikan fiskal tambahan dan unjuran KDNK yang lebih rendah.

Oleh itu, baki primer yang tidak termasuk bayaran khidmat hutang berbanding KDNK juga dijangka meningkat kepada 3.9%.
Tinjauan 2022 Memandangkan keadaan ekonomi global masih tidak menentu, terdapat keperluan untuk merancakkan semula aktiviti ekonomi domestik dan sosial bagi mempercepat pemulihan.

Program vaksinasi merupakan antara penyumbang utama kepada pembukaan semula sektor ekonomi dan sosial.

Pada 2022, prospek ekonomi dijangka bertambah baik dan kembali kepada trajektori pertumbuhan disokong oleh liputan vaksinasi yang lebih luas serta permintaan domestik dan luar yang stabil.
Sebagaimana Kenyataan Pra-Bajet yang julung kali diterbitkan, Bajet 2022 dirangka berdasarkan tiga objektif utama iaitu melindungi dan memulih kehidupan serta mata pencarian, membina semula daya tahan negara dan memangkin pembaharuan.

Kerajaan akan meneruskan dasar belanjawan mengembang bagi menyokong agenda pembangunan nasional seperti yang digariskan dalam RMKe-12.
Pada 2022, kutipan hasil Kerajaan Persekutuan dianggar lebih tinggi pada RM234 bilion atau 14.3% kepada KDNK didorong oleh jangkaan peningkatan hasil cukai kepada RM171.4 bilion dan hasil bukan cukai berjumlah RM62.6 bilion.

Selain itu, jumlah perbelanjaan dianggarkan lebih tinggi pada RM332.1 bilion atau 20.3% kepada KDNK disebabkan oleh peningkatan OE kepada RM233.5 bilion dan DE RM75.6 bilion.

Baki sebanyak RM23 bilion merupakan peruntukan KWC-19.
Peningkatan OE terutamanya disebabkan oleh bekalan dan perkhidmatan, bayaran khidmat hutang serta emolumen.

Peruntukan DE akan disalurkan terutamanya bagi melaksanakan program dan projek di bawah RMKe-12 termasuk pembinaan Landasan Berkembar Elektrik Gemas – Johor Bahru, Sistem Transit Rapid dan Lebuhraya Pan Borneo.

Kerajaan akan memperuntukkan RM23 bilion bagi langkah rangsangan dan pemulihan ekonomi berikutan peningkatan had siling KWC-19.
Peruntukan tersebut akan digunakan untuk program dan projek seperti program subsidi upah dan bantuan tunai serta projek berskala kecil.

Kumpulan wang ini akan terus beroperasi sehingga akhir 2022 seperti termaktub dalam Akta Langkah-Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 [Akta 830].

Defisit fiskal berbanding KDNK dijangka berkurang kepada 6% setelah mengambil kira pertumbuhan hasil dan keperluan perbelanjaan.
Selain itu, baki primer yang tidak termasuk bayaran khidmat hutang berbanding KDNK dianggarkan pada 3.3%.

Kerajaan komited untuk menyediakan sokongan fiskal yang mencukupi bagi merancakkan semula ekonomi domestik dan kembali ke arah potensi pertumbuhan negara.

Justeru, langkah konsolidasi fiskal akan diteruskan semula secara berperingkat berdasarkan rangka kerja fiskal jangka sederhana.
13 Seksyen 1 Teks BM new.indd 13 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 Rangka Kerja Fiskal Jangka Sederhana 2022 – 2024 Dalam jangka masa sederhana, strategi fiskal akan berteraskan kepada Rangka Kerja Fiskal Jangka Sederhana (MTFF).

Rangka kerja ini berfungsi sebagai panduan perancangan belanjawan dengan menetapkan unjuran makro-fiskal tiga tahun merangkumi kedudukan hasil dan perbelanjaan.
Justeru, MTFF penting dalam pengurusan kewangan awam dan operasi bagi menambah baik disiplin fiskal, memastikan keberkesanan dan kecekapan perbelanjaan serta melaksanakan pembaharuan institusi.

Berdasarkan MTFF 2021 – 2023 yang diterbitkan dalam Belanjawan 2021, Kerajaan mengunjurkan defisit fiskal pada purata 4.5% kepada KDNK bagi tempoh tiga tahun.
Unjuran tersebut mengambil kira andaian pemulihan ekonomi yang kukuh dengan pertumbuhan KDNK benar antara 4.5% – 5.5%, harga minyak mentah yang stabil (USD45 – USD55 setong) dan pengeluaran minyak mentah sebanyak 580,000 tong sehari.

Jumlah hasil diunjur 14.7% kepada KDNK manakala jumlah perbelanjaan dianggarkan 19.3%.
Walau bagaimanapun, Kerajaan telah menyediakan suntikan fiskal tambahan dan meningkatkan had statutori hutang berikutan pandemik COVID-19 yang berpanjangan bagi memastikan perbelanjaan mencukupi untuk pakej rangsangan ekonomi dan langkah pemulihan serta pelaksanaan RMKe-12.
Oleh itu, MTFF 2022 – 2024 telah disemak semula dengan konsolidasi fiskal secara lebih beransur-ansur berdasarkan andaian pertumbuhan KDNK nominal pada purata 7.7%, purata harga minyak mentah pada USD67 setong serta purata pengeluaran minyak mentah sebanyak 580,000 tong sehari.

Jumlah hasil dalam jangka masa sederhana dianggar sebanyak RM736.0 bilion atau 13.9% kepada KDNK terutamanya disumbangkan 14 oleh hasil bukan petroleum yang dianggar sebanyak RM600.7 bilion atau 11.3% kepada KDNK.
Hasil berkaitan petroleum diunjur pada RM135.3 bilion atau 2.6% kepada KDNK.

Usaha untuk menambah baik asas hasil akan berpandukan Strategi Hasil Jangka Sederhana (MTRS) yang menggariskan pelaksanaan langkah hasil secara berperingkat, semakan semula perundangan cukai dan pemodenan pentadbiran hasil.

jadual 1.2.
Rangka Kerja Fiskal Jangka Sederhana (MTFF), 2022 – 2024 2022 - 2024 rM BIlIOn BaHaGIan kePada kdnk (%) Hasil Bukan Petroleum Berkaitan Petroleum Perbelanjaan mengurus Baki semasa Perbelanjaan pembangunan kasar Tolak: terimaan balik pinjaman Perbelanjaan pembangunan bersih Kumpulan Wang COVID-191 Baki keseluruhan Baki Primer Asas andaian: Purata pertumbuhan KDNK benar (%) Purata pertumbuhan KDNK nominal (%) Purata harga minyak mentah (USD setong) Purata pengeluaran minyak (tong sehari) 736.0 600.7 135.3 726.9 9.1 250.0 1.8 248.2 23.0 -262.1 -122.6 13.9 11.3 2.6 13.7 0.2 4.7 0.0 4.7 0.5 -5.0 -2.3 5.5 7.7 67 580,000 1 Kumpulan wang amanah khusus ditubuhkan di bawah Akta Langkah- Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 untuk membiayai pakej rangsangan dan pelan pemulihan ekonomi Nota: Anggaran MTFF tidak termasuk langkah belanjawan Sumber: Kementerian Kewangan Malaysia Seksyen 1 Teks BM new.indd 14 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 Jumlah siling perbelanjaan indikatif untuk tempoh 2022 – 2024 termasuk KWC-19 diunjur sebanyak RM999.9 bilion atau 18.9% kepada KDNK.
Peruntukan OE dianggar pada RM726.9 bilion atau 13.7% kepada KDNK manakala DE RM250 bilion atau 4.7%.

Siling ini memberi panduan kepada kementerian dan agensi untuk merangka perancangan belanjawan seterusnya melancarkan pelaksanaan serta pembiayaan program dan projek.

Trajektori konsolidasi fiskal dalam jangka masa sederhana dijangka bergerak lebih beransur- ansur daripada unjuran asal dengan defisit fiskal keseluruhan pada purata 5% kepada KDNK bagi tempoh MTFF 2022 – 2024.
Kerajaan akan terus melaksanakan inisiatif pembaharuan untuk memastikan kemampanan fiskal dan meningkatkan kemampuan keberhutangan di samping menyokong pemulihan ekonomi.

rencana Rangka Kerja Akta Tanggungjawab Fiskal Pendahuluan Malaysia telah beralih daripada ekonomi berasaskan pertanian kepada ekonomi yang lebih pelbagai melalui beberapa siri pelan pembangunan negara berteraskan pengurusan dasar fiskal dan monetari yang efektif.
Krisis pandemik COVID-19 telah meningkatkan kepentingan peranan dasar fiskal dalam menyokong pemulihan ekonomi dan kesihatan serta kekal fleksibel dalam sebarang situasi ekonomi.

Pada masa yang sama, Kerajaan perlu mengimbangi antara keperluan segera negara dengan usaha mengekalkan kemampanan kewangan awam dalam jangka masa sederhana dan panjang.
Usaha tersebut merangkumi inisiatif untuk menambah baik struktur institusi dan tadbir urus, ketelusan pelaporan dan keberkesanan pengurusan risiko melalui pembaharuan fiskal yang lebih bertanggungjawab dan progresif.

Walaupun pandemik ini telah menjejaskan pelan konsolidasi fiskal, namun Kerajaan kekal komited untuk meneruskan inisiatif pembaharuan fiskal bagi memperkukuh kewangan awam serta menyokong pemulihan ekonomi.
Kerajaan sedang menggubal Akta Tanggungjawab Fiskal (FRA) bagi menambah baik tadbir urus, akauntabiliti dan ketelusan pengurusan fiskal.

Dalam hal ini, Jawatankuasa Dasar Fiskal (FPC) telah meluluskan rangka kerja FRA pada Mei 2021.

Susulan itu, satu kertas konsultasi awam mengenai cadangan rangka kerja ini telah disediakan bagi mendapatkan maklum balas daripada orang ramai.

Rangka Kerja Perundangan Semasa Rangka kerja dasar fiskal sedia ada dikawal selia oleh pelbagai undang-undang dan peraturan.
Perlembagaan Persekutuan 1957 merupakan undang-undang tertinggi Persekutuan meliputi tadbir urus kewangan awam terutamanya prosedur belanjawan serta fungsi dan peranan Parlimen dalam meluluskan dan memantau rang undang-undang perbekalan tahunan.

Di samping itu, Perlembagaan Persekutuan menjelaskan hubungan antara Kerajaan Persekutuan dan kerajaan negeri terutamanya melalui Senarai Persekutuan, Negeri dan Bersama.
Di bawah Perlembagaan Persekutuan, kerajaan negeri kecuali Sabah dan Sarawak hanya boleh meminjam daripada atau dengan kebenaran Kerajaan Persekutuan.

Selain itu, kerajaan negeri tidak dibenarkan untuk mengeluarkan jaminan tanpa kelulusan Kerajaan Persekutuan, seterusnya mengehadkan pendedahan risiko hutang dan liabiliti di peringkat Kerajaan Persekutuan.
15 Seksyen 1 Teks BM new.indd 15 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 Akta Tatacara Kewangan 1957 [Akta 61] merupakan perundangan utama yang menjadi rujukan dalam pengurusan dan kawalan kewangan awam.

Prosedur dan garis panduan berkaitan pengurusan kewangan dijelaskan melalui Arahan dan Pekeliling Perbendaharaan yang dikemas kini dari semasa ke semasa.
Beberapa akta lain pula menyediakan asas perundangan berkaitan pentadbiran, kutipan dan tadbir urus cukai seperti Akta Cukai Pendapatan 1967 [Akta 53], Akta Cukai Jualan 2018 [Akta 806] dan Akta Cukai Perkhidmatan 2018 [Akta 807] serta Akta Kastam 1967 [Akta 235].

Selain itu, perbelanjaan pembangunan yang dikawal selia di bawah Akta Kumpulan Wang Pembangunan 1966 [Akta 406] hanya membenarkan perbelanjaan yang dinyatakan dalam Jadual Pertama Akta tersebut.
Berikutan krisis pandemik COVID-19, Kerajaan telah menubuhkan satu kumpulan wang amanah sementara yang dikenali sebagai Kumpulan Wang COVID-19 bertujuan membiayai semua pakej rangsangan serta langkah menangani pandemik secara menyeluruh.
Bagi tadbir urus kewangan entiti berkaitan Kerajaan contohnya Badan Berkanun Persekutuan, selain daripada akta tubuh masing-masing, terdapat tiga perundangan yang perlu dipatuhi iaitu Akta Badan Berkanun (Akaun dan Laporan Tahunan) 1980 [Akta 240], Akta Badan Berkanun (Kuasa Meminjam) 1999 [Akta 598] dan Akta Badan-Badan Berkanun (Tatatertib dan Surcaj) 2000 [Akta 605].
Terdapat beberapa undang-undang yang mengawal selia hutang dan liabiliti Kerajaan termasuk Akta Pinjaman (Tempatan) 1959 [Akta 637], Akta Pendanaan Kerajaan 1983 [Akta 275], Akta Bil Perbendaharaan (Tempatan) 1946 [Akta 188], Akta Pinjaman Luar Negeri 1963 [Akta 403], Akta Menteri Kewangan (Pemerbadanan) 1957 [Akta 375] dan Akta Jaminan Pinjaman (Pertubuhan Perbadanan) 1965 [Akta 96].

Kerajaan juga telah mengguna pakai beberapa peraturan fiskal RAJAH 1.
Rangka Kerja Perundangan Fiskal PERLEMBAGAAN PERSEKUTUAN 1957 Akta Tatacara Kewangan 1957 PERBELANJAAN Antaranya: • Akta Kumpulan Wang Pembangunan 1966 • Akta Langkah-Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19) 2020 HUTANG Antaranya: • Akta Bil Perbendaharaan (Tempatan) 1946 • Akta Pinjaman (Tempatan) 1959 • Akta Pinjaman Luar Negeri 1963 • Akta Kumpulan Wang Pinjaman Perumahan 1971 • Akta Pendanaan Kerajaan 1983 LAIN-LAIN Antaranya: • Akta Menteri Kewangan (Pemerbadanan) 1957 • Akta Jaminan Pinjaman (Pertubuhan Perbadanan) 1965 HASIL Antaranya: • Akta Cukai Pendapatan 1967 • Akta Petroleum (Cukai Pendapatan) 1967 • Akta Kastam 1967 • Akta Eksais 1976 • Akta Cukai Jualan 2018 • Akta Cukai Perkhidmatan 2018 Arahan dan Pekeliling Perbendaharaan • Perolehan • Pengurusan Belanjawan • Pengurusan Aset • Pengurusan Pinjaman • Wang Awam Sumber: Kementerian Kewangan Malaysia 16 Seksyen 1 Teks BM new.indd 16 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 bagi meningkatkan disiplin belanjawan seperti peraturan hutang dan peraturan keemasan.
Peraturan hutang merujuk kepada had siling hutang statutori iaitu 65% daripada KDNK manakala peraturan keemasan menetapkan pinjaman hanya boleh digunakan bagi membiayai perbelanjaan pembangunan.
Akta dan peraturan berkaitan hutang adalah seperti dalam Jadual 1. jadual 1: Akta dan Peraturan Hutang Peraturan Akta Siling hutang dalam negeri1 tidak melebihi 65% daripada KDNK Akta Langkah-Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 Siling MTB tidak melebihi RM10 bilion Akta Bil Perbendaharaan (Tempatan) 1946 Siling pinjaman luar pesisir tidak melebihi RM35 bilion Akta Pinjaman Luar Negeri 1963 Nota: 1 Merujuk kepada Sekuriti Kerajaan Malaysia (MGS), Terbitan Pelaburan Kerajaan Malaysia (MGII) dan Bil Perbendaharaan Islam Malaysia (MITB) Sumber: Kementerian Kewangan Malaysia Jawatankuasa Dasar Fiskal (FPC) yang ditubuhkan pada 2013 merupakan sebahagian daripada inisiatif pembaharuan fiskal bagi mengukuhkan kewangan awam dan memastikan kemampanan fiskal dalam jangka masa panjang.
Jawatankuasa ini dipengerusikan oleh Perdana Menteri dan dianggotai oleh beberapa Menteri Kabinet, Ketua Setiausaha Negara dan agensi pusat utama.

Jawatankuasa ini bersidang sekurang-kurangnya dua kali setahun dengan Perbendaharaan Malaysia selaku sekretariat.

Cadangan Rangka Kerja FRA Penggubalan FRA bertujuan untuk menyediakan perundangan khusus bagi mengawal selia pengurusan dasar fiskal Kerajaan.
Akta ini akan digubal berdasarkan konteks Malaysia bagi menyediakan rangka kerja yang kukuh untuk pengurusan fiskal berhemat.

Di samping itu, FRA ini juga mengandungi prinsip pengurusan fiskal yang kukuh dengan memberi penekanan kepada ketelusan dan akauntabiliti seperti mana undang-undang tanggungjawab fiskal terkini di kebanyakan negara.
Selain itu, cadangan rangka kerja FRA memerlukan Kerajaan menerbitkan objektif fiskal utama yang boleh diukur selaras dengan prinsip FRA termasuk memastikan baki belanjawan yang mampan serta pengurusan berhemat hutang dan risiko fiskal.

Negara seperti New Zealand dan Australia telah menerapkan prinsip dan objektif fiskal tersebut dalam undang-undang tanggungjawab fiskal.
Perundangan di United Kingdom pula memerlukan kerajaan untuk menerbitkan objektif fiskal utama dalam dokumen berasingan yang dikenali sebagai Charter for Budget Responsibility.

Beberapa undang-undang tanggungjawab fiskal juga mengandungi klausa yang memberi pengecualian sementara kepada kerajaan daripada mematuhi peraturan fiskal terutamanya semasa keadaan luar jangka atau krisis.

Terdapat empat komponen utama dalam pengurusan fiskal iaitu hasil, perbelanjaan, hutang dan risiko fiskal.
Komponen ini perlu diurus secara efektif dan berhemat dengan tahap ketelusan dan akauntabiliti yang tinggi ke arah pengukuhan pengurusan fiskal termasuk menguruskan risiko fiskal berkaitan liabiliti luar jangka yang boleh menjejaskan objektif konsolidasi fiskal Kerajaan.

Oleh itu, FRA akan mengandungi peruntukan berkaitan komponen utama tersebut iaitu kemampanan dasar hasil, keberkesanan perbelanjaan serta pengurusan berhemat hutang dan risiko fiskal bagi memastikan kemampanan fiskal jangka masa panjang.
17 Seksyen 1 Teks BM new.indd 17 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 seksyen 1 PERSPEKTIF KESELURUHAN DASAR FISKAL Ciri utama lain yang terdapat dalam perundangan fiskal ialah keperluan pelaporan.
Cadangan FRA ini akan mewajibkan pelaporan dokumen pra- dan pasca-belanjawan seperti unjuran ekonomi dan fiskal, kenyataan pra-belanjawan, laporan ekonomi dan fiskal separuh tahun, kenyataan risiko fiskal, laporan perbelanjaan cukai, laporan prestasi belanjawan separuh tahun dan laporan kewangan tahunan.

Penerbitan dokumen-dokumen ini akan meningkatkan ketelusan pelaporan objektif dan prestasi fiskal.
Di samping itu, FRA akan terus mengukuhkan peranan FPC dengan menginstitusikan FPC sebagai sebuah jawatankuasa penasihat tertinggi dalam hal berkaitan fiskal.

RAJAH 2.
Cadangan Rangka Kerja Akta Tanggungjawab Fiskal PENDAHULUAN MANDAT DASAR FISKAL KOMPONEN UTAMA PELAPORAN JAWATANKUASA DASAR FISKAL • Tajuk dan tarikh kuat kuasa • Prinsip utama • Hasil • Piagam/Jadual • Perbelanjaan • Objektif • Tafsiran/Definisi • Klausa pengecualian • Liputan • Hutang • Risiko fiskal • Dokumen pra-belanjawan • Dokumen pasca- belanjawan • Laporan lain • Ahli • Peranan • Kuasa LAIN-LAIN • Sekatan • Tempoh peralihan • Peranan Kementerian Kewangan Malaysia Sumber: Kementerian Kewangan Malaysia Libat Urus dengan Pihak Berkepentingan Konsultasi Awam Satu kertas konsultasi awam telah diterbitkan oleh Kementerian Kewangan (MOF) bagi mendapatkan input dan maklum balas berkenaan penggubalan FRA sebagai sebahagian daripada agenda pembaharuan fiskal.
Kertas konsultasi tersebut mengandungi asas pertimbangan, isu berkaitan pengurusan fiskal serta cadangan rangka kerja FRA.

Penerbitan kertas konsultasi ini dimuat naik dalam Laman Web Khas Bajet 2022 MOF mulai 3 hingga 15 September 2021.

Maklum balas positif daripada orang awam mengenai rangka kerja FRA yang dicadangkan dalam kertas konsultasi telah diterima oleh MOF.
Secara umumnya, orang awam menyokong usaha Kerajaan untuk meningkatkan tadbir urus, ketelusan dan akauntabiliti dalam pengurusan fiskal melalui pengenalan FRA.

Semua cadangan akan dipertimbangkan sebelum FRA dimuktamadkan.
Antara cadangan yang diterima adalah seperti berikut: a) Melaksanakan perakaunan akruan berdasarkan standard perakaunan antarabangsa; b) Memastikan kadar cukai yang stabil dan boleh dijangka; c) Menambah baik pengurusan aset Kerajaan; 18 TInjauan FIskal 2022 Seksyen 1 Teks BM new.indd 18 18/10/2021 5:50 PM d) Mengkaji semula keahlian FPC dengan melibatkan pakar daripada sektor swasta; e) Menubuhkan institusi fiskal bebas; f) Mengkaji semula peranan syarikat Menteri Kewangan (Diperbadankan); g) Menambah baik pengurusan jaminan Kerajaan; h) Mengkaji semula skim pencen daripada berasaskan faedah persaraan kepada caruman; i) Meningkatkan perbelanjaan pelaburan awam; dan j) Memperluas asas hasil dengan memperkenalkan sumber hasil baharu dan mengurangkan pengecualian cukai.
Di samping itu, MOF akan terus bekerjasama dengan Tabung Kewangan Antarabangsa (IMF) bagi mendapatkan pandangan pakar dan bantuan teknikal dalam penggubalan FRA.

Selain itu, sesi libat urus dengan pihak berkepentingan akan terus diadakan bagi mendapatkan pandangan dan maklum balas dalam merangka FRA.

Draf rang undang-undang FRA akan dikemukakan kepada Kabinet untuk kelulusan sebelum dibentangkan di Parlimen.
Maklum Balas Komuniti Tempatan dan Antarabangsa Kerajaan telah menerima maklum balas positif daripada pelbagai pihak sejak pengumuman FRA.

Maklum balas yang konstruktif akan dipertimbangkan dalam menambah baik kandungan dan proses penggubalan FRA.
Antara maklum balas yang diterima daripada organisasi tempatan adalah seperti dalam Jadual 2. jadual 2: Maklum Balas Organisasi Tempatan “Dalam jangka masa panjang, kedudukan kewangan Malaysia dijangka bertambah baik menerusi usaha berterusan bagi meningkatkan hasil melalui pencapaian matlamat yang ditetapkan oleh Jawatankuasa Pembaharuan Cukai dan penggubalan Akta Perolehan Kerajaan 2020 serta Akta Tanggungjawab Fiskal 2021.
Walaupun perincian akta masih belum jelas pada ketika ini, namun RAM menjangkakan pemantauan fiskal dan pengawalan belanjawan yang lebih baik bagi meningkatkan kemampanan fiskal Malaysia.” “Akhirnya, diharapkan Kerajaan memandang serius ketelusan fiskal terutamanya hasrat untuk membentangkan Akta Tanggungjawab Fiskal pada 2021.” RAM Rating Services Sdn.
Bhd., Siaran Media, November 2019 IDEAS, Kenyataan Media, November 2020 “Selain itu, dengan pengenalan Akta Tanggungjawab Fiskal, kami percaya pengurusan dasar fiskal akan bertambah kukuh di samping Kerajaan akan terus memperkenalkan langkah berkaitan konsolidasi fiskal.” Affin Hwang Investment Bank Bhd, Economic Update Malaysia – Tinjauan Ekonomi 2H2020, Jun 2020 Agensi antarabangsa seperti IMF, Organisation for Economic Co-operation and Development (OECD) dan agensi penarafan turut sama berkongsi pandangan.
Organisasi tersebut menyambut baik usaha Kerajaan untuk meningkatkan tadbir urus fiskal melalui penggubalan FRA.

Inisiatif pembaharuan ini dijangka memberi impak positif ke atas penilaian penarafan kredit terutamanya berkaitan tadbir urus.

Antara maklum balas organisasi antarabangsa adalah seperti dalam Jadual 3.
19 Seksyen 1 Teks BM new.indd 19 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 jadual 3: Maklum Balas Organisasi Antarabangsa “Sebagai persediaan kepada perubahan dalam had hutang dan menambah baik kewangan awam, pihak berkuasa perlu mempercepat penyediaan Akta Tanggungjawab Fiskal (FRA).” IMF, Staff Report for the 2021 Article IV Consultation for Malaysia, Februari 2021 “Di samping itu, Kerajaan telah mengumumkan pada 2018 untuk memperkenalkan Akta Tanggungjawab Fiskal menjelang 2021.
Hasil, perbelanjaan, baki belanjawan dan hutang akan diuruskan dengan lebih konsisten antara satu sama lain melalui penetapan peraturan dan pelaporan bagi meningkatkan ketelusan dan akauntabiliti di bawah Akta Tanggungjawab Fiskal tersebut yang turut diguna pakai di negara lain seperti Ireland, New Zealand dan Thailand.” OECD, OECD Economic Surveys: Malaysia 2021, Ogos 2021 “Kerajaan juga meneruskan usaha penggubalan Akta Tanggungjawab Fiskal untuk meningkatkan ketelusan dan akauntabiliti fiskal serta menambah baik pengurusan fiskal secara keseluruhan.” Fitch Ratings, Malaysia Rating Report, Ogos 2021 “Agenda pembaharuan untuk memperkukuh institusi, tadbir urus dan kapasiti pentadbiran kekal penting bagi melengkapi usaha ini dan perlu diteruskan.” World Bank, Malaysia Economic Monitor, Jun 2020 Penutup Kerajaan komited untuk meneruskan agenda pembaharuan fiskal bagi mengukuhkan kewangan awam setelah ekonomi kembali pulih.
Penggubalan FRA menggambarkan komitmen dan strategi Kerajaan ke arah pengurusan fiskal yang lebih baik.

Inisiatif pembaharuan ini akan terus meningkatkan kredibiliti dasar fiskal Kerajaan ke arah mencapai kemampanan kewangan awam dan kestabilan makroekonomi dalam jangka masa panjang.

Penyediaan rangka kerja FRA yang kukuh akan menambah baik ketelusan dan akauntabiliti dalam pengurusan fiskal Kerajaan.

Rujukan Fitch Ratings (2021), Malaysia Rating Report.
Dicapai daripada https://www.fitchratings.com IMF (2021), Malaysia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malaysia, IMF Publishing, Washington D.C. Dicapai daripada https://www.

imf.org Kementerian Kewangan Malaysia (2019), Tinjauan Fiskal dan Anggaran Hasil Kerajaan Persekutuan 2020.
Dicapai daripada https://www.mof.gov.my 20 Seksyen 1 Teks BM new.indd 20 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 Kementerian Kewangan Malaysia (2020), Tinjauan Fiskal dan Anggaran Hasil Kerajaan Persekutuan 2021.

Dicapai daripada https://www.mof.gov.my Kementerian Kewangan Malaysia (2021), Fiscal Updates 2020.

Dicapai daripada https://www.mof.gov.my Lienert, I.

(2010).
(2010).

Should Advanced Countries Adopt a Fiscal Responsibility Law?, IMF Working Paper, International Monetary Fund.

Dicapai daripada https://www.imf.org Moody’s Investor Service (2021), Government of Malaysia – A3 Stable: Update following change in forecasts.

Dicapai daripada https://www.moodys.com/research OECD (2019), OECD Economic Surveys: Malaysia 2019, OECD Publishing, Paris.

Dicapai daripada https://www.oecd.org Schaechter A., Kinda T., Budina N., & Weber A., (2012).
Fiscal Rules in Response to the Crisis – Toward the “Next-Generation” Rules.

A New Dataset, IMF Working Paper, International Monetary Fund.

Dicapai daripada https://www.imf.org World Bank (2020), Malaysia Economic Monitor ( June 2020): Surviving the Storm, World Bank, Washington, DC.
Dicapai daripada https://openknowledge.worldbank.org Kesimpulan Krisis COVID-19 yang berpanjangan telah memaksa Kerajaan untuk terus menyediakan sokongan fiskal tambahan bagi meningkatkan sistem penjagaan kesihatan, melindungi rakyat dan membantu pemulihan ekonomi.

Kerajaan yakin pelaksanaan PPN dan PICK akan membolehkan pembukaan semula sektor ekonomi dan sosial secara selamat dan sistematik seterusnya merancak momentum pertumbuhan.
Selain itu, RMKe-12 akan menyediakan rangka kerja dasar yang holistik bagi pembaharuan struktur dan menetapkan hala tuju jangka masa sederhana bagi pelaburan dalam pembangunan infrastruktur awam dan modal insan serta merapatkan jurang pembangunan antara wilayah dan antara kumpulan pendapatan.
Kerajaan telah menerbitkan Kenyataan Pra-Bajet buat julung kali dan siri kertas konsultasi awam berkaitan perundangan fiskal, pembaharuan cukai, sistem bantuan sosial dan perolehan Kerajaan sebagai antara inisiatif untuk meningkatkan ketelusan dan akauntabiliti fiskal serta menggalakkan penglibatan awam.

Maklum balas positif dan membina daripada pelbagai pihak berkepentingan telah diterima susulan penerbitan tersebut.
Inisiatif ini mengukuhkan komitmen Kerajaan untuk meningkatkan tadbir urus belanjawan dan pengurusan kewangan awam.

Pengukuhan pengurusan kewangan awam dan pemulihan semula ruang fiskal dengan kadar segera penting bagi membolehkan penyediaan suntikan fiskal ke arah menyokong pertumbuhan ekonomi.

Sebagai sebuah Kerajaan yang bertanggungjawab, peningkatan sementara had statutori hutang akan disusuli dengan usaha meningkatkan hasil bagi mengurangkan beban fiskal.
Langkah ini akan membantu menyediakan ruang fiskal mencukupi bagi melaksanakan langkah kitaran balas dalam menangani keadaan tidak dijangka pada masa hadapan.

Justeru, inisiatif pembaharuan institusi seperti Akta Tanggungjawab Fiskal, MTRS dan Semakan Semula Perbelanjaan Awam akan dilaksanakan demi meningkatkan tadbir urus dan kemampanan fiskal dalam jangka masa sederhana.

21 Seksyen 1 Teks BM new.indd 21 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 RAJAH 1.1.
Baki Keseluruhan dan Primer Kerajaan Persekutuan % KDNK 0 -1 -2 -3 -4 -5 -6 -7 -8 (1.2) (3.1) (3.0) (3.4) (1.7) (2.3) (2.7) (3.8) (4.3) (4.6) (4.7) (4.7) (5.3) (6.7) (1.1) (1.0) (1.3) (0.8) (1.2) (1.6) (3.4) (3.2) (3.1) (2.9) (3.4) (3.7) (3.3) (3.8) (3.9) BAKI KESELURUHAN BAKI PRIMER (6.2) (6.5) (6.0) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021R 2022B RAJAH 1.2.
Hasil, Perbelanjaan Mengurus dan Baki Semasa Kerajaan Persekutuan HASIL PERBELANJAAN MENGURUS BAKI SEMASA RM bilion 280 210 140 70 0 -70 -140 -210 -280 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021R 2022B RAJAH 1.3.

Baki Keseluruhan MTFF Kerajaan Persekutuan RAJAH 1.4.
Kedudukan Fiskal Disemak Semula 2021 % KDNK 0 Defisit fiskal (% KDNK) -1 -2 -3 -4 -5 -6 -7 LALUAN KONSOLIDASI FISKAL 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021R 2022B 2023 2024 0.7 1.7 1.5 1.4 0.9 0.21 5.4 5.4 i j p n a m a n T a m b a h a n Belanjawan 2021 Pakej stimulus Pengurangan hasil Langkah hasil Langkah perbelanjaan Anggaran disemak 2021 Nota: 2021: Anggaran disemak 2022: Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia 1 Mengambil kira semakan semula KDNK nominal yang lebih rendah 22 Seksyen 1 Teks BM new.indd 22 18/10/2021 5:50 PM seksyen 1 perspektif keseluruhan dasar fiskaltinjauan fiskal 2022 seksyen 2 Hasil Kerajaan Persekutuan Rencana - Strategi Hasil Jangka Sederhana: Ke Arah Pembaharuan Hasil di Malaysia 3 3 t i n j a u a n 2 0 2 2 3 4 k e s i m p u l a n Seksyen 2 Teks BM new.indd 23 18/10/2021 5:51 PM Seksyen 2 Teks BM new.indd 24 18/10/2021 5:51 PM seksyen 2 Hasil Kerajaan Persekutuan Perspektif Keseluruhan Pandemik COVID-19 yang berlarutan telah menyebabkan penguatkuasaan semula langkah kawalan yang memberikan impak kepada ekonomi, operasi perniagaan dan interaksi sosial.
Keadaan ini menyebabkan penyediaan sokongan fiskal antaranya melalui insentif dan pelepasan cukai untuk mengurangkan impak pandemik.

Sehubungan itu, prestasi hasil tahun ini diunjur lebih rendah berbanding sasaran, seterusnya mengehadkan ruang fiskal dan usaha untuk memulihkan ekonomi.
Walau bagaimanapun, pelaksanaan Pelan Pemulihan Negara (PPN) dan usaha mempercepat program vaksinasi di seluruh negara dijangka dapat merangsang pemulihan dan meningkatkan hasil dengan pembukaan kembali ekonomi secara berperingkat.

Harga komoditi yang tinggi berserta inisiatif meningkatkan hasil yang dilaksanakan pada tahun semasa juga telah membantu menjana kutipan hasil yang lebih baik.
Kenyataan Pra-Bajet yang pertama dan empat Kertas Konsultasi Awam telah diterbitkan sebagai sebahagian daripada usaha meningkatkan keterangkuman dan ketelusan penyediaan bajet tahunan.

Kertas konsultasi tersebut termasuk Kajian Semula Insentif Cukai diterbitkan untuk mendapatkan pandangan mengenai cadangan kajian semula rangka kerja insentif cukai secara keseluruhan.
Inisiatif ini menandakan pendekatan baharu Kerajaan untuk melibatkan komuniti perniagaan dan orang ramai bagi memperkukuh pentadbiran dan pematuhan cukai secara keseluruhan.

Hasil 2021 Hasil Kerajaan Persekutuan dijangka mencatat kutipan lebih rendah pada 2021 iaitu RM221 bilion (14.6% kepada KDNK) berbanding RM225.1 bilion (15.9% kepada KDNK) pada 2020.

Pengurangan jumlah hasil sebanyak 1.8% terutamanya disebabkan oleh kejatuhan hasil bukan cukai berikutan pendapatan pelaburan yang lebih rendah.
Sebaliknya, hasil cukai yang merupakan 73.2% daripada jumlah hasil (10.7% kepada KDNK) dianggar meningkat 4.8% kepada RM161.8 bilion (2020: RM154.4 bilion) manakala hasil bukan cukai diunjur mencatat RM59.2 bilion (3.9% kepada KDNK) mewakili 26.8% daripada jumlah hasil.

Cukai langsung diunjur meningkat 6.7% kepada RM120 bilion terutamanya disumbangkan oleh kutipan cukai pendapatan syarikat (CITA) yang lebih tinggi iaitu RM60.6 bilion.
Prestasi lebih baik tersebut berikutan kesan asas yang rendah disokong oleh beberapa faktor seperti pembayaran ansuran cukai yang lebih tinggi daripada syarikat pada 2021 susulan penangguhan bayaran cukai pada 2020.

Kenaikan kutipan CITA juga disumbangkan oleh peningkatan prestasi sektor perkhidmatan dan pembuatan serta kutipan hasil lebih tinggi daripada entiti yang membuat keuntungan dan tidak terjejas dengan pandemik terutamanya industri perbankan, farmaseutikal dan minyak sawit.
Walau bagaimanapun, cukai pendapatan individu dianggar berkurang 6.6% kepada RM36.4 bilion disebabkan oleh pengurangan bilangan pembayar cukai individu yang dikenakan cukai berikutan kadar pengangguran yang tinggi pada 4.5%.

Di samping itu, cukai pendapatan petroleum (PITA) dianggar lebih rendah pada RM11.5 bilion (2020: RM12.8 bilion) disebabkan oleh syarikat petroleum menanggung kos cari gali yang lebih tinggi walaupun harga minyak mentah meningkat pada 2021.
Sebaliknya, kutipan cukai langsung lain terutamanya daripada duti setem dan cukai keuntungan harta tanah (CKHT) dianggar meningkat kepada RM8.2 bilion (2020: RM7.6 bilion) disokong oleh transaksi pasaran harta tanah yang lebih tinggi berikutan kenaikan nilai dan jumlah penjualan hartanah daripada semua segmen pasaran dan harga.1 1 Jabatan Penilaian dan Perkhidmatan Harta.
Dicapai daripada https://napic.jpph.gov.my/portal 25 Seksyen 2 Teks BM new.indd 25 18/10/2021 5:51 PM tinjauan fiskal 2022seksyen 2 hasil kerajaan persekutuan JaDUaL 2.1.
Hasil Kerajaan Persekutuan 2020 – 2022 kOMPOnen rM JUTa PerUBaHan (%) BaHaGIan (%) 2020 20211 20222 2020 20211 20222 2020 20211 20222 Hasil cukai Cukai langsung antaranya: CITA Individu PITA 154,398 161,830 171,374 112,511 120,048 127,334 -14.5 -16.5 50,065 60,588 65,499 -21.5 38,953 36,400 37,510 0.7 4.8 6.7 21.0 -6.6 12,772 11,500 12,400 -38.5 -10.0 Cukai tidak langsung 41,887 41,782 44,040 -8.6 -0.3 antaranya: SST Duti eksais Duti import Duti eksport 26,773 26,528 27,560 9,855 2,346 746 9,760 10,200 2,330 1,406 2,500 1,610 Hasil bukan cukai 70,678 59,193 62,637 antaranya: Lesen dan permit 10,932 10,252 10,958 Pendapatan pelaburan 46,067 35,989 39,457 Jumlah hasil % kepada KDNK 225,076 221,023 234,011 15.9 14.6 14.3 1 Anggaran disemak 2 Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia -3.2 -6.2 -14.2 -33.7 -15.7 -24.6 -23.3 -14.9 -0.9 -1.0 -0.7 88.5 -16.2 -6.2 -21.9 - Kutipan cukai tidak langsung dianggar berkurang secara marginal sebanyak 0.3% kepada RM41.8 bilion (2020: RM41.9 bilion) terutamanya disebabkan oleh kutipan Cukai Jualan dan Cukai Perkhidmatan (SST) serta duti eksais yang lebih rendah.
Kutipan SST dijangka mencatat RM26.5 bilion iaitu pengurangan sebanyak 0.9% disebabkan oleh pengecualian cukai jualan kenderaan penumpang yang dilanjutkan sehingga 31 Disember 2021 dan impak langkah kawalan pandemik terhadap pengguna dan perniagaan.

Kutipan duti eksais juga diunjur berkurang kepada RM9.8 bilion disebabkan jumlah pengeluaran kenderaan bermotor lebih rendah berikutan penutupan kilang di setiap rantaian nilai sepanjang tempoh Perintah Kawalan Pergerakan (PKP).
Pengurangan pengeluaran kenderaan bermotor ini selaras dengan jangkaan jumlah pengeluaran industri (TIV) kenderaan bermotor yang lebih rendah sebanyak 12.3% kepada sekitar 500,000 unit pada tahun ini.2 Walau bagaimanapun, kutipan cukai tidak langsung yang lebih rendah akan ditampung sebahagiannya dengan peningkatan kutipan levi keuntungan luar biasa dan duti eksport minyak sawit mentah (CPO).
Levi keuntungan luar biasa meningkat RM0.9 bilion pada 2021 (2020: RM0.2 bilion) disumbangkan oleh harga CPO yang lebih tinggi sekitar RM4,000 setan iaitu melebihi nilai ambang RM2,500 setan di Semenanjung Malaysia dan RM3,000 setan di Sabah dan Sarawak.

Levi keuntungan luar biasa dikutip daripada pengeluar minyak sawit berdasarkan pengeluaran tandan buah segar.

2 Persatuan Automotif Malaysia.

Kajian Pasaran Separuh Pertama 2021.


Dicapai daripada http://www.maa.org.my/news.html 26 Seksyen 2 Teks BM new.indd 26 18/10/2021 5:51 PM tinjauan fiskal 2022seksyen 2 hasil kerajaan persekutuan Sebaliknya, duti eksport dikutip daripada pengeksport berdasarkan harga pasaran bulanan CPO yang telah diwartakan.

Manakala bagi petroleum mentah, kadar duti eksport sebanyak 10% dikenakan ke atas keuntungan petroleum mentah yang dieksport.
Dalam hal ini, jumlah kutipan duti eksport untuk 2021 dianggar sebanyak RM1.4 bilion di mana RM0.7 bilion adalah daripada CPO dan RM0.6 bilion daripada petroleum mentah.

sebahagian bayaran persaraan tahun semasa.

Terimaan daripada lesen dan permit dijangka berkurang kepada RM10.3 bilion (2020: RM10.9 bilion) disebabkan oleh hasil royalti petroleum yang lebih rendah.
Kutipan lesen kenderaan bermotor dijangka stabil sekitar RM2.8 bilion setelah mengambil kira pengecualian yang diberikan oleh Kerajaan dalam memperbaharui lesen.

Kutipan levi pekerja asing juga dianggar kekal sekitar RM1.7 bilion.

Hasil bukan cukai dianggar lebih rendah pada RM59.2 bilion (2020: RM70.7 bilion), sebahagian besarnya disebabkan oleh pendapatan pelaburan yang lebih rendah terutamanya dividen daripada PETRONAS berjumlah RM25 bilion (2020: RM34 bilion).
Walau bagaimanapun, Kerajaan menerima dividen yang lebih tinggi daripada Bank Negara Malaysia (BNM) berjumlah RM4 bilion (2020: RM3.5 bilion) dan dijangka menerima RM2 bilion daripada Khazanah Nasional Berhad (2020: RM1 bilion).

Tambahan pula, Kerajaan telah menerima bayaran khas sebanyak RM5 bilion daripada Kumpulan Wang Persaraan (Diperbadankan) (KWAP) untuk membiayai Hasil berkaitan petroleum diunjur lebih rendah pada 19.2% daripada jumlah hasil keseluruhan pada 2021 (2020: 24.9%).
Walaupun peratusan ini lebih rendah, namun jumlah RM42.5 bilion ini lebih tinggi berbanding anggaran Bajet iaitu RM37.8 bilion disumbangkan oleh dividen PETRONAS yang lebih tinggi selaras dengan peningkatan harga minyak mentah dunia.

Hasil bukan petroleum pula dijangka meningkat 5.6% kepada RM178.5 bilion (2020: RM169 bilion) disokong oleh kutipan hasil cukai yang lebih baik yang mencerminkan pemulihan ekonomi pada 2021 berbanding tahun sebelumnya.
rencana Strategi Hasil Jangka Sederhana: Ke Arah Pembaharuan Hasil di Malaysia Pengenalan Pengurusan kewangan awam melibatkan mobilisasi sumber fiskal yang cekap bagi memastikan agenda pembangunan negara dicapai.

Justeru, penjanaan hasil yang stabil sangat penting bagi membiayai keperluan perbelanjaan terutamanya dalam memenuhi objektif sosioekonomi negara.
Kerajaan telah memulakan inisiatif pembaharuan fiskal antaranya untuk meningkatkan asas hasil melalui penubuhan Jawatankuasa Pembaharuan Cukai (TRC) pada 2018.

Jawatankuasa ini berperanan mengkaji sistem percukaian semasa, mencadangkan langkah cukai baharu untuk menangani jurang cukai dan mengambil kira ekonomi tidak formal dalam jaringan cukai.
Bagi meneruskan dasar ini, Kerajaan sedang menggubal rangka kerja hasil iaitu Strategi Hasil Jangka Sederhana (MTRS) yang akan memodenkan sistem dan pentadbiran cukai Malaysia melalui penggunaan dan penyesuaian amalan terbaik antarabangsa.
Rangka kerja MTRS merupakan pendekatan komprehensif dalam melaksanakan strategi pembaharuan cukai yang berkesan untuk meningkatkan hasil dan menambah baik sistem cukai dalam tempoh jangka masa sederhana yang diterajui oleh Kerajaan dan melibatkan setiap 27 Seksyen 2 Teks BM new.indd 27 18/10/2021 5:51 PM tinjauan fiskal 2022seksyen 2 hasil kerajaan persekutuan seksyen 2 HASIL KERAJAAN PERSEKUTUAN peringkat kerajaan.
Secara umum, MTRS merangkumi empat aspek utama iaitu memperincikan definisi hasil dan matlamat lain, memperbaharui sistem percukaian, memastikan komitmen politik yang berkekalan dan menyelaras pembangunan keupayaan dalam pelaksanaan MTRS.

Rangka kerja ini menyediakan pelan pembaharuan sistem cukai bertahap tinggi bertujuan mewujudkan sistem moden dan mantap yang adil dan saksama serta menyediakan perkhidmatan pentadbiran hasil yang cekap.
Walau bagaimanapun, kejayaan pelaksanaan MTRS memerlukan sokongan padu daripada pihak berkepentingan dalam masyarakat.

RAJAH 1.
Komponen Utama Strategi Hasil Jangka Sederhana Hasil & Matlamat Lain untuk membiayai keperluan perbelanjaan Pembaharuan Sistem Cukai (TSR) untuk mencapai matlamat Strategi Hasil Jangka Sederhana Komitmen Politik yang Berkekalan untuk membangun dan melaksanakan TSR sepenuhnya Pembangunan Kapasiti Diselaraskan untuk menyokong pelaksanaan TSR Sumber: The Platform for Collaboration on Tax Keperluan kepada MTRS Pengenalan MTRS tepat pada masanya bagi menangani isu semasa berkaitan hasil Kerajaan Persekutuan terutamanya asas cukai yang kecil, insentif cukai yang tidak berkesan, pengelakan dan pelarian cukai serta sektor tidak formal yang belum dimanfaatkan.
Peratusan jumlah hasil kepada Keluaran Dalam Negeri Kasar (KDNK) berkurang daripada 21.4% pada 2012 kepada 15.9% pada 2020 yang secara relatifnya rendah berbanding dengan negara berpenarafan setara.

Di samping itu, kebergantungan tinggi terhadap cukai langsung yang kini merangkumi separuh daripada jumlah hasil telah menyebabkan kutipan hasil mudah terkesan dengan sebarang perubahan terhadap pertumbuhan ekonomi dan kitaran perniagaan.
Oleh itu, kutipan hasil negara yang efektif dan mampan sangat penting bagi memastikan jumlah perbelanjaan dapat dibiayai secukupnya.

Pelaksanaan MTRS memerlukan pelan pembaharuan sistem percukaian yang menyeluruh merangkumi rangka kerja penetapan dasar yang jelas, penambahbaikan agensi hasil dan pengukuhan rangka kerja perundangan.

Pelarasan terhadap penetapan dasar akan melibatkan diagnosis terperinci berkaitan impak ekonomi dan sosial daripada pembaharuan cukai dan pelan dasar cukai merentas tahun.
Diagnosis ini akan membolehkan dasar yang digubal mudah dijangka dan jelas seterusnya dapat meningkatkan keyakinan pelabur.

Tambahan pula, penggunaan rangka 28 TInJaUan FIskaL 2022 Seksyen 2 Teks BM new.indd 28 18/10/2021 5:51 PM kerja yang berkualiti akan mengelakkan pembentukan insentif yang tidak wajar, ruang pertikaian yang luas terhadap kuasa perundangan dan perancangan cukai yang agresif.
Justeru, pelaksanaan MTRS membolehkan Malaysia mendapat manfaat bukan sahaja melalui peningkatan potensi kutipan hasil, tetapi yang lebih penting, sistem percukaian yang lebih telus dan bertanggungjawab.
Rangka Kerja MTRS di Malaysia Pelaksanaan MTRS di Malaysia adalah berdasarkan objektif berikut: a) Memastikan penjanaan hasil yang mampan dalam jangka masa sederhana selaras dengan pertumbuhan KDNK; b) Memastikan pematuhan yang lebih baik melalui pentadbiran cukai yang efektif dan cekap; dan c) Mengukuhkan rangka kerja perundangan bagi menambah baik penggubalan dasar dan sistem percukaian.
Pembangunan MTRS pada peringkat awal akan memberi fokus kepada sistem percukaian yang berpaksikan tiga teras utama seperti berikut: a) Dasar Cukai Faktor utama dalam mempengaruhi hala tuju dasar cukai ialah persekitaran makroekonomi dan perniagaan, keupayaan pembayar cukai dan keberkesanan agensi hasil.

Penggubalan dasar cukai akan turut mengambil kira analisa impak sosioekonomi dan sumber penjanaan hasil, serta pelan merentas tahun yang menyediakan beberapa pilihan dasar cukai.
Pelan ini akan dikaji secara berkala dan dikemas kini berdasarkan objektif dan keutamaan dasar pembangunan negara.

Langkah untuk memperkenalkan cukai baharu atau menambah baik sistem sedia ada perlu berdasarkan konsep cekap, adil, mudah, fleksibel, telus dan berkesan.1 Pada masa ini, Kerajaan sedang mempertimbangkan pilihan yang ada untuk mengurangkan kebergantungan kepada cukai langsung dan memperluas asas hasil dengan beralih kepada cukai kepenggunaan.
Cukai ini boleh ditambah baik dengan mengkaji semula skop percukaian dan kadar bagi Cukai Jualan dan Cukai Perkhidmatan (SST) sedia ada.

Sebagai alternatif, Kerajaan boleh memilih asas cukai kepenggunaan yang lebih stabil seperti cukai nilai tambah (VAT).

Pelaksanaan VAT akan dapat mengurangkan impak berganda disebabkan oleh SST, mengawal kos menjalankan perniagaan serta meningkatkan pematuhan dan ketelusan cukai.
Rangka kerja MTRS juga memberi peluang kepada Kerajaan untuk mengurangkan kebergantungan kepada hasil berkaitan petroleum dan memperkenalkan inisiatif hasil yang menyokong agenda pembangunan mampan.

Tambahan pula, Kerajaan akan meningkatkan usaha menambah baik insentif cukai untuk pelaburan dan meneroka sumber hasil cukai baharu seperti cukai ke atas keuntungan modal dan ekonomi digital.
1 Berdasarkan kriteria IMF bagi percukaian baik, unjuran dan analisa hasil 29 Seksyen 2 Teks BM new.indd 29 18/10/2021 5:51 PM tinjauan fiskal 2022seksyen 2 hasil kerajaan persekutuan b) Pentadbiran Cukai Pembaharuan pentadbiran cukai perlu difokuskan untuk mencapai pematuhan yang lebih tinggi, mengurangkan pengelakan dan pelarian cukai dengan kos minimum kepada pembayar cukai dan pihak berkuasa serta menguruskan insentif cukai bagi mengoptimumkan pelaburan swasta.
Kerjasama pelbagai agensi untuk menyelaraskan perkongsian data mula diperkenalkan di bawah Collection Intelligence Arrangement (CIA) yang melibatkan Lembaga Hasil Dalam Negeri Malaysia (LHDN), Jabatan Kastam Diraja Malaysia ( JKDM) dan Suruhanjaya Syarikat Malaysia (SSM).

Kerjasama ini ditingkatkan lagi dengan penubuhan pasukan petugas yang terdiri daripada beberapa agensi penguat kuasa termasuk Suruhanjaya Pencegahan Rasuah Malaysia (SPRM).
Di samping itu, pengendalian Jawatankuasa Nasional Mengenai Pelaburan (NCI) telah ditambah baik dengan dipengerusikan bersama oleh Lembaga Pembangunan Pelaburan Malaysia (MIDA) dan Kementerian Kewangan.

Langkah ini dapat mengurangkan birokrasi, mempercepat kelulusan pelaburan dan memastikan keberkesanan pentadbiran insentif cukai.
Usaha ke arah meningkatkan keberkesanan agensi hasil serta memastikan kepatuhan pembayar cukai yang lebih tinggi akan diteruskan bagi melaksanakan pentadbiran cukai yang lebih baik.

Oleh itu, sumber akan diperuntukkan untuk meningkatkan kapasiti, menambah baik infrastruktur teknologi maklumat dan melabur dalam analitik data raya bagi memodenkan agensi kutipan hasil yang berkaitan.
Dalam hal berkaitan, negara maju seperti Kanada hanya mempunyai agensi hasil tunggal untuk mengutip dan mentadbir hasil negara.

Pendekatan ini telah membantu usaha mengintegrasi data, mengurus sumber dan melaksanakan penguatkuasaan dengan lebih baik.
c) Rangka Kerja Perundangan Cukai Rangka kerja perundangan cukai akan sentiasa dikaji semula dan ditambah baik bagi memastikan peruntukan dalam undang-undang cukai dan garis panduan mengenai proses dan prosedur dipermudah, konsisten dan sejajar dengan amalan terbaik antarabangsa.

Contohnya, sebagai respon terhadap persekitaran ekonomi digital yang baharu, Kerajaan memperluas skop cukai perkhidmatan merangkumi kandungan digital yang disediakan oleh penyedia perkhidmatan bukan pemastautin.
Kerajaan juga sedang mempertimbangkan beberapa langkah untuk memperkukuh rangka kerja tadbir urus cukai.

Langkah ini termasuk semakan semula perundangan percukaian berkaitan insurans dan takaful serta industri perbankan.

Di samping itu, Kerajaan juga akan menyediakan garis panduan atau ketetapan umum bagi menjelaskan lagi undang-undang untuk industri khusus, contohnya Akta Petroleum (Cukai Pendapatan) 1967.
Pada peringkat antarabangsa, Malaysia telah menyertai Pelan Tindakan Base Erosion and Profit Shifting (BEPS) di bawah inisiatif cukai global Organization for Economic Co-operation and Development (OECD) untuk menangani isu pengelakan cukai rentas sempadan.

Pelan tindakan ini merangkumi cadangan berkaitan cukai ke atas ekonomi digital melalui Pillar One dan Pillar Two bagi memastikan Malaysia mendapat hak untuk mengenakan cukai ke atas aktiviti ekonomi digital.
Pillar One menekankan penentuan hak cukai negara berdasarkan nexus yang ditetapkan oleh BEPS.

Sementara itu, Pillar Two akan memperkenalkan kadar cukai efektif yang minimum di peringkat global bagi memastikan elemen cukai tidak menjadi faktor utama dalam menarik pelaburan langsung asing seterusnya menangani perancangan cukai yang agresif oleh syarikat multinasional.
30 Seksyen 2 Teks BM new.indd 30 18/10/2021 5:51 PM tinjauan fiskal 2022seksyen 2 hasil kerajaan persekutuan seksyen 2 HASIL KERAJAAN PERSEKUTUAN RAJAH 2.

Rangka Kerja Strategi Hasil Jangka Sederhana di Malaysia i. Memastikan penjanaan hasil yang mampan; ii.

Pematuhan yang lebih baik melalui pentadbiran cukai yang berkesan dan efisien; dan iii.
Memperkukuh rangka kerja perundangan RANGKA KERJA MTRS RANGKA KERJA MTRS Dasar Cukai Pentadbiran Cukai Rangka Kerja Perundangan Cukai Mengkaji semula insentif cukai dan meneroka sumber pendapatan cukai baharu INISIATIF MTRS Meningkatkan keberkesanan agensi hasil Penyemakan undang-undang mengenai percukaian Sumber: Kementerian Kewangan Malaysia Perkembangan Semasa Pada 2020, Kementerian Kewangan (MOF) telah mendapat bantuan teknikal daripada Tabung Kewangan Antarabangsa (IMF) bagi merangka MTRS untuk Malaysia.
Di samping itu, Jawatankuasa Pemandu dan Teknikal MTRS ditubuhkan dengan penyertaan wakil daripada MOF, Unit Perancang Ekonomi, Bank Negara Malaysia, JKDM dan LHDN.

Jawatankuasa ini diberi mandat untuk merancang, mentadbir dan memantau usaha bagi memastikan kejayaan pelaksanaan MTRS.

Pada masa ini, Jawatankuasa Teknikal sedang merangka strategi dan langkah MTRS yang akan dilaksanakan secara berperingkat.
Sesi libat urus dengan pihak berkepentingan, pemain industri dan badan profesional akan dilaksanakan setelah mendapat kelulusan daripada Jawatankuasa Pemandu.

Maklum balas daripada sesi tersebut akan menjadi input yang memberi nilai tambah kepada laporan akhir MTRS.

Laporan ini akan mengandungi langkah cukai baharu dan cadangan penambahbaikan pentadbiran cukai yang disokong oleh rangka kerja undang-undang yang diperkukuh.

Laporan akhir MTRS dijadualkan untuk diperaku oleh Kerajaan pada 2022.
Cabaran dan Hala Tuju Kerajaan mengutamakan langkah pemulihan ekonomi dengan menyediakan bantuan kepada perniagaan dan meringankan beban rakyat dalam mendepani krisis pandemik yang mencabar.

Sehubungan itu, penggubalan MTRS diperlukan untuk memenuhi keperluan mendesak negara di samping mewujudkan ruang fiskal yang mencukupi pascakrisis.

Persetujuan bersama di pelbagai peringkat pihak berkepentingan juga penting untuk menguruskan jangkaan dan pematuhan yang memerlukan penglibatan berterusan oleh Kerajaan.
Usaha membina pengetahuan dan keupayaan teknikal juga perlu dilaksanakan bagi merangka dan melaksanakan MTRS secara teratur dan sistematik.

TInJaUan FIskaL 2022 31 Seksyen 2 Teks BM new.indd 31 18/10/2021 5:51 PM Inisiatif di bawah MTRS dijangka melengkapi inisiatif Akta Tanggungjawab Fiskal (FRA) dan dapat meningkatkan ketelusan sistem percukaian di Malaysia.
Di samping itu, MTRS akan diselaraskan dengan Rancangan Malaysia Kedua Belas, RMKe-12 (2021 – 2025) terutamanya untuk memastikan penjanaan hasil yang mencukupi bagi membiayai keperluan perbelanjaan di bawah Rancangan ini.

Rangka kerja MTRS juga akan mempertimbang dapatan kajian terdahulu seperti cadangan daripada TRC.

Melangkah ke hadapan, Malaysia akan memperluas skop MTRS ke atas hasil bukan cukai pada fasa pelaksanaan berikutnya untuk meluaskan lagi asas hasil negara.
Kesimpulan Secara keseluruhan, Malaysia perlu melaksanakan pembaharuan sistem percukaian yang berani dan berkesan di samping menggubal dasar secara menyeluruh dan inklusif melalui pelaksanaan MTRS bagi memastikan penjanaan hasil yang mampan.

Inisiatif pembaharuan cukai yang berjaya akan membina semula ruang fiskal, meningkatkan daya tahan ekonomi dan akhirnya mengembalikan negara ke landasan konsolidasi fiskal.
Pembaharuan ini juga akan memberi fleksibiliti kepada Kerajaan untuk melaksanakan langkah kitaran balas bagi menyokong pemulihan ekonomi pascakrisis dan pada masa yang sama memastikan kemampanan fiskal dalam tempoh jangka masa panjang.

Rujukan Betts, S., De Mets, P., Ossa, R. L., & Rojas, E. (2021).

Postcrisis Revenue Generation for Tax Administrations, IMF COVID-19 Special Series.

Dicapai daripada https://www.imf.org/en/Publications/ SPROLLs/covid19-special-notes#fiscal.
Custers, A., Dom, R., Holzman, B., & Junquera-Varela, R. F. (2020).

How Governments Can Use the Coronavirus Pandemic to Build Better Tax Systems.

Dicapai daripada https://blogs.worldbank.org/ governance/how-governments-can-use-coronavirus-pandemic-build-better-tax-systems Gaspar, V., & Toro, J.

(2019).

Medium-term Revenue Strategy (MTRS) – Taxation and Development.

Dicapai daripada https://www.imf.org/en/News/Articles/2019/10/28/sp102919-mediumterm- revenue-strategy Hoel, A.

(2020).
(2020).

Innovations in Tax Compliance.

Dicapai daripada https://www.worldbank.org/en/topic/ macroeconomics/brief/innovations-in-tax-compliance Tabung Kewangan Antarabangsa, Pertubuhan Kerjasama dan Pembangunan Ekonomi, Pertubuhan Bangsa-Bangsa Bersatu & Kumpulan Bank Dunia.

(2016).

Enhancing the Effectiveness of External Support in Building Tax Capacity in Developing Countries.

In Policy Papers (Vol.

2016, Issue 41).


Dicapai daripada https://doi.org/10.5089/9781498345439.007 Tabung Kewangan Antarabangsa, Pertubuhan Kerjasama dan Pembangunan Ekonomi, Pertubuhan Bangsa-Bangsa Bersatu & Kumpulan Bank Dunia.

(2020).

PCT Progress Report 2020.

In Platform for Collaboration on Tax.

OECD/WBG/CIAT/IDB.

(2021).

VAT Digital Toolkit for Latin America and the Caribbean.

OECD, Paris.
OECD, Paris.

Dicapai daripada https://www.oecd.org/tax/consumption/vat-digital-toolkit-for-latin-america-and- the-caribbean.htm 32 Seksyen 2 Teks BM new.indd 32 18/10/2021 5:51 PM tinjauan fiskal 2022seksyen 2 hasil kerajaan persekutuan Organisation for Economic Co-operation and Development.

(2021).

Revenue Mobilisation Through Tax Transparency: Lessons from Uganda’s transformative journey.

Papua New Guinea Department of Treasury.

(2017).

Papua New Guinea Medium Term Revenue Strategy 2018-2022.
Platform for Collaboration on Tax.

(2017).

Concept Note on the Medium-Term Revenue Strategy (MTRS) (p. 7).

Dicapai daripada https://www.tax-platform.org/sites/pct/files/publications/MTRS Concept Note - Feb 6 2017.pdf Platform for Collaboration on Tax.

(2020).

Medium-Term Revenue Strategy (MTRS).


Dicapai daripada https://www.tax-platform.org/medium-term-revenue-strategy Trabandt, M., Nozaki, M., Fund, M., Cagas, M. A., Qin, D., Quising, P., Bank, D., Reduction, D., Kalb, A., Moessinger, M. D., Monteforte, L., Jaramillo, L., Fund, I. M., Economic, G., Affairs, F., Commission, E., Fund, I. M., Ratings, C., Poplawski-ribeiro, M., … Senhadji, A.

(2018).

Implementing a Medium-Term Revenue Strategy.

4(1), 108–139.
4(1), 108–139.

Tinjauan 2022 Pendapatan Kerajaan Persekutuan diunjur meningkat 5.9% kepada RM234 bilion selaras dengan prospek ekonomi yang lebih baik.

Hasil cukai kekal sebagai penyumbang utama jumlah hasil iaitu merangkumi 73.2% daripada hasil keseluruhan dan dijangka meningkat kepada RM171.4 bilion.

Walau bagaimanapun, hasil cukai sebagai peratusan kepada KDNK dijangka berkurang kepada 10.5% menggambarkan keapungan cukai yang lebih rendah semasa tempoh pemulihan ekonomi.
Kutipan cukai langsung dijangka meningkat 6.1% kepada RM127.3 bilion yang merangkumi 74.3% daripada jumlah hasil cukai disokong oleh prospek pendapatan korporat yang lebih baik berikutan peningkatan pelaksanaan program vaksinasi dan jangkaan pemulihan ekonomi.

Oleh itu, CITA dijangka kekal sebagai penyumbang terbesar peningkatan cukai langsung berjumlah RM65.5 bilion pada 2022.

Cukai pendapatan individu pula dijangka meningkat 3% kepada RM37.5 bilion selaras dengan jangkaan pemulihan pasaran pekerjaan.
Pada masa yang sama, PITA dijangka mencatat kutipan lebih tinggi iaitu RM12.4 bilion.

Tambahan pula, pendapatan daripada komponen cukai langsung yang lain iaitu duti setem dan CKHT diunjur lebih tinggi kepada RM6.6 bilion dan RM1.8 bilion berdasarkan jangkaan peningkatan nilai dan jumlah transaksi daripada segmen hartanah.

Cukai tidak langsung diunjur meningkat 5.4% kepada RM44 bilion terutamanya disumbangkan oleh kutipan SST yang merangkumi 62.5% daripada jumlah cukai tidak langsung.
Kutipan SST dijangka merekodkan RM27.6 bilion atau 1.7% kepada KDNK disokong oleh peningkatan sentimen pengguna dan perniagaan.

Daripada jumlah ini, cukai jualan diunjur mencatat RM14.6 bilion manakala kutipan cukai perkhidmatan pula RM13 bilion berdasarkan unjuran TIV kenderaan bermotor yang lebih tinggi serta prospek sektor telekomunikasi dan insurans yang lebih baik.
Kutipan duti eksais juga diunjur meningkat kepada RM10.2 bilion selaras dengan jangkaan peningkatan pengeluaran kenderaan bermotor sebanyak 21% pada 2022.3 3 Persatuan Automotif Malaysia.

Kajian Pasaran Separuh Pertama 2021.

Dicapai daripada http://www.maa.org.my/news.html 33 Seksyen 2 Teks BM new.indd 33 18/10/2021 5:51 PM tinjauan fiskal 2022seksyen 2 hasil kerajaan persekutuan Pengembangan perbelanjaan fiskal bagi merancakkan pertumbuhan perlu disokong oleh kutipan hasil yang lebih baik.
Oleh itu, Kerajaan akan terus meningkatkan pengauditan dan pematuhan cukai untuk memastikan cukai dikutip mengikut ketetapan.

Inisiatif ini akan dilengkapi dengan penambahbaikan pentadbiran hasil seperti mempermudah prosedur cukai dan mengurangkan birokrasi, bagi menambah baik ketentuan dan kejelasan dasar hasil seterusnya akan meningkatkan kecekapan dan keberkesanan kutipan hasil.
Di samping itu, dalam usaha meletakkan Malaysia sebagai destinasi pilihan pelabur, rangka kerja insentif cukai akan dipertingkat secara berterusan untuk mengelak ketidakseimbangan peruntukan sumber supaya selaras dengan amalan terbaik antarabangsa.

Hasil bukan cukai dianggar meningkat 5.8% kepada RM62.6 bilion terutamanya disumbangkan oleh pendapatan pelaburan yang lebih tinggi.

Dividen PETRONAS diunjur sebanyak RM25 bilion manakala BNM pada RM5 bilion.
Di samping itu, Kerajaan akan menerima bayaran khas daripada KWAP sebanyak RM5 bilion untuk membiayai sebahagian bayaran persaraan.

Kutipan lesen dan permit juga dijangka meningkat kepada RM10.9 bilion disumbangkan oleh terimaan royalti petroleum yang lebih tinggi iaitu RM4 bilion.

Kutipan daripada komponen utama lain di bawah lesen dan permit iaitu kenderaan bermotor dan levi pekerja asing dianggar stabil pada RM3 bilion dan RM1.9 bilion.
Hasil berkaitan petroleum pada 2022 dijangka mencatat RM43.9 bilion atau 18.8% daripada jumlah hasil dengan dividen PETRONAS menyumbang lebih daripada separuh jumlah hasil berkaitan petroleum.

Hasil bukan petroleum juga diunjur meningkat 6.5% kepada RM190.1 bilion mencerminkan kepelbagaian sumber berikutan prospek ekonomi yang lebih baik.

Kerajaan akan terus memastikan penjanaan hasil bukan petroleum yang mampan untuk melaksanakan komitmen perbelanjaan terutamanya untuk memenuhi keperluan rakyat.
Kesimpulan Sebagai pentadbir hasil yang bertanggungjawab, Kerajaan komited dalam meningkatkan kecekapan kutipan melalui perkembangan teknologi dan inovasi.

Inisiatif ini akan menambah baik penyampaian perkhidmatan dan mempermudah prosedur seterusnya meningkatkan pematuhan cukai.
Sebagai komitmen dalam menyokong inisiatif pembaharuan fiskal, pelaksanaan rangka kerja Strategi Hasil Jangka Sederhana (MTRS) akan memperkemas dasar cukai, menambah baik pentadbiran cukai dan memperkukuh rangka kerja perundangan cukai.

Di samping itu, Kerajaan akan terus menilai ekosistem hasil secara menyeluruh melalui penglibatan komuniti perniagaan untuk membangunkan dasar hasil yang baik selaras dengan amalan terbaik antarabangsa.
Usaha tersebut akan memastikan janaan hasil berterusan yang amat penting dalam usaha membina ruang fiskal yang mampan dan kemampuan keberhutangan di samping menyediakan langkah kitaran balas demi mengurangkan impak krisis.

34 Seksyen 2 Teks BM new.indd 34 18/10/2021 5:51 PM tinjauan fiskal 2022seksyen 2 hasil kerajaan persekutuan RAJAH 2.1.
Hasil Berkaitan Petroleum dan Bukan Petroleum (% daripada jumlah hasil) Petroleum 41.3 Bukan petroleum 19.0 7.5 32.2 35.4 19.2 7.6 37.8 24.9 18.9 11.9 44.3 19.2 19.7 12.0 18.8 Petroleum 20.1 11.8 Bukan petroleum 49.1 49.3 2009 2010 2020 20211 20222 SST HASIL PETROLEUM CUKAI LANGSUNG (KECUALI PITA) LAIN-LAIN RAJAH 2.2.
Hasil Sebagai Peratusan kepada KDNK 22.3 Petroleum 9.2 1.0 1.0 1.7 2.2 7.6 7.2 Bukan petroleum 19.4 6.9 1.0 0.5 1.5 2.2 7.3 15.9 4.0 1.0 0.9 1.8 1.2 7.0 14.6 14.3 2.8 1.2 0.7 1.7 1.1 7.1 Petroleum Bukan petroleum 2.7 1.0 0.9 1.7 1.0 7.0 2009 2010 2020 20211 20222 SST HASIL PETROLEUM CUKAI TIDAK LANGSUNG (KECUALI SST) LAIN-LAIN CUKAI LANGSUNG (KECUALI PITA) PENDAPATAN PELABURAN (KECUALI DIVIDEN PETRONAS) 1Anggaran disemak 2Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia Seksyen 2 Teks BM new.indd 35 18/10/2021 5:51 PM 35 tinjauan fiskal 2022seksyen 2 hasil kerajaan persekutuan Seksyen 2 Teks BM new.indd 36 18/10/2021 5:51 PM seksyen 3 Perbelanjaan Kerajaan Persekutuan 3 9 p e r s p e k t i f k e s e l u r u h a n 3 9 p r e s ta s i 2 0 2 1 4 3 k u m p u l a n wa n g c o v i d -19 S i s i p a n - S t a t u s Te r k i n i K u m p u l a n Wa n g CO V I D -19 51 k e s i m p u l a n Seksyen 3 Teks BM.indd 37 18/10/2021 5:52 PM Seksyen 3 Teks BM.indd 38 18/10/2021 5:52 PM seksyen 3 Perbelanjaan Kerajaan Persekutuan Perspektif Keseluruhan Peningkatan semula kes COVID-19 telah memaksa Kerajaan melaksanakan semula perintah kawalan pergerakan (PKP) yang memberi impak kepada hampir semua sektor ekonomi dan mengehadkan aktiviti sosial.
Beberapa pakej bantuan dan rangsangan ekonomi telah diperkenalkan bagi menyediakan bantuan segera kepada rakyat dan perniagaan.

Pakej tersebut mengambil pendekatan yang bersasar dalam memastikan langkah yang diperkenalkan berupaya mengurangkan impak pandemik dengan berkesan.

Sokongan fiskal tambahan bertujuan terutamanya untuk mengukuhkan sistem kesihatan awam dan menyediakan bantuan tunai kepada isi rumah dan perniagaan.
Sokongan ini telah meningkatkan perbelanjaan khususnya bagi komitmen di bawah Kumpulan Wang COVID-19 (KWC-19).

Pertambahan perbelanjaan tersebut diimbangi oleh langkah penyusunan semula perbelanjaan yang teliti.

Kerajaan juga terus menguruskan sumber fiskal dengan meningkatkan kecekapan perbelanjaan, mengurangkan ketirisan dan mengoptimumkan perbelanjaan mengurus dalam norma baharu.
Inisiatif ini dilaksanakan dengan pemantauan rapi dan pelaporan secara mingguan selaras dengan prinsip akauntabiliti dan ketelusan.

Secara umum, peningkatan komitmen perbelanjaan dalam tempoh pandemik adalah disebabkan oleh keutamaan Kerajaan untuk menyediakan sokongan yang sewajarnya kepada ekonomi.

Pelaksanaan Pelan Pemulihan Nasional (PPN) dan kelancaran pelaksanaan program vaksinasi akan memudahkan pembukaan semula perniagaan seterusnya membantu ekonomi kembali kepada trajektori potensi pertumbuhan.
Pelaksanaan Rancangan Malaysia Kedua Belas, 2021 – 2025 (RMKe-12) akan turut memangkin proses pemulihan dan memacu negara ke arah mencapai kemakmuran, inklusiviti dan kemampanan dalam jangka masa sederhana.

Pada masa yang sama, prinsip akauntabiliti dan tadbir urus yang baik akan terus ditingkatkan seiring dengan amalan terbaik global seperti yang dinyatakan dalam Kenyataan Pra-Bajet yang pertama dan Kertas Konsultasi Awam bagi penyediaan Bajet 2022.
Di samping itu, Kerajaan akan melaksanakan semakan perbelanjaan secara berkala untuk memastikan perbelanjaan yang cekap dan berkesan seterusnya menyokong konsolidasi fiskal dalam jangka masa sederhana.

Prestasi 2021 Perbelanjaan Kerajaan Persekutuan pada 2021 dianggarkan berjumlah RM322.5 bilion.
Pada tahun ini, sebanyak empat pakej bantuan dan rangsangan ekonomi telah diumumkan iaitu Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI), Program Strategik Memperkasa Rakyat dan Ekonomi (PEMERKASA), Program Strategik Memperkasa Rakyat dan Ekonomi Tambahan (PEMERKASA+) dan Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH) berjumlah RM225 bilion dengan suntikan fiskal sebanyak RM25 bilion.
Secara umum, pakej tersebut adalah dalam bentuk bantuan tunai kepada rakyat dan perniagaan terutamanya bagi yang terkesan akibat PKP yang berpanjangan berikutan pandemik.

Selain itu, langkah rangsangan tambahan dan pembendungan pandemik telah memberi tekanan kepada unjuran hasil yang lebih rendah berbanding anggaran Belanjawan.
Situasi ini memerlukan penyusunan semula 39 Seksyen 3 Teks BM.indd 39 18/10/2021 5:52 PM tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan perbelanjaan terutamanya perbelanjaan mengurus yang harus dibiayai sepenuhnya daripada hasil selaras dengan peruntukan di bawah Perlembagaan Persekutuan.

Oleh itu, jumlah perbelanjaan Kerajaan Persekutuan 2021 telah disemak semula lebih rendah kepada RM320.6 bilion.
Walau bagaimanapun, jumlah berkenaan lebih tinggi berbanding jumlah perbelanjaan pada tahun sebelumnya (2020: RM314 bilion).

Penyusunan semula ini melibatkan pengurangan bersih dalam perbelanjaan sebanyak RM1.9 bilion yang dijana melalui penjimatan perbelanjaan berjumlah RM23.9 bilion.

Penjimatan ini disalurkan semula untuk membiayai tambahan suntikan langsung fiskal yang dianggarkan sebanyak RM22 bilion di bawah KWC-19.
Penjimatan perbelanjaan berkenaan dijana daripada penjadualan semula program dan projek tertentu, penangguhan program tidak kritikal, semakan semula peruntukan langkah belanjawan serta jangkaan pengurangan perbelanjaan disebabkan oleh penundaan projek semasa tempoh PKP.
Berdasarkan jumlah peruntukan yang disemak semula, perbelanjaan mengurus (OE) dianggarkan berjumlah RM219.6 bilion (14.5% kepada KDNK), perbelanjaan pembangunan (DE) berjumlah RM62 bilion (4.1% kepada KDNK) manakala baki RM39 bilion (2.6% kepada KDNK) adalah untuk KWC-19.
Sektor sosial kekal sebagai penerima terbesar dengan jumlah peruntukan sebanyak RM128.5 bilion (40.1% daripada jumlah keseluruhan) diikuti oleh sektor ekonomi (RM66.9 bilion; 20.9%), keselamatan (RM31.5 bilion; 9.8%) dan pentadbiran am (RM16.7 bilion; 5.2%).

Perbelanjaan tanggungan dan bayaran pindahan antara lain terdiri daripada bayaran khidmat hutang, bayaran persaraan dan pindahan kepada kerajaan negeri merangkumi 24% daripada perbelanjaan keseluruhan.
Peruntukan OE 2021 disemak lebih rendah sebanyak 7.1% kepada RM219.6 bilion berbanding peruntukan asal sebanyak RM236.5 bilion.

Semakan yang lebih rendah 40 ini terutamanya disebabkan oleh penjimatan geran dan pindahan serta bekalan dan perkhidmatan.

Peruntukan geran dan pindahan yang lebih rendah disebabkan oleh potongan geran kepada badan berkanun yang mempunyai rizab tinggi.
Begitu juga dengan unjuran bekalan dan perkhidmatan lebih rendah berikutan pengkelasan semula item berkaitan pembangunan kepada DE dan penjimatan daripada penangguhan peruntukan item yang tidak kritikal.

Peruntukan OE disemak semula kepada RM219.6 bilion iaitu lebih rendah sebanyak 2.2% berbanding RM224.6 bilion pada 2020.
Peruntukan yang lebih rendah terutamanya disebabkan oleh pengurangan peruntukan bekalan dan perkhidmatan kepada RM23.3 bilion (2020: RM29.3 bilion) khususnya untuk pembaikan dan penyelenggaraan, perkhidmatan profesional serta bekalan pejabat.

Selain itu, perbelanjaan untuk subsidi dan bantuan sosial berkurang kepada RM16.7 bilion (2020: RM19.8 bilion) terutamanya disebabkan oleh program bantuan tunai yang dibiayai melalui KWC-19.
Walau bagaimanapun, pengurangan tersebut dijangka diimbangi oleh perbelanjaan subsidi bahan api yang lebih tinggi.

Tambahan pula, emolumen dianggarkan meningkat kepada RM84.5 bilion (2020: RM83 bilion) manakala bayaran persaraan sebanyak RM27.6 bilion (2020: RM27.5 bilion) terutamanya disebabkan oleh kenaikan gaji dan pencen tahunan.
Bayaran khidmat hutang juga dianggarkan meningkat sebanyak 13.1% kepada RM39 bilion (2020: RM34.5 bilion) berikutan keperluan pembiayaan yang lebih tinggi untuk perbelanjaan berkaitan DE dan COVID-19 manakala geran dan pindahan kepada kerajaan negeri dan badan berkanun dianggarkan meningkat sebanyak 16.6% kepada RM20.9 bilion (2020: RM18 bilion).

Tahun 2021 merupakan tahun pertama RMKe-12.


Sejumlah RM400 bilion diperuntukkan untuk DE di bawah RMKe-12 iaitu peningkatan ketara sebanyak 61% berbanding perbelanjaan sebenar Rancangan Malaysia Kesebelas sebanyak RM248.5 bilion.

Peruntukan tersebut Seksyen 3 Teks BM.indd 40 18/10/2021 5:52 PM tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan jadual 3.1.
Perbelanjaan Mengurus Kerajaan Persekutuan Mengikut Komponen 2020 – 2022 kOMpOnen RM juTa peRuBaHan (%) BaHaGian (%) 2020 20211 20222 2020 20211 20222 2020 20211 20222 Emolumen 82,996 84,529 86,510 Bayaran persaraan 27,533 27,581 28,067 Bayaran khidmat hutang 34,495 39,000 43,100 Pemberian dan serahan kepada kerajaan negeri 7,669 7,745 7,927 Perkhidmatan dan bekalan 29,323 23,265 30,367 Subsidi dan bantuan sosial 19,769 16,701 17,352 Pembelian aset Bayaran balik dan hapus kira Pemberian kepada badan berkanun Lain-lain Jumlah 631 654 415 511 533 375 10,291 13,190 14,066 11,239 6,663 5,203 224,600 219,600 233,500 Bahagian kepada KDNK (%) 15.9 14.5 14.3 3.1 6.3 4.7 1.3 -6.9 -17.3 -18.1 -26.8 -25.3 -75.3 -14.7 1.8 0.2 13.1 1.0 -20.7 -15.5 -34.2 -21.9 28.2 2.3 1.8 10.5 2.3 30.5 3.9 28.4 -26.6 6.6 -40.7 - -2.2 6.3 100.0 100.0 100.0 1 Anggaran disemak 2 Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia akan disalurkan untuk membiayai projek serta program baharu dan sedia ada yang dirancang di bawah sektor ekonomi, sosial, keselamatan dan pentadbiran am.
Projek dan program ini diselaraskan dengan tiga tema utama RMKe-12 iaitu menjana semula ekonomi; memperkukuh keselamatan, kesejahteraan dan inklusiviti; dan melonjakkan kemampanan.

Tema tersebut seiring dengan aspirasi jangka masa panjang negara dalam Wawasan Kemakmuran Bersama 2030 dan Agenda Pembangunan Mampan 2030.

Namun begitu, peruntukan DE disemak lebih rendah kepada RM62 bilion berbanding anggaran asal RM69 bilion berikutan penyusunan semula perbelanjaan.
Semakan lebih rendah ini juga sejajar dengan penilaian semula dan penangguhan beberapa projek.

Walau bagaimanapun, DE yang lebih rendah diimbangi oleh pengelasan semula beberapa item berkaitan pembangunan daripada OE.

Sejumlah RM60.8 bilion adalah peruntukan langsung sementara baki RM1.2 bilion merupakan pinjaman kepada kerajaan negeri dan entiti berkaitan Kerajaan.
Oleh kerana Kerajaan terus memberi tumpuan kepada sektor ekonomi, peruntukan sektor ini kekal sebagai penerima terbesar merangkumi 54.5%, diikuti oleh sektor sosial (28%), keselamatan (11.8%) dan pentadbiran am (5.7%).

Perbelanjaan untuk sektor ekonomi dianggarkan berjumlah RM33.8 bilion terutamanya untuk meningkatkan infrastruktur pengangkutan awam dan jaringan komunikasi, membangunkan utiliti awam, merancakkan aktiviti perdagangan dan perindustrian serta memacu pertanian.
Subsektor pengangkutan diperuntukkan sebanyak RM13 bilion dengan sebahagian besarnya untuk membiayai projek utama yang sedang berjalan seperti projek Laluan Berkembar Elektrik Gemas-Johor Bahru dan Lebuhraya Pan Borneo serta menambah baik jalan persekutuan di seluruh negara.

Subsektor tenaga dan kemudahan awam diperuntukkan sebanyak RM3 bilion manakala perdagangan dan industri sebanyak RM2.4 bilion.
Beberapa projek dan program utama di bawah subsektor ini termasuk kerja menaik taraf dan pembinaan loji rawatan kumbahan, menyediakan dan menambah baik bekalan elektrik dan air, meningkatkan kemahiran 41 Seksyen 3 Teks BM.indd 41 18/10/2021 5:52 PM tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan keusahawanan untuk perusahaan mikro, kecil dan sederhana (PMKS) serta mendorong dan meningkatkan penggunaan teknologi dalam kalangan perniagaan.
Subsektor pengangkutan, tenaga dan kemudahan awam serta perdagangan dan industri merangkumi 29.6% daripada jumlah DE.

Perbelanjaan untuk sektor sosial pada 2021 dijangka meningkat sebanyak 25.5% kepada RM17.3 bilion (2020: RM13.8 bilion) dengan pendidikan dan latihan, serta kesihatan kekal sebagai subsektor utama.
Subsektor pendidikan dan latihan memperoleh peruntukan terbesar sebanyak RM8.1 bilion iaitu 20.5% lebih tinggi berbanding RM6.7 bilion pada 2020 terutamanya untuk peningkatan program pendidikan dan latihan teknikal dan vokasional (TVET); penambahbaikan dan pengubahsuaian sekolah, kuarters guru dan institusi pengajian tinggi; dan pembinaan tambahan hospital pengajar.
Sejumlah RM4.4 bilion atau 7.1% DE diperuntukkan untuk subsektor kesihatan bagi meningkatkan ketersediaan dan kemudahan penjagaan subsidi kesihatan terutamanya di kawasan luar bandar dan pinggir bandar.

Selain itu, perbelanjaan tersebut turut meliputi penambahbaikan dan penyelenggaraan hospital dan klinik serta pembelian kenderaan dan peralatan.
Antara projek pembinaan di bawah subsektor ini termasuk hospital di Tanjung Karang, Selangor dan Pendang, Kedah serta menaik taraf Hospital Seberang Jaya di Pulau Pinang.

Sementara itu, subsektor jadual 3.2.
Perbelanjaan Pembangunan Kerajaan Persekutuan Mengikut Sektor 2020 – 2022 Tenaga dan kemudahan awam 2,315 sekTOR Ekonomi antaranya: Pengangkutan Perdagangan dan perindustrian Pertanian Alam sekitar Sosial antaranya: Pendidikan dan latihan Kesihatan Perumahan Keselamatan Pentadbiran am Jumlah RM juTa peRuBaHan (%) BaHaGian (%) 2020 20211 20222 2020 20211 20222 2020 20211 20222 28,712 33,767 40,205 -8.3 17.6 19.1 55.9 54.5 53.2 12,779 13,014 15,509 -7.1 2,576 2,365 2,087 -15.7 2,976 2,815 1,537 3,167 2,860 2,059 13,827 17,347 22,671 8,118 11,955 -11.7 4,457 118.0 4,397 1,582 7,317 3,569 1,771 8,970 3,754 51,360 62,000 75,600 -16.1 -13.4 -23.2 -4.5 -52.3 3.0 9.4 -5.2 2,003 1,324 6,737 3,983 1,015 5,785 3,036 1.8 -8.2 28.6 40.5 16.1 25.5 20.5 10.4 55.9 26.5 17.6 20.7 19.2 - Bahagian kepada KDNK (%) 3.6 4.1 4.6 1 Anggaran disemak 2 Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia 42 Seksyen 3 Teks BM.indd 42 18/10/2021 5:52 PM tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan perumahan menerima RM1.6 bilion pada tahun ini meningkat sebanyak 55.9% daripada perbelanjaan sebenar RM1 bilion pada 2020.
Perbelanjaan untuk subsektor ini tertumpu kepada Program Perumahan Rakyat (PPR) serta menaik taraf dan menyelenggara kuarters penjawat awam.

Sejumlah RM7.3 bilion atau peningkatan sebanyak 26.5% daripada tahun sebelumnya telah diperuntukkan untuk sektor keselamatan (2020: RM5.8 bilion).

Sebahagian besar peruntukan adalah untuk projek dan program yang bertujuan untuk memperkukuhkan pertahanan dan keselamatan dalam negara.
Projek dan program ini termasuk menaik taraf peralatan ketenteraan dan keselamatan serta menyelenggara dan menaik taraf sistem rangkaian keselamatan bersepadu.

Peruntukan untuk sektor pentadbiran am juga meningkat sebanyak 17.6% kepada RM3.6 bilion (2020: RM3 bilion).

Perbelanjaan untuk sektor ini sebahagian besarnya disalurkan untuk meningkatkan penyampaian dan produktiviti dengan memberi fokus kepada pemerkasaan pendigitalan dalam sektor awam.
Selain itu, peruntukan ini juga adalah untuk menambah baik dan menyelenggara bangunan, infrastruktur dan fasiliti kerajaan.

Kumpulan Wang COVID-19 Inisiatif Kerajaan dalam memerangi pandemik terus dibiayai menerusi KWC-19.

Pelaksanaan beberapa pakej bantuan dan rangsangan ekonomi telah meningkatkan peruntukan KWC-19.
Siling KWC-19 yang pada awalnya dihadkan kepada RM45 bilion pada 2020 telah ditingkatkan kepada RM110 bilion untuk menampung tambahan perbelanjaan di bawah pakej bantuan dan rangsangan ekonomi baharu.

Selaras dengan peningkatan siling perbelanjaan, peruntukan KWC-19 pada 2021 telah disemak lebih tinggi kepada RM39 bilion daripada anggaran awal RM17 bilion iaitu 2.6% lebih tinggi berbanding perbelanjaan sebenar pada 2020.
Peningkatan ini terutamanya bagi menampung keperluan yang lebih besar untuk program seperti Bantuan Prihatin Rakyat (RM16.8 bilion); Program Subsidi Upah (PSU) 2.0 (RM9.7 bilion); Geran PRIHATIN PKS (RM3.4 bilion); perbelanjaan berkaitan COVID-19 (RM2.9 bilion); sokongan bantuan sosial kepada kumpulan mudah terjejas (RM2 bilion); dan projek berskala kecil (RM1.3 bilion) merangkumi 92.7% daripada jumlah peruntukan KWC-19 2021.
Sejumlah RM23 bilion (1.4% kepada KDNK) akan diperuntukkan untuk KWC-19 pada 2022.

Sebahagian besar peruntukan yang disediakan adalah untuk program yang dibawa ke hadapan daripada 2021 iaitu bantuan tunai, sokongan bantuan sosial untuk golongan mudah terjejas dan PSU.

Peruntukan KWC-19 akan berakhir pada 2022 berikutan tabung ini merupakan kumpulan wang sementara dengan jangka masa selama tiga tahun.
Oleh itu, jumlah keperluan KWC-19 dianggar mencecah sekitar RM100 bilion di bawah had siling RM110 bilion yang diluluskan.

Baki selebihnya akan digunakan sebagai ruang kontigensi sekiranya diperlukan.

Seksyen 3 Teks BM.indd 43 18/10/2021 5:52 PM 43 tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan jadual 3.3.
Peruntukan Kumpulan Wang COVID-19 pROGRaM Program subsidi upah, insentif pengekalan pekerjaan dan pengambilan pekerja dan bantuan latihan RM juTa 20211 20222 9,670 3,000 Bantuan Prihatin Nasional Projek berskala kecil Program kemahiran dan peningkatan kemahiran Pembiayaan PKS PENJANA Geran PRIHATIN PKS Pinjaman mikro kredit di bawah Bank Simpanan Nasional dan TEKUN Nasional Peruntukan bagi perbelanjaan berkaitan COVID-19 Dana jaminan makanan Elaun khas COVID-19 bagi barisan hadapan Dana PENJANA Nasional ePenjana Diskaun bil elektrik Tambahan RM100 bagi Bantuan Sara Hidup (BSH) Bantuan khas untuk pelajar institusi pengajian tinggi Pembiayaan Mudah Bumiputera Subsidi pengangkutan awam MY30 Bantuan khas untuk pemandu teksi, pemandu bas sekolah, pemandu bas pelancong, pemandu pelancong, pengayuh beca dan pemandu e-hailing 16,801 1,311 360 – 3,435 520 2,940 313 – 290 151 502 – – 200 200 123 Sokongan bantuan sosial untuk golongan mudah terjejas 1,980 Geran automasi pintar Pinjaman mudah di bawah MyCreative Venture Perlindungan sosial dan latihan bagi pekerja ekonomi gig Kempen e-Dagang bagi PKS dan perusahaan mikro “Shop Malaysia Online” bagi perbelanjaan dalam talian Sokongan penjagaan kesihatan PEKA B40 Geran bagi pusat jagaan kanak-kanak dan tadika Dana kandungan digital Bantuan untuk pertubuhan bukan kerajaan Pendigitalan penyampaian perkhidmatan kerajaan Dana pemasaran dan promosi pendigitalan di bawah Agensi Pembangunan Ekonomi Kebudayaan (CENDANA) Pusat Sehenti PKS MyAssist JUMLAH 1 Anggaran disemak 2 Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia 44 8,000 2,000 1,000 2,000 – 1,000 2,000 – – – – – – – – – – 3,540 460 – – – – – – – – – – – 90 – – 10 40 – 29 – 10 15 10 – 39,000 23,000 Seksyen 3 Teks BM.indd 44 18/10/2021 5:52 PM tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan sisipan Status Terkini Kumpulan Wang COVID-19 Pengenalan Kumpulan Wang COVID-191 telah ditubuhkan pada September 2020 bagi membiayai pakej rangsangan dan pelan pemulihan ekonomi untuk menangani krisis COVID-19.
Penubuhan kumpulan wang amanah khusus ini sejajar dengan amalan terbaik antarabangsa, disokong oleh kerangka undang-undang yang kukuh, pengaturan kawalan yang mantap serta standard ketelusan dan pelaporan yang baik.

Sejumlah RM38 bilion telah dibelanjakan pada 2020 untuk membiayai program yang disenaraikan dalam Jadual Akta 830.

Perbelanjaan ini direkodkan dalam Penyata Kewangan Kerajaan Persekutuan, diaudit oleh Jabatan Audit Negara Malaysia dan dibentangkan di Parlimen.
Status Kemajuan Semasa Pada Disember 2020, Parlimen telah meluluskan pindaan Akta 830 untuk meningkatkan siling Kumpulan Wang COVID-19 daripada RM45 bilion kepada RM65 bilion untuk membiayai langkah tambahan rangsangan ekonomi.

Tambahan sebanyak RM20 bilion tersebut diperuntukkan bagi Bantuan Prihatin Rakyat (BPR), Program Subsidi Upah (PSU), Geran PRIHATIN PKS (GKP) dan perbelanjaan lain berkaitan COVID-19.

Pandemik COVID-19 terus memberi kesan kepada rakyat dan perniagaan pada 2021.
Sehubungan itu, Kerajaan telah mengumumkan empat pakej bantuan tambahan iaitu PERMAI, PEMERKASA, PEMERKASA+ dan PEMULIH berjumlah RM225 bilion dengan suntikan fiskal bernilai RM25 billion.

Setelah beberapa penyusunan semula peruntukan dalam Kumpulan Wang COVID-19, keperluan Kumpulan Wang tersebut dianggarkan melebihi siling RM65 bilion.
Dalam hal ini, Kerajaan telah membentangkan pindaan kedua Akta 830 di Parlimen untuk meningkatkan siling perbelanjaan sehingga RM110 bilion dengan mengambil kira keperluan Bajet 2022.

Program yang memerlukan peruntukan tambahan adalah BPR, PSU, GKP, projek berskala kecil, pinjaman mikro kredit di bawah Bank Simpanan Nasional dan TEKUN Nasional, perbelanjaan lain berkaitan COVID-19 dan sokongan bantuan sosial untuk golongan mudah terjejas.
Prestasi Perbelanjaan Sehingga akhir Ogos 2021, sebanyak RM58.9 bilion telah dibelanjakan di bawah Kumpulan Wang COVID-19.

Sebahagian besar perbelanjaan adalah untuk program pemberian tunai berjumlah RM25 bilion yang merangkumi 42.4% daripada jumlah perbelanjaan.

Di bawah program tersebut, sebanyak RM18.6 bilion dibelanjakan pada 2020 dan Januari 2021 untuk Bantuan Prihatin Nasional (BPN) manakala RM6.4 bilion diagihkan di bawah BPR menerusi beberapa fasa.
Program BPR telah memberi manfaat kepada hampir 10.6 juta penerima berpendapatan RM8,000 ke bawah yang mewakili hampir satu pertiga penduduk manakala lebih daripada 8.5 juta penerima berpendapatan RM5,000 ke bawah mendapat manfaat daripada BPR.
1 Kumpulan Wang ini telah ditubuhkan di bawah Akta Langkah-Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 [Akta 830] 45 Seksyen 3 Teks BM.indd 45 18/10/2021 5:52 PM seksyen 3 perbelanjaan kerajaan persekutuantinjauan fiskal 2022 jadual 1: Siling Kumpulan Wang COVID-19 dan Prestasi Perbelanjaan Mengikut Program (RM juta) Program Program subsidi upah, insentif pengekalan pekerjaan dan pengambilan pekerja dan bantuan latihan Bantuan Prihatin Nasional Projek berskala kecil Program kemahiran dan peningkatan kemahiran Pembiayaan PKS PENJANA Geran PRIHATIN PKS Pinjaman mikro kredit di bawah Bank Simpanan Nasional dan TEKUN Nasional Peruntukan bagi perbelanjaan berkaitan COVID-19 Dana jaminan makanan Elaun khas COVID-19 bagi barisan hadapan Dana PENJANA Nasional ePenjana Diskaun bil elektrik Tambahan RM100 bagi Bantuan Sara Hidup (BSH) Bantuan khas untuk pelajar institusi pengajian tinggi Pembiayaan Mudah Bumiputera Subsidi pengangkutan awam MY30 Bantuan khas untuk pemandu teksi, pemandu bas sekolah, pemandu bas pelancong, pemandu pelancong, pengayuh beca dan pemandu e-hailing Sokongan bantuan sosial untuk golongan mudah terjejas Geran automasi pintar Pinjaman mudah di bawah MyCreative Venture Perlindungan sosial dan latihan bagi pekerja ekonomi gig Kempen e-Dagang bagi PKS dan perusahaan mikro “Shop Malaysia Online” bagi perbelanjaan dalam talian Sokongan penjagaan kesihatan PEKA B40 Geran bagi pusat jagaan kanak-kanak dan tadika Dana kandungan digital Bantuan untuk pertubuhan bukan kerajaan Pendigitalan penyampaian perkhidmatan kerajaan Dana pemasaran dan promosi pendigitalan di bawah Agensi Pembangunan Ekonomi Kebudayaan (CENDANA) Pusat Sehenti PKS MyAssist Siling Pindaan Pertama Pindaan Kedua Perbelanjaan (Sehingga akhir Ogos 2021) - 4,986 635 2,623 486 - 310 650 604 - 225 200 198 152 994 71 30 25 30 56 50 33 - 11 14 2 5 JUMLAH Sumber: Kementerian Kewangan Malaysia 46 65,000 110,000 58,853 Seksyen 3 Teks BM.indd 46 18/10/2021 5:52 PM seksyen 3 perbelanjaan kerajaan persekutuantinjauan fiskal 2022 Selain itu, program PSU diperkenalkan dalam pakej rangsangan ekonomi PRIHATIN pada Mac 2020 bagi membantu majikan yang terkesan akibat pandemik COVID-19 untuk mengekalkan pekerja dan kelangsungan operasi syarikat.
Sebanyak RM17.3 bilion atau 29.4% daripada jumlah perbelanjaan telah diagihkan kepada lebih daripada 350,000 majikan dan sekitar 2.9 juta pekerja.

Kerajaan juga telah membelanjakan hampir RM5 bilion bagi GKP sejak pertama kali diperkenalkan di bawah pakej Langkah Tambahan Bagi Pakej Rangsangan Ekonomi Prihatin Rakyat (PRIHATIN PKS+) pada April 2020.

Sebanyak 0.9 juta usahawan PKS mikro telah menerima manfaat daripada program ini untuk meringankan beban kewangan dan aliran tunai perniagaan mereka.
Perbelanjaan untuk projek berskala kecil pula berjumlah RM3.7 bilion atau 6.3% daripada jumlah perbelanjaan.

Projek yang dikenal pasti di bawah program ini dijangka dapat memanfaatkan masyarakat setempat dan menjana kesan limpahan kepada ekonomi.

Projek tersebut termasuk kerja pembaikan infrastruktur asas, kemudahan awam dan jalan serta menaik taraf sekolah daif, perumahan awam dan hospital pengajar yang terlibat dengan COVID-19.
Di bawah program perbelanjaan berkaitan COVID-19, sebanyak RM2.6 bilion telah dibelanjakan untuk perkhidmatan kesihatan berkaitan COVID-19 serta pembelian perkakasan dan peralatan perubatan untuk meningkatkan keupayaan fasiliti kesihatan dan wad ICU.
Selain itu, perbelanjaan bagi bantuan sosial untuk menyokong dan menambah baik ekonomi golongan mudah terjejas berjumlah RM1 bilion dengan inisiatif perbelanjaan seperti pemberian secara one-off kepada ibu tunggal dan orang kelainan upaya, Program Jaringan Prihatin, Bantuan Makanan Asas dan Program Klinik Bergerak.

Baki peruntukan diagihkan untuk program lain seperti ePenjana, Dana Jaminan Makanan dan diskaun bil elektrik.
Kesimpulan Krisis pandemik telah menyebabkan Kerajaan meningkatkan sokongan fiskal ke atas ekonomi terutamanya sektor kesihatan.

Usaha ini direalisasikan melalui penggubalan Akta Kumpulan Wang COVID-19 yang membenarkan pinjaman tambahan untuk membiayai pakej rangsangan menerusi Kumpulan Wang COVID-19.
Pada masa yang sama, ketelusan dan tadbir urus yang baik akan terus didukung melalui pembentangan laporan tahunan bagi terimaan dan perbelanjaan Kumpulan Wang COVID-19 ini di Parlimen seiring dengan amalan terbaik antarabangsa.

Melalui pelaksanaan langkah-langkah rangsangan beserta pengurusan Kumpulan Wang COVID-19 yang efektif, Kerajaan yakin objektif untuk memacu negara keluar daripada krisis ini dapat dicapai seterusnya mengekalkan kemampanan fiskal jangka masa sederhana.
Rujukan Jabatan Perdana Menteri Malaysia (2021).

Teks Ucapan Pengumuman Khas Pakej Bantuan Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI).

Dicapai daripada https://www.pmo.gov.my Jabatan Perdana Menteri Malaysia (2021).

Teks Ucapan Program Strategik Memperkasa Rakyat dan Ekonomi (PEMERKASA).

Dicapai daripada https://www.pmo.gov.my Jabatan Perdana Menteri Malaysia (2021).

Teks Ucapan Program Strategik Memperkasa Rakyat dan Ekonomi Tambahan (PEMERKASA+).
Dicapai daripada https://www.pmo.gov.my Jabatan Perdana Menteri Malaysia (2021).

Teks Ucapan Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH).

Dicapai daripada https://www.pmo.gov.my 47 Seksyen 3 Teks BM.indd 47 18/10/2021 5:52 PM seksyen 3 perbelanjaan kerajaan persekutuantinjauan fiskal 2022 Kementerian Kewangan Malaysia (2021).

Infografik PERMAI.

Dicapai daripada http://belanjawan2021.

treasury.gov.my Kementerian Kewangan Malaysia (2021).

Infografik PEMERKASA 2021.


Dicapai daripada http:// belanjawan2021.treasury.gov.my Kementerian Kewangan Malaysia (2021).

Infografik PEMERKASA+ 2021.

Dicapai daripada http:// belanjawan2021.treasury.gov.my Kementerian Kewangan Malaysia (2021).

Infografik PEMULIH.

Dicapai daripada http:// belanjawan2021.treasury.gov.my Kementerian Kewangan Malaysia (2021).

Siri Laporan LAKSANA.

Dicapai daripada https://www.mof.

gov.my Malaysia (2020).


Akta Langkah-Langkah Sementara Bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 [Akta 830].

Malaysia (2020).

Akta Langkah-Langkah Sementara Bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) (Pindaan) 2020.

Tinjauan 2022 Momentum pemulihan dijangka berterusan pada 2022 sejajar dengan kemajuan program vaksinasi yang lancar dan disokong oleh pelaksanaan PPN.
Selain itu, RMKe-12 yang baru diumumkan akan menjadi pemangkin untuk merancakkan semula ekonomi, mempromosi pelaburan, melonjakkan pendigitalan dan memperkukuh perkhidmatan awam.

Bajet 2022 dirumuskan dengan tiga objektif utama: untuk mengekal dan memacu aktiviti ekonomi, membangun semula ketahanan ekonomi dan menjadi pemangkin agenda reformasi berikutan keperluan untuk memastikan pemulihan kekal kukuh.
Oleh itu, Kerajaan akan terus melaksanakan dasar fiskal mengembang untuk membawa negara kembali kepada trajektori potensi pertumbuhan.

Sejumlah RM332.1 bilion (20.3% kepada KDNK) akan diperuntukkan dalam Bajet 2022.

Daripada jumlah ini, RM233.5 bilion (70.3%) akan disalurkan kepada OE, RM75.6 bilion (22.8%) untuk DE dan baki RM23 bilion untuk KWC-19.
Dari segi peruntukan sektoral, RM133.2 bilion (40.1%) daripada jumlah keseluruhan Bajet 2022 akan diperuntukkan untuk program dan projek di bawah sektor sosial diikuti oleh sektor ekonomi (20.3%), keselamatan (10.3%) dan pentadbiran am (4.8%).

Baki berjumlah RM81.3 bilion (24.5%) akan diperuntukkan untuk perbelanjaan tanggungan dan bayaran pindahan.

Peruntukan OE pada 2022 dianggarkan berjumlah RM233.5 bilion atau 14.3% kepada KDNK.
Jumlah ini adalah 6.3% lebih tinggi berbanding peruntukan 2021 yang disemak semula iaitu RM219.6 bilion.

Emolumen, bayaran khidmat hutang dan bayaran persaraan kekal sebagai tiga penerima tertinggi merangkumi 67.5% daripada jumlah OE atau 9.6% kepada KDNK.

Emolumen penjawat awam merupakan penerima terbesar OE pada 2022.

Komponen ini mewakili sekitar satu pertiga daripada jumlah OE dan dianggarkan meningkat kepada RM86.5 bilion.

Kenaikan ini sebahagiannya untuk menampung kenaikan gaji tahunan.
Bayaran persaraan pula dianggarkan meningkat kepada RM28.1 bilion (12% daripada jumlah OE) berikutan kenaikan pencen tahunan serta peningkatan jumlah pesara dan penerima manfaat yang dianggarkan berjumlah hampir 628,300.
Sejumlah 73.7% bayaran persaraan 48 Seksyen 3 Teks BM.indd 48 18/10/2021 5:52 PM seksyen 3 perbelanjaan kerajaan persekutuantinjauan fiskal 2022 terdiri daripada pembayaran pencen bulanan untuk pesara dan penerima manfaat manakala sebahagian besar bakinya adalah bayaran ganjaran dan pemberian wang tunai sebagai gantian cuti rehat terkumpul yang tidak digunakan.

Sebanyak RM43.1 bilion akan diperuntukkan untuk bayaran khidmat hutang pada 2022.
Daripada jumlah tersebut, 98.2% diperuntukkan untuk pembayaran kupon atas hutang dalam negara sementara bakinya untuk pinjaman luar pesisir.

Nisbah bayaran khidmat hutang kepada OE dianggarkan lebih tinggi pada 18.5% sejajar dengan penggunaan instrumen hutang bagi membiayai dasar fiskal mengembang.

Peruntukan bagi bekalan dan perkhidmatan yang mewakili 13% daripada OE, meningkat sebanyak 30.5% kepada RM30.4 bilion.
Peningkatan ini disebabkan oleh perbelanjaan lebih tinggi bagi bekalan perubatan serta perkhidmatan profesional.

Kementerian yang akan menerima peruntukan tertinggi adalah Kementerian Kesihatan (33.1%), Kementerian Dalam Negeri (12.5%) dan Kementerian Pendidikan (11.2%).

Sebahagian besar perbelanjaan bagi menampung perolehan bekalan perubatan serta pembaikan dan penyelenggaraan kemudahan sekolah.
Subsidi dan bantuan sosial akan diberikan peruntukan yang lebih tinggi iaitu RM17.4 bilion (2021: RM16.7 bilion) berikutan peningkatan dalam pemberian bantuan sosial.

Kerajaan akan terus menambah baik dasar dan mekanisme semasa ke arah bantuan bersasar secara berperingkat dalam memastikan pengagihan yang lebih saksama.

Sejumlah RM14.1 bilion akan diperuntukkan sebagai geran kepada badan berkanun terutamanya bagi perbelanjaan operasi seperti emolumen serta bekalan dan perkhidmatan.
Geran kepada institusi pengajian tinggi awam terdiri daripada universiti awam dan hospital pengajar merangkumi 64.5% daripada keseluruhan peruntukan.

Seterusnya, sejumlah RM7.9 bilion diperuntukkan untuk pemberian dan pindahan kepada kerajaan negeri.

Daripada jumlah ini, RM5.9 bilion merupakan pindahan yang diperuntukkan di bawah Perlembagaan Persekutuan.
Memasuki tahun kedua RMKe-12, peruntukan DE pada 2022 akan terus diagihkan kepada projek dan program dengan kesan pengganda yang tinggi untuk merancakkan semula pertumbuhan ekonomi, mewujudkan persekitaran pelaburan yang kondusif dan memelihara kesejahteraan rakyat.

Oleh itu, sebanyak RM75.6 bilion akan diperuntukkan untuk DE (2021: RM62 bilion).

Daripada jumlah itu, RM66.9 bilion diperuntukkan untuk 5,575 projek yang sedang dilaksanakan sementara RM8.7 bilion untuk 1,180 projek baharu.
Sektor ekonomi kekal sebagai penerima terbesar iaitu 53.2% daripada DE diikuti oleh sektor sosial (30%), keselamatan (11.9%) dan pentadbiran am (4.9%).

Sejumlah RM40.2 bilion akan disediakan untuk sektor ekonomi bagi meningkatkan keupayaan ekonomi dan memperkukuh daya saing negara.

Tumpuan terus diberi kepada projek berkaitan pengangkutan, perdagangan dan industri serta subsektor tenaga dan kemudahan awam.
Subsektor pengangkutan akan diperuntukkan sebanyak RM15.5 bilion untuk pembinaan, pembaikan dan penyelenggaraan infrastruktur utama seperti lebuh raya, jalan raya, landasan kereta api, jambatan, pelabuhan dan lapangan terbang.

Peruntukan ini termasuk untuk projek sedia ada seperti Landasan Berkembar Elektrik Gemas-Johor Bahru, Sistem Transit Rapid, Lebuhraya Pan Borneo serta menaik taraf Pelabuhan Kuantan, Pahang dan Lapangan Terbang Sandakan, Sabah.
Antara projek baharu yang akan dilaksanakan adalah menaik taraf Jalan Marabahai Spur di Tuaran, Sabah, penggantian jambatan di Sik dan Baling, Kedah dan kajian laluan alternatif Jalan Seremban- Kuala Pilah, Negeri Sembilan.

Penerima lain di bawah sektor ekonomi adalah subsektor perdagangan dan industri dengan peruntukan RM2.1 bilion.

Antara program di bawah subsektor ini adalah untuk memperkukuhkan kemampuan keusahawanan termasuk PMKS selaras dengan Dasar Keusahawanan Nasional 2030.
Di samping itu, tumpuan akan diberi untuk menyokong pertumbuhan industri dengan menyediakan geran atau pinjaman untuk aktiviti termasuk penyelidikan dan pembangunan serta pengkomersialan produk.
Program terlibat 49 Seksyen 3 Teks BM.indd 49 18/10/2021 5:52 PM tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan termasuk Program Pembiayaan Usahawan PUNB, Dana untuk Pelaburan Strategik Tempatan, Dana untuk Projek Berimpak Tinggi, Pinjaman Penyelidikan dan Pembangunan untuk Aeroangkasa dan Bidang Elektrik dan Elektronik, Skim Pembiayaan Perniagaan Khas untuk Wanita (DanaNITA) dan Industri4WRD.
Sejumlah RM3.2 bilion akan diperuntukkan kepada subsektor tenaga dan kemudahan awam untuk memberi akses yang lebih meluas kepada rakyat terutamanya bekalan elektrik dan air, akses telekomunikasi dan perkhidmatan pembentungan.

Subsektor pertanian pula akan diberi peruntukan sebanyak RM2.9 bilion terutamanya untuk program pembangunan peneroka dan pekebun kecil, penanaman semula kelapa sawit dan getah, sistem pengairan padi serta peternakan ayam, itik dan lembu yang dijangka dapat meningkatkan industri agro.
Di samping itu, subsektor alam sekitar akan diberikan sejumlah RM2.1 bilion terutamanya untuk projek pemulihan sungai dan mitigasi banjir seperti pembinaan lembangan sungai bersepadu, penyelenggaraan kolam takungan banjir, menaik taraf empangan dan penstabilan tebing sungai.

Sektor sosial merupakan penerima DE kedua terbesar akan diperuntukkan dengan RM22.7 bilion.

Peruntukan ini meningkat sebanyak 30.7% berbanding RM17.3 bilion yang disediakan pada 2021.
Subsektor pendidikan dan latihan kekal sebagai penerima peruntukan terbesar di bawah sektor ini berjumlah RM12 bilion, terutamanya untuk TVET, geran penyelidikan dan pembinaan serta peluasan institusi pendidikan.

Subsektor kesihatan akan diperuntukkan RM4.5 bilion untuk memastikan ketersediaan dan akses sistem kesihatan yang komprehensif.

Selain itu, peruntukan juga akan digunakan untuk pembelian kenderaan dan peralatan perkhidmatan perubatan.
Antara projek baharu ialah pembinaan Hospital Kapar, Selangor dan menaik taraf kemudahan hemodialisis hospital Kementerian Kesihatan Malaysia di Kedah, Pulau Pinang dan Perak, serta bilik autopsi Jabatan Forensik Hospital Sultan Ismail, Johor.

Kerajaan terus komited untuk menyediakan rumah mampu milik yang mencukupi dan berkualiti kepada golongan berpendapatan rendah dan sederhana.
Oleh itu, RM1.8 bilion akan diperuntukkan di bawah subsektor perumahan dengan sebahagian besarnya disalurkan kepada pembinaan rumah PPR dan menaik taraf kuarters penjawat awam.

Projek lain di bawah subsektor ini termasuk program Rumah Mesra Rakyat dan pembangunan komuniti sifar sisa dalam kalangan PPR terpilih seperti di Sri Kemuning di Temerloh, Pahang dan Seri Sena di Kangar, Perlis.
Sektor keselamatan akan diperuntukkan RM9 bilion untuk disalurkan kepada subsektor pertahanan (60.4%) dan keselamatan dalam negeri (39.6%).

Peruntukan ini melibatkan penambahbaikan sistem dan perkhidmatan rangkaian serta naik taraf aset ketenteraan dan peralatan keselamatan.

Selain itu, peruntukan akan disediakan untuk projek infrastruktur seperti kuarters anggota keselamatan, kemudahan kesihatan dan menaik taraf penjara.
Sejumlah RM3.8 bilion akan diperuntukkan untuk sektor pentadbiran am bagi memperkukuh sektor awam di bawah RMKe-12.

Beberapa projek utama termasuk meningkatkan pendigitalan dalam sektor awam seperti 1GOVNET, MYGOVUC, Sistem Rekod Transkripsi Mahkamah atau e-Kehakiman serta memperluas perkhidmatan pusat data sektor awam.

Di samping itu, peruntukan turut disediakan untuk penyelenggaraan bangunan, aset dan kemudahan kerajaan seperti kuarters, mahkamah dan institusi latihan.
Pinjaman Boleh Dituntut Persekutuan Jumlah Pinjaman Boleh Dituntut Persekutuan1 sehingga 31 Disember 2020 ialah RM43.1 bilion atau 2.6% kepada KDNK.
Daripada jumlah pinjaman yang dikeluarkan melalui Kumpulan Wang Pembangunan, lebih daripada separuh adalah pinjaman kepada syarikat berjumlah 1 Pinjaman Boleh Dituntut Persekutuan merupakan sebahagian daripada aset kewangan Kerajaan Persekutuan yang terdiri daripada kemudahan pinjaman kepada kerajaan negeri, kerajaan tempatan, badan berkanun, syarikat, koperasi dan pelbagai organisasi.
50 Seksyen 3 Teks BM.indd 50 18/10/2021 5:52 PM tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan RM24.9 bilion, diikuti kerajaan negeri sebanyak RM13 bilion (30.1%) dan badan berkanun sebanyak RM4.9 bilion (11.4%).

Selain itu, pinjaman turut diberikan kepada kerajaan tempatan berjumlah RM143 juta (0.3%), organisasi lain sebanyak RM200 juta (0.5%) dan koperasi sebanyak RM6.8 juta (0.02%).
Pengeluaran pinjaman melalui DE pada 2021 dianggarkan berjumlah RM1.2 bilion atau 1.9% daripada jumlah keseluruhan DE.

Daripada jumlah tersebut, kerajaan negeri dan syarikat kekal sebagai penerima terbesar merangkumi 91.2% daripada jumlah pinjaman yang dikeluarkan diikuti oleh badan berkanun (7.8%) dan lain-lain (1%).

Pinjaman tersebut diberikan bagi memudahkan pelaksanaan projek pelaburan jangka masa panjang seperti infrastruktur jalan raya, bekalan air dan pembetungan.
Kerajaan dianggarkan menerima pembayaran balik pinjaman berjumlah RM0.8 bilion pada 2021.

Sekitar 41% daripada jumlah pembayaran dijangka diterima daripada kerajaan negeri dengan Sabah dan Sarawak terus menjadi penyumbang utama.

Pembayaran balik daripada syarikat pula diunjurkan sekitar RM0.4 bilion.

Bank Pertanian Malaysia Berhad (Agrobank), Pengurusan Aset Air Berhad dan Yayasan Tekun Nasional merupakan tiga penyumbang teratas dengan jumlah pembayaran berjumlah RM285.5 juta.
Selain itu, jumlah pembayaran balik daripada badan berkanun dianggarkan berjumlah RM59.2 juta dan kerajaan tempatan sebanyak RM5.1 juta.

Pembayaran daripada organisasi lain seperti kelab dan persatuan pula dianggarkan berjumlah RM35.8 juta.

Kerajaan Persekutuan dianggar menyediakan pinjaman berjumlah hampir RM2 bilion melalui DE kepada kerajaan negeri, syarikat, badan berkanun dan organisasi lain pada 2022.
Kerajaan negeri menjadi penerima pinjaman tertinggi sebanyak RM1 bilion diikuti oleh syarikat (RM0.8 bilion), badan berkanun (RM123 juta) dan organisasi lain (RM10.9 juta).

Pinjaman kepada syarikat akan digunakan terutamanya untuk membiayai program dan projek berkaitan bekalan air dan elektrik, pemulihan tanah untuk estet getah, penanaman semula kelapa sawit dan pembinaan lebuh raya.
Pinjaman kepada kerajaan negeri, kerajaan tempatan dan badan berkanun pula akan digunakan terutamanya untuk menaik taraf dan menyelenggara infrastruktur bekalan air dan pembetungan, pembinaan empangan dan membiayai projek pembangunan tanaman.

Bayaran balik pinjaman pada 2022 dianggarkan berjumlah RM0.6 bilion.

Hampir separuh daripada jumlah pembayaran balik dijangka diterima daripada kerajaan negeri dengan Sabah, Sarawak dan Selangor sebagai penyumbang terbesar.
Pembayaran balik pinjaman daripada syarikat dijangka bernilai RM0.2 bilion manakala baki adalah daripada badan berkanun (RM58.6 juta), kerajaan tempatan (RM4.2 juta) dan organisasi lain (RM11.7 juta).

Kesimpulan Kerajaan akan terus memainkan peranan dalam mengurangkan impak pandemik COVID-19 kepada rakyat, perniagaan dan ekonomi.
Keutamaan segera Kerajaan adalah menyediakan sokongan sewajarnya bagi pelaksanaan PPN, mempercepat pertumbuhan ekonomi dan membawa negara keluar daripada krisis ekonomi dan kesihatan.

Sebarang penjajaran semula suntikan fiskal akan bergantung kepada tahap pemulihan untuk memastikan ekonomi kembali kepada trajektori pertumbuhan.

Walau bagaimanapun, inisiatif untuk meningkatkan perbelanjaan yang efektif dan efisyen akan diteruskan.
Pada masa yang sama, Kerajaan kekal komited untuk mendukung ketelusan dan akauntabiliti dalam pengurusan kewangan awam seperti yang dizahirkan dalam penerbitan Kenyataan Pra- Bajet pertama dan Kertas Konsultasi Awam.

51 Seksyen 3 Teks BM.indd 51 18/10/2021 5:52 PM tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan RAJAH 3.1.

Jumlah Perbelanjaan Mengikut Sektor RAJAH 3.2.
Jumlah Perbelanjaan Mengikut Kementerian dan Agensi 10.3% 9.8% 20222: RM332.1 bilion 24.5% 24.0% 4.8% 5.2% 20211: RM320.6 bilion 40.1% 40.1% 20.9% 20.3% SOSIAL EKONOMI KESELAMATAN PENTADBIRAN AM LAIN-LAIN Kementerian Pengangkutan Kementerian Kerja Raya Kementerian Pembangunan Luar Bandar Jabatan Perdana Menteri Kementerian Pengajian Tinggi Kementerian Pertahanan Kementerian Dalam Negeri Kementerian Kewangan Kementerian Kesihatan Kementerian Pendidikan OE20222 DE20222 OE 20211 DE20211 0 10 20 30 40 50 60 RM bilion RAJAH 3.3.
Perbelanjaan Mengurus Mengikut Komponen RAJAH 3.4.

Perbelanjaan Mengurus Mengikut Sektor % kepada OE 100 90 80 70 60 50 40 30 20 10 0 2013 2014 2015 2016 2017 2018 2019 2020 20211 20222 BAYARAN PERSARAAN BAYARAN KHIDMAT HUTANG PERKHIDMATAN DAN BEKALAN EMOLUMEN LAIN-LAIN PEMBERIAN DAN SERAHAN KEPADA KERAJAAN NEGERI PEMBERIAN KEPADA BADAN BERKANUN SUBSIDI DAN BANTUAN SOSIAL RAJAH 3.5.
Perbelanjaan Pembangunan Mengikut Sektor 4.9% 11.9% 5.7% 11.8% 20222: RM75.6 bilion 20211: RM62.0 bilion 28.0% 30.0% 54.5% 53.2% SOSIAL EKONOMI KESELAMATAN PENTADBIRAN AM 1Anggaran disemak 2Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia 52 10.8% 11.0% 20222: RM233.5 bilion 34.7% 35.1% 20211: RM219.6 bilion 39.9% 5.3% 5.8% 8.2% 8.1% 41.1% SOSIAL EKONOMI KESELAMATAN PENTADBIRAN AM LAIN-LAIN RAJAH 3.6.
Pinjaman Boleh Dituntut Persekutuan di bawah Kumpulan Wang Pembangunan Mengikut Penghutang, Akhir 2020 RM bilion 24 24.85 20 16 12 8 4 0 12.98 4.89 N U N A K R E B N A D A B I R E G E N N A A J A R E K 0.14 N A T A P M E T N A A J A R E K 0.01 I S A R E P O K T A K I R A Y S 0.20 N I A L I S A S I N A G R O Seksyen 3 Teks BM.indd 52 18/10/2021 5:52 PM tinjauan fiskal 2022seksyen 3 perbelanjaan kerajaan persekutuan seksyen 4 Pengurusan Hutang 55 pe r s pe k t i f k e s e luruh a n 55 pe mbi aya a n Rencana - Sukuk Global 2021 oleh Kerajaan Malaysia 6 4 huta ng k e r a j a a n pe r s e k utua n Rencana - Analisis Kemampanan Hutang Malaysia 2021 73 huta ng lua r 74 huta ng s e k tor awa m 74 t i njaua n 2022 75 k e s i mpul a n Seksyen 4 Tek BM.indd 53 18/10/2021 5:47 PM Seksyen 4 Tek BM.indd 54 18/10/2021 5:47 PM seksyen 4 Pengurusan Hutang Perspektif Keseluruhan Hutang kerajaan di seluruh dunia merekodkan paras tertinggi dalam sejarah iaitu hampir 100% kepada Keluaran Dalam Negeri Kasar (KDNK) dunia pada 2020 dan dijangka kekal tinggi pada 2021 dan 2022.
Namun, ekonomi global kini semakin pulih meskipun pada kadar lebih perlahan daripada jangkaan berikutan ketidaktentuan akibat peningkatan semula kes COVID-19 dengan kemunculan varian baharu.

Kerajaan di seluruh dunia telah meneruskan sokongan fiskal bagi mempercepat pemulihan ekonomi dengan suntikan fiskal dianggarkan berjumlah USD16.9 trilion.1 Sehubungan itu, penawaran kertas hutang kerajaan dalam pasaran diunjur kekal tinggi untuk memenuhi keperluan pinjaman kerajaan bagi membiayai langkah rangsangan.
Walau bagaimanapun, kelonggaran dasar monetari bagi menangani ketidaktentuan pasaran kewangan, situasi ekonomi global dan tekanan inflasi telah mewujudkan persekitaran kadar faedah rendah seterusnya memberi manfaat kepada kerajaan dengan kos pembiayaan lebih rendah.

Selaras dengan trend global, Kerajaan telah melancarkan empat pakej bantuan dan rangsangan.
Di samping itu, pelaksanaan semula langkah pengawalan ketat sejak Mei 2021 berikutan peningkatan kes COVID-19 telah menyebabkan semakan semula pertumbuhan ekonomi kepada lebih perlahan dan dijangka memberi impak kepada defisit fiskal.
Oleh itu, Dewan Rakyat telah meluluskan peningkatan had statutori hutang daripada 60% kepada 65% kepada KDNK di bawah Akta Langkah- Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 [Akta 830] bagi menyediakan fleksibiliti fiskal dan membolehkan pakej rangsangan dilaksanakan dengan berkesan.
Selain itu, kelancaran pelaksanaan Program Imunisasi COVID-19 Kebangsaan (PICK) yang merupakan sebahagian daripada komponen penting di bawah Pelan Pemulihan Nasional (PPN) akan 1 IMF October 2021 Fiscal Monitor.

mempercepat pembukaan semula kegiatan ekonomi dan sosial serta menjadi pemangkin kepada proses pemulihan.
Pembiayaan Kerajaan telah mengumumkan empat siri pakej bantuan dan rangsangan tambahan pada 2021 iaitu Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI), Program Strategik Memperkasa Rakyat dan Ekonomi (PEMERKASA), Program Strategik Memperkasa Rakyat dan Ekonomi Tambahan (PEMERKASA+) dan Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH) berjumlah RM225 bilion dengan suntikan fiskal sebanyak RM25 bilion.
Pakej ini bertujuan menyediakan bantuan kepada rakyat dan perniagaan untuk mengurangkan impak krisis pandemik COVID-19 yang diburukkan lagi dengan kemunculan varian baharu yang lebih mudah merebak dan menyebabkan lanjutan tempoh Perintah Kawalan Pergerakan (PKP).

Justeru, Kerajaan telah mengkaji semula keperluan pembiayaan tahun ini dengan mengambil kira peningkatan perbelanjaan Kerajaan Persekutuan dan pengurangan kutipan hasil.
Sehubungan itu, sasaran awal defisit fiskal iaitu 5.4% kepada KDNK telah disemak semula kepada 6.5% bagi menampung keperluan pembiayaan tambahan susulan pengumuman pakej tersebut.

Jumlah pinjaman kasar Kerajaan Persekutuan dijangka mencatat RM210.8 bilion atau 13.9% kepada KDNK dengan RM110.4 bilion daripada jumlah tersebut digunakan untuk membiayai semula hutang yang matang manakala RM98.8 bilion untuk membiayai defisit.
Pembiayaan semula hutang yang matang merangkumi Sekuriti Kerajaan Malaysia (MGS) sebanyak RM38.7 bilion, Terbitan Pelaburan Kerajaan Malaysia (MGII) RM29 bilion, bil perbendaharaan RM33 bilion, Sukuk Perumahan Kerajaan (SPK) RM6 bilion dan pinjaman luar pesisir RM3.7 bilion.

55 Seksyen 4 Tek BM.indd 55 18/10/2021 5:47 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang Pinjaman kasar dalam negeri dianggar berjumlah RM205.5 bilion atau 97.5% daripada jumlah pinjaman kasar.
Kecairan yang mencukupi dalam pasaran domestik membolehkan Kerajaan membiayai keperluan pinjaman tambahan merentasi pelbagai tempoh matang.

Terbitan MGS dijangka kekal tinggi sebanyak RM83 bilion atau 39.4% daripada jumlah pinjaman kasar manakala MGII pada RM77 bilion atau 36.5%.

Di samping itu, terbitan bil perbendaharaan dianggar lebih tinggi sebanyak RM45.5 bilion atau 21.6% daripada jumlah pinjaman kasar bagi memenuhi keperluan aliran tunai jangka pendek.

JaDUaL 4.1.
Pembiayaan Kerajaan Persekutuan 2020 – 2021 rM JUTa BaHaGIan (%) 2020 20212 2020 20212 Pinjaman kasar 181,067 210,777 100.0 100.0 Dalam negeri 181,067 205,500 100.0 MGS MGII 73,000 83,000 76,466 77,000 Bil perbendaharaan 31,601 45,500 Luar pesisir Pinjaman pasaran Pinjaman projek - - - 5,277 5,277 - 40.3 42.2 17.5 - - - 97.5 39.4 36.5 21.6 2.5 2.5 - Bayaran balik 94,477 110,376 100.0 100.0 Dalam negeri 94,146 106,700 99.6 Luar pesisir 331 3,676 0.4 Pinjaman bersih 86,590 100,401 Dalam negeri 86,921 98,800 Luar pesisir -331 1,601 Perubahan aset1 1,054 -1,624 Jumlah pembiayaan deﬁ sit 87,644 98,777 - - - - - 96.7 3.3 - - - - - 1 (+) menunjukkan pengurangan aset; (-) menunjukkan pertambahan aset 2 Anggaran Sumber: Kementerian Kewangan Malaysia Profil terbitan kertas hutang telah diselaraskan dengan peningkatan terbitan instrumen berjangka pendek dan sederhana.
Komposisi kertas hutang jangka pendek (bertempoh matang kurang dari setahun) dan jangka sederhana (3 hingga 7 tahun) dijangka lebih 56 tinggi pada 58.2% daripada jumlah pinjaman kasar dalam negeri manakala kertas hutang berjangka panjang (10 tahun ke atas) lebih rendah pada 41.8%.

Secara umum, terbitan kertas hutang berjangka pendek yang lebih banyak akan merendahkan kos keseluruhan pembiayaan dan purata tempoh matang namun meningkatkan risiko pembiayaan semula.
Sebahagian besar operasi pembiayaan Kerajaan dilaksanakan melalui lelongan awam merangkumi 84.7% daripada jumlah pinjaman dalam negeri.

Kaedah ini dilaksanakan berdasarkan kemampuan pasaran untuk menerima pertambahan tawaran kertas hutang.

Pada 2021, Kerajaan meningkatkan pembukaan semula kertas hutang penanda aras iaitu sebanyak 94.6% daripada 37 terbitan berbanding 88% daripada 34 terbitan pada 2020 untuk memastikan keseimbangan pengagihan penawaran kertas hutang sepanjang tahun.
Jumlah pembukaan semula yang lebih tinggi akan menyebabkan saiz terbitan terkumpul yang lebih besar dan memudahkan aktiviti pengesanan indeks oleh pelabur dalam pasaran hutang domestik sekali gus meningkatkan lagi kecairan perdagangan pasaran sekunder.

Justeru, Kerajaan telah mengambil pendekatan proaktif melalui komunikasi secara efektif dengan pasaran terutamanya berkenaan keperluan pembiayaan tambahan dan perubahan strategi pembiayaan.
Kerajaan Persekutuan kekal komited untuk mencapai objektif pengurusan hutang iaitu meminimumkan kos pembiayaan di samping mengekalkan profil kematangan hutang yang seimbang.

Kerajaan menerima bidaan berjumlah RM186 bilion untuk terbitan pasaran sebanyak RM87 bilion bagi tempoh lapan bulan pertama 2021 mencerminkan permintaan yang stabil terhadap kertas hutang Kerajaan.
Nisbah bidaan kepada terbitan (BTC) sebanyak 2.14 kali menunjukkan kemampuan Kerajaan mengurus keperluan peningkatan pinjaman yang mendadak tanpa menjejaskan fungsi pasaran bon domestik walaupun berada dalam persekitaran ekonomi mencabar.

Walau bagaimanapun, nisbah BTC tersebut lebih rendah berbanding tempoh yang sama iaitu 2.27 kali pada 2020.
Nisbah BTC bagi permintaan kertas hutang berjangka pendek dan sederhana juga lebih rendah iaitu 1.89 kali berbanding kertas hutang berjangka panjang pada 2.42 kali dipengaruhi oleh keutamaan pelabur dan trend pasaran terutama apabila permintaan pelabur terhadap kertas hutang berjangka pendek telah terjejas berikutan jangkaan normalisasi kadar faedah AS pada Jun 2021.
Selain itu, pelabur institusi seperti syarikat Seksyen 4 Tek BM.indd 56 18/10/2021 5:47 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang insurans dan dana persaraan masih cenderung memilih kertas hutang berjangka panjang yang bersesuaian dengan profil kematangan liabiliti mereka.

Beberapa inisiatif telah dilaksanakan untuk memastikan pasaran kewangan domestik kekal terurus.
Sehingga akhir September 2021, Jawatankuasa Dasar Monetari (MPC) Bank Negara Malaysia (BNM) terus mengekalkan Kadar Dasar Semalaman (OPR) pada 1.75%.

Di samping itu, BNM melanjutkan fleksibiliti sementara kepada institusi perbankan yang melanggan MGS dan MGII bagi memenuhi pematuhan Keperluan Rizab Berkanun (SRR) sehingga akhir Disember 2022 untuk memastikan kecairan yang mencukupi dalam menyokong aktiviti perantaraan kewangan.
Nisbah SRR kekal pada 2.00% dan langkah ini telah menambah kecairan sekitar RM46 bilion dalam sistem perbankan.

Inisiatif berterusan oleh BNM untuk menambah baik pasaran bon domestik Kerajaan telah berjaya mengeluarkan Malaysia daripada FTSE Russell Watch List dan dikekalkan dalam Indeks Bon Kerajaan Dunia.

Walaupun terdapat peningkatan dalam penawaran kertas hutang kerajaan, namun kos pinjaman kekal rendah disokong persekitaran kadar faedah yang rendah berikutan dasar monetari yang akomodatif.
Walau bagaimanapun, keputusan Pilihanraya AS 2020 telah mempengaruhi kedinamikan kadar hasil US Treasury (UST) yang meningkat seiring dengan perkembangan ekonomi AS selepas kelonggaran sekatan pergerakan dan kadar vaksinasi yang lebih cepat berbanding sasaran.

Kenaikan kadar hasil UST juga telah mempengaruhi prestasi kadar hasil MGS dengan kadar kupon penanda aras MGS 3-tahun berada pada 2.34%, 5-tahun pada 2.68% dan 10-tahun pada 3.20% sehingga akhir Ogos 2021.
Namun begitu, strategi Kerajaan untuk membuka semula kertas hutang yang mempunyai kadar kupon rendah telah menghasilkan penurunan ketara dalam purata wajaran kos pinjaman Kerajaan daripada 4.18% pada 2017 kepada 3.70% pada akhir Ogos 2021.

Pasaran bon domestik merekodkan aliran masuk asing bersih berterusan selama 14 bulan sejak April 2020.
Walau bagaimanapun, trend ini berubah mulai Julai 2021 disebabkan oleh pemegangan asing dalam sekuriti jangka pendek yang lebih rendah terutamanya Bil Perbendaharaan Malaysia (MTB).

Trend ini 2 RAM Sukuk Snapshot 2Q2021.

berlaku susulan jangkaan normalisasi kadar faedah AS serta faktor risiko domestik yang meningkat akibat kes harian COVID-19 yang tinggi, pelanjutan PKP dan ketidaktentuan politik.
Walaupun berdepan persekitaran mencabar, namun aliran masuk asing bersih dalam lapan bulan pertama 2021 mencatatkan RM28.4 bilion dengan permintaan asing untuk MGS mencatat aliran masuk bersih sebanyak RM14.4 bilion.

Aliran dana yang positif juga menunjukkan keyakinan pelabur terhadap usaha berterusan Kerajaan untuk memulihkan ekonomi dengan mempercepat kadar vaksinasi melalui PICK yang merupakan komponen penting PPN.
Malaysia kekal sebagai peneraju pasaran sukuk global dengan pegangan sebanyak 40.9% daripada jumlah sukuk global terkumpul pada akhir Jun 2021.2 Terbitan MGII dijangka mencatat 36.5% daripada jumlah pinjaman kasar manakala MITB pada 14.2%.

Sejak awal 2021, spread antara kadar hasil bon dan sukuk Kerajaan bertempoh matang 3- dan 5-tahun semakin mengecil dan kadar hasil MGII berkurang lebih cepat berbanding kadar hasil MGS.
Sehingga akhir Ogos 2021, kadar hasil MGII 5-tahun adalah 4 mata asas lebih rendah berbanding kadar hasil MGS bertempoh matang yang sama.

Di samping itu, permintaan pelabur lebih tertumpu kepada MGII yang merekodkan nisbah BTC sebanyak 2.34 kali berbanding MGS pada 1.96 kali.

Lebihan langganan ini mencerminkan permintaan kukuh terhadap kertas hutang Kerajaan patuh Syariah disokong oleh persekitaran pasaran domestik yang menggalakkan.
Pinjaman kasar luar pesisir sehingga akhir Ogos 2021 berjumlah RM5.3 bilion disumbangkan oleh terbitan sukuk dua tranche berjumlah USD1.3 bilion pada 28 April 2021.

Terbitan sukuk bertempoh matang 10-tahun dan 30-tahun ini amat dinantikan oleh pelabur berikutan kejayaan Malaysia dalam penerbitan produk patuh Syariah yang inovatif.
Tranche bertempoh matang 10-tahun merupakan terbitan Sukuk Lestari berdenominasi dolar AS berdaulat yang pertama di dunia dengan kadar kupon ditetapkan pada 2.070% manakala tranche 30-tahun pada 3.075%.

Struktur sukuk ini unik kerana aset sandaran sukuk adalah 100% bukan fizikal iaitu baucar perjalanan sistem pengangkutan awam yang bersih sejajar dengan konsep kelestarian.

Terbitan ini terus memperkukuh kedudukan Malaysia sebagai peneraju hab kewangan Islam terkemuka dalam pasaran global.
57 Seksyen 4 Tek BM.indd 57 18/10/2021 5:47 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang rencana Sukuk Global 2021 oleh Kerajaan Malaysia Pengenalan Krisis COVID-19 yang berpanjangan serta langkah tindak balas fiskal oleh kebanyakan negara telah mengakibatkan peningkatan ketara terhadap keperluan pinjaman oleh kerajaan.

Sejak pandemik ini bermula pada Januari 2020, sejumlah USD16.9 trilion suntikan fiskal telah diumumkan oleh kerajaan bagi pelan pemulihan ekonomi.
Peningkatan fokus terhadap usaha membendung pandemik COVID-19 telah mendorong penggubal dasar dan pelabur meneroka strategi pembiayaan berbeza seperti yang boleh dilihat dalam trend terkini melalui inisiatif Alam Sekitar, Sosial dan Tadbir Urus Korporat (ESG).
Di samping itu, Agenda Pembangunan Mampan 2030 (Agenda 2030) yang diperkenalkan pada 25 September 2015 telah menetapkan rangka kerja global baharu pembiayaan pembangunan mampan melalui penyelarasan dasar dan aliran dana dengan memberi keutamaan kepada aspek ekonomi, sosial dan alam sekitar.

Dalam hal ini, terbitan bon Green, Social, Sustainability and Sustainability-linked (GSSS) global pada separuh pertama 2021 meningkat kepada USD574 bilion melebihi jumlah keseluruhan terbitan 2020 (Rajah 1).

RAJAH 1.
RAJAH 1.

Terbitan Bon GSSS Global USD bilion 700 600 500 400 300 200 100 0 573 574 335 207 155 102 49 2015 2016 2017 2018 2019 2020 20211 EROPAH, TIMUR TENGAH DAN AFRIKA (EMEA) AMERIKA ASIA PASIFIK 1 Akhir Jun 2021 Sumber: Bloomberg Terbitan Sukuk Global 2021 oleh Malaysia Penglibatan Malaysia dalam pembiayaan mampan bermula pada 2014 dengan pelancaran Rangka Kerja Sukuk Pelaburan Mampan dan Bertanggungjawab (SRI) oleh Suruhanjaya Sekuriti Malaysia.
Rangka Kerja SRI telah membuka laluan kepada penjajaran konsep pembiayaan dan pelaburan mampan berdasarkan nilai dan prinsip kewangan Islam.

Selain itu, Matlamat Pembangunan Mampan (SDG) telah mula disesuaikan dan diterapkan dalam konteks rangka kerja perancangan pembangunan negara sejak Kerajaan menerima pakai Agenda 2030 sejajar dengan teras strategi utama Rancangan Malaysia Kesebelas (RMKe-11), 2016-2020.
Kerajaan juga telah mengumumkan langkah untuk menyokong pelan pembangunan ekosistem kewangan mampan semasa pembentangan Belanjawan 2021 bagi memacu pelaksanaan pelan tersebut.

Selepas kejayaan beberapa siri terbitan sukuk berdenominasi dolar AS sejak 2002, Kerajaan sekali lagi memasuki pasaran antarabangsa dengan terbitan sukuk dua tranche berjumlah USD1.3 bilion pada 28 April 2021.
Tranche pertama iaitu sukuk bertempoh matang 10-tahun berjumlah USD800 juta melakar pencapaian baharu sebagai sukuk kelestarian berdaulat berdenominasi dolar AS pertama di dunia yang menggambarkan komitmen terkini Kerajaan terhadap usaha pembangunan mampan.

Pada masa yang sama, Kerajaan turut menerbitkan sukuk dengan tranche 30-tahun berjumlah USD500 juta.

Transaksi ini juga menjadi penanda aras sebagai sukuk global dolar AS Kerajaan Malaysia dengan kadar keuntungan yang terendah.
58 Seksyen 4 Tek BM.indd 58 18/10/2021 5:47 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang seksyen 4 PENGURUSAN HUTANG Struktur dan Aliran Transaksi Sukuk Struktur sukuk ini berlandaskan prinsip Syariah Wakalah.

Aset sandaran sukuk ini unik kerana 100% aset bukan fizikal dan selaras dengan tranche kelestarian iaitu baucar yang mewakili hak perjalanan rangkaian pengangkutan awam Transit Aliran Ringan (LRT), Transit Aliran Massa (MRT) dan KL Monorail.
Pengangkutan awam tersebut merupakan mod pengangkutan bersih serta selaras dengan Matlamat SDG 9 iaitu Industri, Inovasi dan Infrastruktur dan Matlamat SDG 11 iaitu Bandar dan Komuniti yang Mampan.

Oleh itu, transaksi ini merupakan terbitan berdaulat pertama dengan aset sandaran dan struktur sukuk yang lestari, iaitu satu pencapaian baharu yang menyerlahkan Malaysia sebagai peneraju kewangan Islam dan memperkukuh kedudukan negara sebagai pasaran sukuk terbesar dunia.
Struktur sukuk dan aliran transaksi adalah seperti pada Rajah 2.

RAJAH 2.

Struktur Sukuk dan Aliran Transaksi Kerajaan Malaysia sebagai Penjual Baucar Kerajaan Malaysia sebagai Wakil Kerajaan Malaysia sebagai Obligor 3a.

Terimaan sukuk 3b.

Pembelian Baucar* Perjanjian Pembelian Baucar 2.

Melantik Kerajaan Malaysia sebagai Wakil Perjanjian Wakalah 4.

Agihan Terimaan Malaysia Wakala Sukuk Berhad (Penerbit/Pemegang Amanah) 1.

Terbitan sukuk Deklarasi Amanah Pemegang Sijil Sukuk 4.
Pengagihan Berkala 5c.

Bayaran Penebusan Langkah Penerangan 5a.

Aset Sukuk Wakalah Aku Janji Pembelian 5b.

Matang: Harga Pelaksanaan Sukuk Pergerakan Aset Aliran Kontrak Pergerakan Tunai Sijil Amanah dikeluarkan oleh Malaysia Wakala Sukuk Berhad (MWSB) iaitu sebuah syarikat bertujuan khas (SPV) kepada pemegang sijil sebagai pertukaran untuk terimaan sukuk.
Kerajaan dilantik sebagai ejen pemegang sijil (Wakil) yang juga berfungsi sebagai ejen Penerbit dalam menyediakan perkhidmatan tertentu berkaitan dengan aset sukuk Wakalah yang tertakluk pada terma dan syarat dalam Perjanjian Wakalah.
a) Pada tarikh terbitan, SPV sebagai Pemegang Amanah menggunakan 100% terimaan terbitan untuk membeli baucar yang mewakili hak perjalanan menggunakan rangkaian pengangkutan awam (Baucar1) b) Sebagai balasan, Kerajaan membekalkan Baucar kepada MWSB yang bertindak sebagai Pemegang Amanah bagi pihak pemegang sijil.

Pemegang Amanah akan mengagihkan pulangan daripada penjualan Baucar kepada pemegang sijil secara berkala pada setiap tarikh pengagihan.
a) b) dan c) Pada tarikh matang atau penebusan, Kerajaan sebagai Pembeli (Obligor) akan membeli aset sukuk Wakalah dari Pemegang Amanah pada harga pelaksanaan semasa tarikh matang Sijil Amanah yang dijadualkan.

Terimaan daripada harga pelaksanaan akan digunakan untuk menebus sukuk dari pemegang sijil.
1 Kerajaan mempunyai hak mutlak untuk menggantikan Baucar dengan baucar baharu dan/atau aset penggantian dengan syarat aset tersebut merupakan aset fizikal patuh Syariah seperti yang diluluskan oleh Penasihat Syariah pada masa penggantian Sumber: Kementerian Kewangan Malaysia TInJaUan FIskaL 2022 59 Seksyen 4 Tek BM.indd 59 18/10/2021 5:47 PM seksyen 4 PENGURUSAN HUTANG Di samping itu, transaksi ini melibatkan dokumen perundangan berasaskan undang-undang Malaysia dan Inggeris.
Perjanjian utama yang mengikat transaksi adalah seperti pada Rajah 3.

RAJAH 3.

Perjanjian Transaksi Utama Deklarasi Amanah Menetapkan terma pelantikan Pengurus.

Penerbit sukuk diisytiharkan sebagai Pemegang Amanah kepada Aset Amanah termasuk aset Wakalah yang dibeli menggunakan terimaan sukuk bagi pihak pemegang sijil.

Perjanjian Wakalah Menjelaskan pelantikan dan tanggungjawab Kerajaan Malaysia sebagai Wakil yang juga berfungsi sebagai ejen Penerbit khususnya berkaitan aset sandaran sukuk.
Perjanjian Pembelian Baucar Menetapkan transaksi Baucar (mewakili hak terhadap bilangan perjalanan yang telah ditetapkan) di antara Pemegang Amanah dengan Penerbit Sukuk.

Aku Janji Pembelian Menetapkan pembelian aset sandaran oleh Kerajaan daripada Pemegang Amanah seperti yang ditetapkan di dalam perjanjian transaksi.
Aku Janji Penggantian Memperincikan perakuan perjanjian oleh Pemegang Amanah untuk memindahkan aset sandaran kepada Kerajaan Malaysia bagi tujuan penggantian aset lain yang memenuhi syarat kelayakan.
Sumber: Kementerian Kewangan Malaysia Rangka Kerja Sukuk SDG Kerajaan Malaysia Memandangkan pelan pembangunan negara sentiasa mengutamakan agenda ekonomi, sosial dan alam sekitar, penggubalan Rangka Kerja Sukuk SDG Kerajaan Malaysia1 ini adalah selaras dengan rancangan pembangunan lima tahun yang dibiayai menerusi peruntukan pembangunan.
Langkah penjajaran SDG dilaksanakan melalui pemetaan peruntukan perbelanjaan yang melibatkan penyelarasan antara pelan tindakan, inisiatif dan outcome rancangan pembangunan negara terhadap matlamat, sasaran dan indikator SDG.

Sukuk Lestari diterbitkan berdasarkan kepada Rangka Kerja SDG yang baru diperkenalkan.

Rangka Kerja ini berdasarkan empat teras utama iaitu penggunaan terimaan; penilaian dan pemilihan projek; pengurusan terimaan terbitan; dan pelaporan (Rajah 4).
Rangka Kerja ini juga menggariskan senarai Perbelanjaan Sosial dan Hijau Dibenarkan menggunakan terimaan sukuk (Rajah 5).

1 Maklumat lanjut mengenai Rangka Kerja Sukuk SDG oleh Kerajaan Malaysia dan Pandangan Pihak Kedua boleh diakses di www.mof.gov.my/ms/ ekonomi/kelestarian 60 TInJaUan FIskaL 2022 Seksyen 4 Tek BM.indd 60 18/10/2021 5:47 PM RAJAH 4.
Teras Utama Rangka Kerja seksyen 4 PENGURUSAN HUTANG Penilaian dan Pemilihan Projek Proses penilaian dan pemilihan bertujuan untuk memastikan terimaan terbitan sukuk SDG Kerajaan Malaysia selaras dengan Perbelanjaan Dibenarkan seperti digariskan di bawah Rangka Kerja.
Penggunaan Terimaan Terimaan terbitan digunakan oleh Kerajaan untuk membiayai kegunaan am yang patuh Syariah untuk sosial dan alam sekitar yang dibenarkan oleh Rangka Kerja serta diperuntukkan di bawah Akta Pinjaman Luar Pesisir 1963 [Akta 403] dan Akta Kumpulan Wang Pembangunan 1966 [Akta 406].

Pengurusan Terimaan Pelaporan Kerajaan akan menyediakan Laporan Sukuk SDG tahunan bagi setiap terbitan sukuk SDG dari mula sukuk SDG diterbitkan sehingga tempoh matang.
Terimaan setiap sukuk SDG Kerajaan Malaysia akan diuruskan mengikut Akta 406 dan digunakan bagi membiayai dan pembiayaan semula Perbelanjaan Dibenarkan.

Status perbelanjaan akan dipantau seperti yang dinyatakan di bawah Rangka Kerja SDG.

Sumber: Kementerian Kewangan Malaysia RAJAH 5.
Perbelanjaan Sosial dan Hijau Dibenarkan Penjagaan Kesihatan GOOD HEALTH AND WELL-BEING 3 Pendidikan dan Latihan QUALITY EDUCATION 4 Pengangkutan Bersih SUSTAINABLE CITIES AND COMMUNITIES 11 Pembinaan atau naik taraf fasiliti kesihatan Penyediaan penjagaan kesihatan bergerak atau perkhidmatan doktor udara Penyediaan program dan projek sokongan berkaitan pandemik Pembinaan atau naik taraf sekolah, universiti dan institusi pengajian tinggi Penyediaan program pembangunan dan latihan profesional Penyediaan program pembangunan kemahiran dan latihan semula Pemberian geran dan biasiswa Pembangunan sistem pengangkutan awam yang bersih Perolehan kenderaan pengangkutan awam yang dikuasakan oleh elektrik atau hidrogen R&D dan pembuatan kenderaan elektrik dan infrastruktur berkaitan Pengurusan Mampan Sumber Asli LIFE ON LAND 15 Pemuliharaan habitat dan biodiversiti melalui pengurusan mampan Pelaksanaan teknik dan pengeluaran hasil pertanian mampan PROJEK SOSIAL DIBENARKAN PROJEK HIJAU DIBENARKAN Pemberian pinjaman atau sokongan kewangan kepada PKS Penyediaan dana dan/atau latihan untuk meningkat- kan daya saing eksport Tenaga Boleh Baharu Bangunan Hijau Pembangunan, pembuatan, pemasangan dan pengoperasian projek solar dan mini hidro Pembinaan projek tenaga solar Pembinaan bangunan atau fasiliti kerajaan yang memenuhi kriteria untuk pensijilan bangunan hijau yang diiktiraf Infrastruktur Asas Sokongan kepada PKS Pembinaan perumahan mampu milik Penyediaan akses bekalan air dan elektrik Perluasan infrastruktur jalur lebar Pembinaan dan naik taraf ameniti sosial asas NO POVERTY CLEAN WATER AND SANITATION SUSTAINABLE CITIES AND COMMUNITIES 1 6 11 Sumber: Kementerian Kewangan Malaysia DECENT WORK AND ECONOMIC GROWTH 8 AFFORDABLE AND CLEAN ENERGY INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLE CITIES AND COMMUNITIES 7 9 11 TInJaUan FIskaL 2022 61 Seksyen 4 Tek BM.indd 61 18/10/2021 5:47 PM Rangka Kerja ini menerima penilaian Pandangan Pihak Kedua daripada Sustainalytics yang menyatakan bahawa Rangka Kerja tersebut mempunyai kredibiliti dan berimpak tinggi serta selari dengan rancangan pembangunan semasa negara.
Sustainalytics juga berpandangan bahawa terimaan terbitan dijangka membantu peralihan negara kepada ekonomi berkarbon rendah dan memberi impak sosial yang positif di Malaysia.

Rangka Kerja ini juga diiktiraf sejajar dengan empat komponen teras yang terdapat dalam Green Bond Principles 2018, ASEAN Sustainability Bond Standards 2018 dan Social Bond Principles 2020.
Kerajaan akan mengemas kini Rangka Kerja ini secara berkala dengan mengambil kira perkembangan terkini dalam rancangan pembangunan negara akan datang, khususnya berkaitan tambahan matlamat SDG yang boleh dicapai dan projek pembangunan yang memenuhi piawaian antarabangsa.

Transaksi Sukuk Program bertemu pelabur dari Asia, Timur Tengah, Eropah dan AS telah diadakan secara maya selama dua hari.
Terbitan ini telah menerima sambutan yang amat menggalakkan dan menarik minat lebih daripada 220 pelabur antarabangsa dan tempatan.

Situasi ini mencerminkan keyakinan pelabur terhadap kekukuhan asas ekonomi Malaysia walaupun berada dalam persekitaran ekonomi mencabar berikutan pandemik COVID-19.

Permintaan tinggi ini juga memberikan kadar hasil dan spread terendah bagi terbitan sukuk dolar AS oleh Malaysia dengan tranche 10-tahun ditetapkan pada kadar keuntungan 2.070% dan tranche 30-tahun pada 3.075%.
Agihan dan Profil Pelabur Memandangkan minat yang ditunjukkan semasa program bertemu pelabur amat memberangsangkan, terbitan sukuk ini telah menerima 6.4 kali lebihan langganan.

Pengagihan sukuk ini dibuat secara menyeluruh iaitu 90% daripada terbitan tranche Sukuk Lestari 10-tahun diagihkan kepada pelabur RAJAH 6.
Proﬁl Pelabur Agihan Mengikut Geografi Agihan Mengikut Jenis Pelabur 30-tahun 30-tahun 21% 12% 40% 33% 10-tahun 45% 10% 33% 6% ASIA EX-MALAYSIA MALAYSIA EMEA AS Sumber: Kementerian Kewangan Malaysia 62 3% 10% 4% 1% 14% 18% 10-tahun 67% 83% PENGURUS DANA DAN SYARIKAT INSURANS BANK PUSAT DAN KERAJAAN BANK LAIN-LAIN Seksyen 4 Tek BM.indd 62 18/10/2021 5:47 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang di Asia, Timur Tengah dan Eropah khususnya dari Singapura, Hong Kong, Emiriah Arab Bersatu dan UK.
Dari segi profil pelabur, pengurus dana dan syarikat insurans merupakan pelabur terbesar (67%) diikuti oleh bank (18%) serta bank pusat dan kerajaan (14%).

Sementara itu, 46% daripada terbitan sukuk 30-tahun diagihkan kepada pelabur di Asia, diikuti oleh Eropah, Timur Tengah dan Afrika (33%) serta AS (21%).

Pengurus dana dan syarikat insurans juga mendominasi langganan tranche 30-tahun (83%) diikuti oleh bank pusat dan kerajaan (10%) serta bank (4%), seperti di Rajah 6.
Kesimpulan Selepas kejayaan terbitan sukuk global pada 2016, Malaysia kembali ke pasaran dengan terbitan sukuk berdenominasi dolar AS yang keenam oleh Kerajaan.

Walaupun berhadapan dengan impak ekonomi global akibat pandemik COVID-19, profil kredit Kerajaan yang berdaya tahan berjaya mencapai kadar hasil dan spread kepada US Treasury yang terendah.
Terbitan Sukuk Lestari berdenominasi dolar AS berdaulat yang pertama di dunia menggambarkan komitmen tinggi Kerajaan dalam membangunkan sistem kewangan berkesan demi menyokong agenda pembangunan mampan negara.

Sukuk ini juga telah memperkukuh kedudukan Malaysia sebagai peneraju hab kewangan Islam antarabangsa di pasaran global.

Rujukan Environmental Finance.

(2021).

Sustainable Bonds Insight 2021.

Dicapai daripada https://www.


environmental-finance.com/assets/files/research/sustainable-bonds-insight-2021.pdf Islamic Corporation for the Development of the Private Sector (2021).

Islamic Finance Development Report 2020.

Dicapai daripada https://icd-ps.org/uploads/files/ ICDRefinitiv%20IFDI%20Report%20 20201607502893_2100.pdf Kementerian Kewangan Malaysia.

(2021).

Second-Party Opinion: Rangka Kerja Sukuk SDG oleh Kerajaan Malaysia.

Kementerian Kewangan Malaysia.

(2021).


Rangka Kerja Sukuk SDG oleh Kerajaan Malaysia.

Navina Balasingam.

(2021).

Advancing Sustainable Finance in Malaysia – the Year in Review.

Dicapai daripada https://www.bixmalaysia.com/Learning-Center/Articles-Tutorials/Advancing-Sustainable- Finance-in-Malaysia-%E2%80%93-the-Ye Pertubuhan Bangsa-bangsa Bersatu.

(2015).

Addis Ababa Action Agenda.


Dicapai daripada https:// www.un.org/esa/ffd/wp-content/uploads/2015/08/AAAA_ Outcome.pdf Pertubuhan Bangsa-bangsa Bersatu.

(2015).

United Nations Summit on Sustainable Development.

Dicapai daripada https://sustainabledevelopment.un.org/rio20 Suruhanjaya Sekuriti Malaysia.

(2019).

Sustainable and Responsible Investment Sukuk Framework: An Overview Tabung Kewangan Antarabangsa.

(2021).

World Economic Outlook Update July 2021.


Fault Lines Widen In The Global Recovery.

Dicapai daripada https://www.imf.org/en/Publications/WEO/ Issues/2021/07/27/worldeconomic-outlook-update-july-2021 63 Seksyen 4 Tek BM.indd 63 18/10/2021 5:47 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang Hutang Kerajaan Persekutuan Pengurusan dan terbitan hutang Kerajaan Persekutuan ditadbir urus di bawah beberapa perundangan berdasarkan jenis instrumen.
Sekuriti konvensional domestik iaitu MGS dan MTB diterbitkan di bawah Akta Pinjaman (Tempatan) 1959 [Akta 637] dan Akta Bil Perbendaharaan (Tempatan) 1946 [Akta 188] manakala Akta Pendanaan Kerajaan 1983 [Akta 275] mengawal selia terbitan instrumen hutang patuh Syariah iaitu MGII dan MITB.

Selain itu, Akta Pinjaman Luar Negeri 1963 [Akta 403] mengawal selia terbitan pinjaman luar pesisir.

Perundangan ini turut mengurus penggunaan terimaan dan menetapkan had hutang terkumpul bagi setiap instrumen.
Pada akhir Jun 2021, jumlah keseluruhan hutang Kerajaan Persekutuan adalah sebanyak RM958.4 bilion atau 63.3% kepada KDNK.

Dari segi had hutang statutori, hutang dalam negeri terkumpul yang meliputi MGS, MGII dan MITB adalah sebanyak 58.8% kepada KDNK iaitu tidak melebihi had 65% seperti diperuntukkan di bawah Akta 830.

Di samping itu, MTB telah mencecah had RM10 bilion seperti yang diperuntukkan di bawah Akta 188.
Pinjaman luar pesisir berjumlah RM33.6 bilion masih berada di bawah jumlah yang dibenarkan iaitu RM35 bilion berdasarkan Akta 403.

JaDUaL 4.2.

Garis Panduan Perundangan Hutang Sebahagian besar hutang Kerajaan Persekutuan berdenominasi mata wang ringgit mewakili 96.5% daripada jumlah keseluruhan manakala 3.5% dalam mata wang asing.

Hutang dalam negeri berjumlah RM924.8 bilion merangkumi MGS (51.4%) dan MGII (42.3%) dengan tempoh matang antara 3 hingga 30 tahun.
Sementara itu, bil perbendaharaan iaitu MTB (RM10 bilion) dan MITB (RM24 bilion) merupakan instrumen jangka pendek dengan tempoh matang 3-, 6-, 9- atau 12-bulan berjumlah RM34 bilion.

Di samping itu, baki terkumpul SPK yang diterbitkan oleh Kerajaan sebelum penubuhan Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA) berkurang kepada RM24.1 bilion dan akan ditebus sepenuhnya pada 2024.
Pinjaman luar pesisir terdiri daripada pinjaman pasaran dan projek yang kebanyakannya berdenominasi dolar AS (63%) dan yen (36.5%) meningkat kepada RM33.6 bilion pada akhir Jun 2021 berikutan penerbitan sukuk global dolar AS.
Pinjaman pasaran terdiri daripada sukuk global dan bon Samurai berjumlah RM28.7 bilion manakala pinjaman projek sebanyak RM4.9 bilion adalah bagi membiayai program dan projek sedia ada khususnya universiti, loji pembetungan dan infrastruktur penyaluran air melalui perjanjian bilateral dan multilateral.
akTa HaD sTaTUTOrI akHIr JUn 2021 Akta Pinjaman (Tempatan) 1959 Akta Pendanaan Kerajaan 1983 Akta Langkah-Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 MGS, MGII dan MITB terkumpul tidak melebihi 65% kepada KDNK 58.8% kepada KDNK (RM890.7 bilion) Akta Pinjaman Luar Negeri 1963 Pinjaman luar pesisir tidak melebihi RM35 bilion RM33.6 bilion Akta Bil Perbendaharaan (Tempatan) 1946 MTB tidak melebihi RM10 bilion RM10 bilion Sumber: Kementerian Kewangan Malaysia 64 Seksyen 4 Tek BM.indd 64 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang JaDUaL 4.3.
Hutang Kerajaan Persekutuan Mengikut Instrumen 2020 – 2021 kOMPOnen Hutang dalam negeri MGS MGII1 SPK Bil perbendaharaan Pinjaman luar pesisir Pinjaman pasaran Pinjaman projek Jumlah Item memorandum: rM JUTa BaHaGIan (%) BaHaGIan kePaDa kDnk (%) Pemegangan hutang dalam denominasi ringgit oleh bukan pemastautin 208,190 233,826 24.5 25.3 14.7 15.4 1 Termasuk Sukuk Prihatin 2 Akhir Jun 2021 Sumber: Kementerian Kewangan Malaysia Nisbah bayaran khidmat hutang (DSC) kepada hasil dianggar meningkat kepada 17.6% pada 2021 (2020: 15.3%) berikutan jangkaan penurunan kutipan hasil memandangkan kebanyakan sektor ekonomi tidak dibenarkan beroperasi sepanjang tempoh PKP.
Kos pembiayaan bagi instrumen hutang dalam negeri dijangka mencecah RM38.1 bilion manakala RM0.9 bilion bagi pinjaman mata wang asing.

Kadar faedah purata berwajaran ke atas hutang domestik terkumpul dianggar lebih rendah pada 3.957% (2020: 4.032%) mencerminkan persekitaran kadar faedah yang rendah meskipun pembukaan semula kertas hutang dalam tahun semasa yang lebih tinggi.

Dari aspek profil kematangan hutang, purata wajaran tempoh matang berkurang kepada 8.1 tahun pada akhir Jun 2021 (2020: 8.6 tahun).
Sumbangan kertas berjangka panjang dan sederhana dengan baki tempoh matang 6 tahun ke atas berkurang kepada 52.1% daripada jumlah terkumpul (2020: 56.6%) manakala bahagian sekuriti dengan baki tempoh matang 5 tahun dan ke bawah meningkat kepada 47.9% (2020: 43.4%).

Trend ini sejajar dengan strategi pengurusan hutang oleh Kerajaan untuk mengimbangi antara permintaan pasaran dengan keperluan segera pembiayaan.
Bahagian pemegangan pemastautin kepada jumlah hutang berkurang sedikit kepada 72.6% sehingga akhir Jun 2021.

Pemegangan pemastautin berjumlah RM696.1 bilion meliputi pelabur institusi kukuh dan berjangka panjang seperti Kumpulan Wang Simpanan Pekerja (24.1%), syarikat insurans (4.6%) dan Kumpulan Wang Persaraan (Diperbadankan) (2.9%).

Pemegang pemastautin lain termasuk institusi perbankan (33.6%), institusi kewangan pembangunan (1.9%) dan lain-lain (5.5%).
Pemegangan bukan pemastautin kekal stabil pada RM262.3 bilion iaitu 27.4% daripada jumlah hutang.

Institusi jangka panjang seperti dana persaraan, syarikat insurans serta bank pusat, supranasional dan kerajaan memegang bahagian terbesar sebanyak 13.6% manakala pengurus dana menyumbang 9.4%.

Baki pegangan disumbangkan oleh institusi perbankan dengan pemegangan (3.6%) dan lain-lain (0.8%).
Selain itu, pelaburan bukan pemastautin dalam MGS terus kukuh pada 40.4% daripada jumlah MGS yang diterbitkan (2020: 40.6%) mencerminkan keyakinan dan minat pelabur kepada bon Kerajaan.

65 Seksyen 4 Tek BM.indd 65 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang JaDUaL 4.4.
Hutang Kerajaan Persekutuan Mengikut Pemegang 2020 – 2021 kOMPOnen rM JUTa BaHaGIan (%) BaHaGIan kePaDa kDnk (%) 2020 20213 2020 20213 2020 20213 Pemastautin 647,697 696,067 73.6 72.6 Kumpulan Wang Simpanan Pekerja 219,828 230,894 25.0 24.1 Kumpulan Wang Persaraan (Diperbadankan) 25,027 27,598 40,987 44,057 2.8 4.7 2.9 4.6 45.7 15.5 1.8 2.9 46.0 15.3 1.8 2.9 Syarikat insurans Institusi perbankan Institusi kewangan pembangunan Lain-lain1 Bukan pemastautin Pengurus dana Bank pusat, supranasional dan kerajaan Institusi perbankan Dana persaraan Syarikat insurans Lain-lain2 Jumlah Termasuk institusi kewangan bukan bank, badan berkanun, syarikat penamaaan dan amanah, syarikat kerjasama, sekuriti yang disimpan oleh pelabur institusi dalam bank pusat dan butiran yang tidak dapat diklasifikasikan 2 Termasuk syarikat penamaan/pemegang amanah, individu, syarikat bukan kewangan, institusi bilateral dan multilateral serta sektor yang tidak dapat dikenal pasti 3 Akhir Jun 2021 Sumber: Kementerian Kewangan Malaysia rencana Analisis Kemampanan Hutang Malaysia 2021 Pengenalan Pandemik COVID-19 telah mengakibatkan ekonomi global terjejas teruk dan menyebabkan negara melaksanakan langkah pengembangan fiskal terutamanya untuk menyokong isi rumah, perniagaan dan perkhidmatan kesihatan.
Kebanyakan negara meningkatkan pinjaman berikutan ruang fiskal yang terhad untuk membiayai perbelanjaan tambahan demi kelangsungan hidup rakyat serta kesinambungan perniagaan dan ekonomi.

Oleh itu, penilaian terhadap kemampanan hutang kerajaan adalah penting bagi memastikan ketahanan fiskal jangka masa sederhana dan panjang dalam menangani kesan kejutan luaran ekonomi.
66 Seksyen 4 Tek BM.indd 66 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang Kemampanan hutang negara ditakrifkan sebagai situasi apabila sesebuah kerajaan dijangka berupaya menguruskan bayaran hutang sedia ada dan akan datang tanpa bantuan kewangan luar biasa atau berdepan kegagalan membayar balik hutang.
Secara amnya, rangka kerja Analisis Kemampanan Hutang (DSA) yang dibangunkan oleh Tabung Kewangan Antarabangsa (IMF) bertujuan: a) Menilai situasi hutang sedia ada, profil kematangan hutang, sama ada kadar kupon tetap atau terapung, sama ada hutang diindeks dan pemegangan kertas hutang; b) Mengenal pasti lebih awal kelemahan struktur hutang atau rangka kerja dasar agar langkah penstrukturan semula dapat dilaksanakan sebelum berlaku kesulitan pembayaran; dan c) Mengkaji impak pelaksanaan dasar penstabilan hutang alternatif sekiranya kesulitan pembayaran berlaku atau dijangka berlaku.
Menerusi rangka kerja ini, tanda aras keberhutangan sesebuah negara berkembang pesat diukur berdasarkan nisbah hutang kepada KDNK pada 70% dan nisbah keperluan pembiayaan kasar kepada KDNK pada 15%.

Pada dekad yang lalu, dua faktor utama yang menyumbang kepada penjanaan hutang ialah defisit primer dan kadar faedah benar manakala pertumbuhan KDNK benar menyebabkan defisit fiskal lebih rendah, seterusnya mengurangkan nisbah hutang.
Oleh itu, terdapat korelasi negatif antara nisbah hutang kepada KDNK dan pertumbuhan ekonomi.

Kedudukan ini berbeza pada 2020 berikutan pandemik COVID-19 yang menyebabkan kemerosotan KDNK seterusnya menjejaskan langkah konsolidasi fiskal.

Rajah 1 menunjukkan faktor makro-fiskal iaitu defisit primer, pertumbuhan KDNK benar dan kadar faedah benar menyumbang kepada peningkatan ketara nisbah hutang kepada KDNK pada 2020.

RAJAH 1.
RAJAH 1.

Aliran Penjanaan Hutang (% KDNK) 12 10 8 6 4 2 0 -2 -4 -6 -8 -10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 DEFISIT PRIMER KADAR FAEDAH BENAR PERTUMBUHAN KDNK BENAR PENYUSUTAN KADAR TUKARAN BAKI PERTUMBUHAN HUTANG KASAR Sumber: Kementerian Kewangan Malaysia dan IMF Analisis Senario Berdasarkan senario unjuran dasar, keperluan pembiayaan kasar dianggar kepada 13.8% kepada KDNK pada 2021 dan dijangka berkurang kepada 7.1% pada 2026.
Seterusnya, nisbah keseluruhan hutang kepada KDNK1 diunjurkan pada sekitar 65% bagi 2021 dan dijangka stabil sekitar 64% pada 1 Untuk tujuan analisis DSA ini, hutang hanya merujuk pada hutang Kerajaan Persekutuan 67 Seksyen 4 Tek BM.indd 67 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang 2026.

Unjuran ini masih di bawah tanda aras DSA bagi hutang iaitu pada 70% kepada KDNK dan keperluan pinjaman kasar iaitu 15%.
Senario ini adalah berdasarkan andaian makro-fiskal seperti berikut: A. Baseline Scenario Analysis PeMBOLeH UBaH MakrO-FIskaL PUraTa (2021-2026) Pertumbuhan KDNK Benar (% setahun) Inflasi (% setahun) Baki Primer (% KDNK) Kadar Faedah Efektif (%) 5.1% 2.1% -2.1% 4.3% Selain senario unjuran dasar, DSA juga mensimulasikan senario alternatif untuk mengunjurkan nisbah hutang dan keperluan pembiayaan kasar berdasarkan andaian berikut: i. Senario Baki Primer Tidak Berubah Senario ini mengandaikan baki primer fiskal akan kekal tanpa pelaksanaan langkah konsolidasi fiskal dalam jangka masa sederhana.
Berdasarkan andaian ini, tahap hutang dijangka mencecah 74.4% kepada KDNK menjelang 2026, melebihi tanda aras DSA iaitu 70%.

Keperluan pembiayaan kasar juga akan meningkat kepada 13.8% kepada KDNK bagi 2021 dan dijangka berkurang kepada 10.6% pada 2026. ii.

Senario Trend Terdahulu Senario ini mengandaikan trend terdahulu pemboleh ubah makro-fiskal akan kekal dalam tempoh unjuran.
Nisbah hutang kepada KDNK diunjur akan sedikit melebihi tanda aras DSA pada 2026 iaitu 70.7% manakala keperluan pembiayaan kasar dijangka berkurang kepada sekitar 9% kepada KDNK pada 2026.

Situasi ini menunjukkan Kerajaan mungkin memerlukan tempoh masa yang lebih panjang untuk mengurangkan nisbah hutang kepada KDNK sekiranya langkah konsolidasi fiskal yang sama seperti sebelum ini dilaksanakan.

Semua senario ditunjukkan secara grafik seperti Rajah 2.

RAJAH 2.
Senario Unjuran Dasar dan Alternatif KEPERLUAN PEMBIAYAAN KASAR (% KDNK) 16 14 12 10 8 6 4 2019 Unjuran 2020 2021 2022 2023 2024 2025 2026 HUTANG NOMINAL KASAR (% KDNK) 80 75 70 65 60 55 50 2019 Unjuran 2020 2021 2022 2023 2024 2025 2026 UNJURAN DASAR TREND TERDAHULU BAKI PRIMER TIDAK BERUBAH Sumber: Kementerian Kewangan Malaysia dan IMF 68 Seksyen 4 Tek BM.indd 68 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang Analisis Sensitiviti Ujian tekanan dijalankan untuk mensimulasikan kesan kejutan makro-fiskal ke atas tahap kemampanan hutang Malaysia.
Di samping itu, ujian tekanan tambahan dijalankan dengan mensimulasikan kombinasi semua kejutan makro-fiskal dan juga kejutan liabiliti luar jangka.

Hasil analisis sensitiviti ini menunjukkan tahap keberhutangan Kerajaan dalam pelbagai situasi kejutan seterusnya memberi panduan dalam merangka langkah mitigasi sebelum sebarang kejutan berlaku.
i. Senario Kejutan terhadap Baki Primer Berdasarkan andaian defisit primer lebih tinggi iaitu pada paras 3.6% dan 2.7% kepada KDNK bagi 2022 dan 2023, nisbah hutang kepada KDNK dijangka melonjak kepada 66.7% pada 2023 dan berkurang secara beransur-ansur kepada 65.6% menjelang 2026.

Keperluan pembiayaan kasar akan berkurang kepada 7.4% menjelang 2026.

Indikator tersebut masih tidak melebihi tanda aras DSA.

ii.
ii.

Senario Kejutan terhadap Pertumbuhan KDNK Benar Berdasarkan andaian pertumbuhan KDNK benar lebih perlahan kepada 2.5% dan 1.9% pada 2022 dan 2023, paras hutang dijangka mencecah paras tertinggi iaitu 73.6% kepada KDNK pada 2023 dan kekal tinggi pada paras 71.1% pada 2026, melebihi tanda aras DSA pada 70%.

Keperluan pembiayaan kasar akan mencecah 13.6% kepada KDNK pada 2022 dan berkurang secara beransur-ansur kepada 7.8% menjelang 2026. iii.
Senario Kejutan terhadap Kadar Faedah Benar Berdasarkan andaian kenaikan kadar faedah efektif pada purata 110 mata asas setiap tahun dari 2023 hingga 2026, nisbah hutang kepada KDNK akan melebihi tanda aras DSA pada 2025 iaitu 70.2%.

Keperluan pembiayaan kasar juga diunjurkan lebih tinggi berbanding dengan senario kejutan lain pada 2024 hingga 2026 iaitu antara 9% dan 11% kepada KDNK.

iv.
iv.

Senario Kejutan terhadap Kadar Tukaran Mata Wang Berdasarkan andaian kadar tukaran meningkat 30% berbanding andaian unjuran dasar pada 2022, nisbah hutang dijangka mencatat purata 61.7% kepada KDNK sepanjang tahun unjuran.

Keperluan pembiayaan kasar akan terus berkurang daripada 11.8% kepada KDNK pada 2022 kepada 6.8% menjelang 2026.

Senario ini memberi kesan paling minimum terhadap parameter hutang berbanding senario kejutan yang lain kerana komposisi kecil instrumen berdenominasi mata wang asing.
v. Senario Kombinasi Semua Kejutan Berdasarkan andaian kesemua kejutan makro-fiskal ini berlaku serentak pada 2022, paras hutang dijangka meningkat kepada 75.3% kepada KDNK pada 2023 dan melonjak kepada 81.5% menjelang 2026 iaitu jauh melebihi tanda aras DSA.

Keperluan pembiayaan kasar dijangka kekal tinggi pada sekitar 12% kepada KDNK sepanjang tempoh unjuran.

Seksyen 4 Tek BM.indd 69 18/10/2021 5:48 PM 69 tinjauan fiskal 2022seksyen 4 pengurusan hutang vi.
Senario Kejutan Liabiliti Luar Jangka Berdasarkan andaian Kerajaan Persekutuan perlu menyediakan peruntukan tambahan sekitar 13% kepada KDNK pada 2022 untuk menanggung liabiliti luar jangka, nisbah hutang akan terus meningkat kepada 82.6% dengan keperluan pembiayaan kasar juga meningkat kepada 26.9% pada tahun yang sama.

Paras hutang akan kekal tinggi sepanjang tempoh unjuran jauh melebihi tanda aras DSA dan merupakan senario terburuk berbanding semua senario kejutan.

RAJAH 3.
RAJAH 3.

Ujian Tekanan Makro-Fiksal HUTANG NOMINAL KASAR HUTANG NOMINAL KASAR KEPERLUAN PEMBIAYAAN KASAR (% KDNK) 80 75 70 65 60 55 (% Hasil) 600 500 400 (% KDNK) 16 14 12 10 8 6 50 2021 2022 2023 2024 2025 2026 300 2021 2022 2023 2024 2025 2026 4 2021 2022 2023 2024 2025 2026 UNJURAN DASAR KEJUTAN KADAR TUKARAN BENAR KEJUTAN PERTUMBUHAN KDNK BENAR KEJUTAN KADAR FAEDAH BENAR KEJUTAN BAKI PRIMER Sumber: Kementerian Kewangan Malaysia dan IMF RAJAH 4.
Ujian Tekanan Tambahan HUTANG NOMINAL KASAR (% KDNK) HUTANG NOMINAL KASAR (% Hasil) KEPERLUAN PEMBIAYAAN KASAR (% KDNK) 90 85 80 75 70 65 60 55 50 700 600 500 400 300 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 UNJURAN DASAR KOMBINASI SEMUA KEJUTAN KEJUTAN LIABILITI LUAR JANGKA Sumber: Kementerian Kewangan Malaysia dan IMF Penilaian Risiko 30 25 20 15 10 5 0 2021 2022 2023 2024 2025 2026 Heat map menunjukkan isyarat kesan kejutan luaran kepada petunjuk hutang di bawah senario unjuran dasar dan senario kejutan.
Pemetaan ini juga merangkumi hasil analisa DSA terhadap kedudukan hutang dan keperluan pembiayaan kasar serta penilaian risiko ke atas profil hutang.

Had penilaian risiko untuk setiap indikator adalah seperti berikut: 70 Seksyen 4 Tek BM.indd 70 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang raJaH 5.
Heat Map Paras hutang Keperluan pembiayaan kasar Kejutan Pertumbuhan KDNK Benar Kejutan Pertumbuhan KDNK Benar Kejutan Baki Primer Kejutan Kadar Faedah Benar Kejutan Kadar Tukaran Benar Kejutan Liabiliti Luar Jangka Kejutan Baki Primer Kejutan Kadar Faedah Benar Kejutan Kadar Tukaran Benar Kejutan Liabiliti Luar Jangka Profil hutang Persepsi Pasaran Keperluan Pembiayaan Luar Pertumbuhan Tahunan Hutang jangka Pendek Pegangan Bukan Pemastautin Hutang dalam Mata Wang Asing HEAT MAP PARAS HUTANG KEPERLUAN PEMBIAYAAN KASAR PROFIL HUTANG Risiko Rendah Sekiranya paras hutang tidak melebihi 70% kepada KDNK di bawah senario unjuran dasar atau kejutan tertentu Sekiranya keperluan pembiayaan kasar tidak melebihi 15% kepada KDNK di bawah senario unjuran dasar atau kejutan tertentu Sekiranya nilai parameter bagi negara kurang daripada tanda aras penilaian risiko rendah Risiko Sederhana Sekiranya paras hutang melebihi 70% kepada KDNK di bawah senario kejutan tertentu tetapi tidak pada unjuran dasar Risiko Tinggi Sekiranya paras hutang melebihi 70% kepada KDNK di bawah unjuran dasar Sekiranya keperluan pembiayaan kasar melebihi 15% kepada KDNK di bawah senario kejutan tertentu tetapi tidak pada unjuran dasar Sekiranya keperluan pembiayaan kasar melebihi 15% kepada KDNK di bawah unjuran dasar Sekiranya nilai parameter bagi negara berada di antara tanda aras penilaian risiko rendah dan atas Sekiranya nilai parameter bagi negara melebihi tanda aras penilaian risiko atas Sumber: Kementerian Kewangan Malaysia dan IMF Seperti yang digambarkan dalam heat map, kejutan baki primer dan kadar tukaran benar memberi pendedahan risiko yang rendah kepada hutang dan keperluan pembiayaan kasar Kerajaan Persekutuan.
Walau bagaimanapun, kejutan pertumbuhan KDNK benar dan kadar faedah benar mengakibatkan pendedahan risiko sederhana kepada paras hutang manakala kejutan liabiliti luar jangka menunjukkan risiko sederhana kepada paras hutang dan keperluan pembiayaan kasar.

Dari aspek sensitiviti profil hutang, penilaian risiko dibuat berdasarkan tanda aras had rendah dan tinggi untuk setiap parameter profil hutang seperti pada Rajah 6.

FIGURE 6.

Debt Proﬁle Vulnerabilities RAJAH 6.


Pendedahan Proﬁl Hutang 65% 65% 600 600 200 200 183 bps 183 mata asas 15 15 5 5 Bond spread Spread Bon (in basis point) (dalam mata asas) External Financing Keperluan Pembiayaan Requirement (% KDNK) (% to GDP) MALAYSIA MALAYSIA LOWER EARLY WARNING HAD RENDAH UPPER EARLY WARNING HAD TINGGI Source: Ministry of Finance, Malaysia and IMF.
Sumber: Kementerian Kewangan Malaysia dan IMF 1.2% 1.2% 1 1 0.5 0.5 Annual Change in Pertumbuhan Short Term Tahunan Hutang Public Debt Jangka Pendek (% to total) (% bahagian) 26% 26% 45 45 15 15 60 60 20 20 3% 3% Public Debt Held by Pegangan Bukan Non Residents Pemastautin (% to total) (% bahagian) Public Debt in Hutang dalam Mata Foreign Currency Wang Asing (% to total) (% bahagian) 71 Seksyen 4 Tek BM.indd 71 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang Berdasarkan penilaian, perubahan tahunan dalam hutang jangka pendek menunjukkan risiko tinggi berikutan peningkatan jumlah hutang jangka pendek pada 2020 berbanding purata terdahulu.
Keperluan pembiayaan luar juga mendedahkan profil hutang Malaysia kepada risiko yang lebih tinggi.

Walau bagaimanapun, ketersediaan aset luar yang mencukupi dapat digunakan untuk menangani risiko tersebut.

Dari segi persepsi pasaran, Malaysia dinilai sebagai berisiko rendah kerana purata spread antara bon jangka panjang Malaysia dan AS adalah lebih rendah berbanding tanda aras bawah bagi kategori spread bon.

Penilaian ini menunjukkan pelabur kekal yakin terhadap instrumen hutang Malaysia.
Instrumen hutang berdenominasi mata wang asing juga menunjukkan pendedahan risiko rendah memandangkan komposisi hutang berdenominasi mata wang asing yang minimum iaitu sekitar 3% kepada KDNK.

Walaupun indikator pegangan hutang oleh bukan pemastautin menunjukkan risiko sederhana, namun risiko ini diimbangi kekukuhan dan kecairan dalam pasaran hutang domestik.
Secara keseluruhannya, simulasi DSA menunjukkan peningkatan sensitiviti hutang Kerajaan jika berlaku sebarang kejutan seterusnya mengehadkan ruang fiskal dan kemampuan untuk membuat pinjaman tambahan bagi melaksanakan langkah kitaran balas.

Selain itu, peningkatan paras hutang akan menyebabkan bayaran khidmat hutang yang tinggi seterusnya mengekang keupayaan Kerajaan untuk menyediakan peruntukan bagi perbelanjaan lain.
Dalam hal ini, Kerajaan kekal komited terhadap pendirian konsolidasi fiskal dalam jangka sederhana seperti yang digariskan di bawah RMKe-12 dengan defisit disasarkan berkurang kepada 3.5% kepada KDNK menjelang 2025.

Kesimpulan Penilaian DSA ini mengambil kira impak krisis COVID-19 kepada parameter makro-fiskal bagi 2020.

Hasil simulasi menunjukkan peningkatan pendedahan risiko terhadap tahap keberhutangan Kerajaan dalam jangka masa sederhana sekiranya berlaku kejutan luaran.
Walau bagaimanapun, keutamaan semasa Kerajaan adalah untuk kembali kepada trajektori potensi pertumbuhan dan pada masa yang sama membolehkan rakyat dan perniagaan mengadaptasi norma baharu serta membuat pelaburan demi pertumbuhan masa hadapan untuk mewujudkan peluang pekerjaan baharu.
Penyediaan sokongan fiskal yang berterusan dalam jangka masa sederhana dijangka akan memperlahankan langkah konsolidasi fiskal seterusnya menyebabkan pengurangan secara sederhana nisbah hutang kepada KDNK seperti ditunjukkan dalam senario unjuran dasar.

Walau bagaimanapun, pembaharuan fiskal yang telah dirancang berteraskan pengenalan Akta Tanggungjawab Fiskal, penerapan Strategi Hasil Jangka Sederhana serta langkah penilaian perbelanjaan akan dapat mempercepat langkah konsolidasi fiskal pasca krisis.
Inisiatif ini akan mewujudkan ruang fiskal yang mencukupi demi memastikan kemampanan fiskal dan hutang negara dalam jangka masa sederhana dan panjang.

Rujukan Tabung Kewangan Antarabangsa (IMF).

(2013).

Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries.

Dicapai daripada https://www.imf.org/external/np/pp/eng/2013/050913.pdf Tabung Kewangan Antarabangsa (IMF).

(2017).

Debt Sustainability Analysis: Introduction.


Dicapai daripada https://www.imf.org/external/pubs/ft/dsa Tabung Kewangan Antarabangsa (IMF).

(2019).

Article IV Staff Report.

Dicapai daripada https//www.imf.org/ en/Publications/CR/Issues/2019/03/08/Malaysia-2019-Article-IV-Consultation-Press Release-Staff-Report- and-Statement Kementerian Kewangan.

(2019).

Tinjauan Fiskal dan Anggaran Hasil Kerajaan Persekutuan 2021: Analisis Kemampanan Hutang Malaysia (pp:122-128).

Kuala Lumpur.
Kuala Lumpur.

Percetakan Nasional Malaysia Berhad.

72 Seksyen 4 Tek BM.indd 72 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang Tabung Kewangan Antarabangsa (IMF).

(2020).

Finance & Development September 2020.

Back to Basics: What is Debt Sustainability?.

Dicapai daripada https://www.imf.org/external/pubs/ft/fandd/2020/09/pdf/what-is- debt-sustainability-basics.pdf Tabung Kewangan Antarabangsa (IMF).

(2021).

Article IV Staff Report.


Dicapai daripada https//www.imf.org/ en/Publications/CR/Issues/2021/03/08/Malaysia-2021-Article-IV-Consultation-Press Release-Staff-Report- and-Statement Hutang Luar Hutang luar merangkumi pinjaman luar pesisir negara, pemegangan sekuriti hutang dalam denominasi ringgit oleh bukan pemastautin, deposit bukan pemastautin dan lain-lain hutang luar.
Sehingga akhir Jun 2021, hutang luar meningkat kepada RM1,021 bilion atau 67.4% kepada KDNK terutamanya disebabkan oleh peningkatan pinjaman luar pesisir oleh sektor awam dan pemegangan sekuriti hutang dalam denominasi ringgit yang lebih besar oleh bukan pemastautin.

Pinjaman luar pesisir kekal sebagai komponen terbesar hutang luar berjumlah RM589.5 bilion atau 57.8%.

Peningkatan pinjaman luar pesisir oleh sektor JaDUaL 4.5.
Hutang Luar 2020 – 2021 awam adalah berikutan terbitan sukuk global oleh Kerajaan Persekutuan serta bon dan sukuk mata wang asing oleh syarikat awam.

Selain itu, pemegangan sekuriti hutang dalam denominasi ringgit dan deposit oleh bukan pemastautin mencatat RM338.4 bilion atau 33.2%.

Dari aspek profil kematangan, hutang luar berjangka sederhana dan panjang meliputi 62.2% daripada jumlah hutang luar yang mencerminkan risiko pembiayaan semula yang rendah.
Hutang luar berjangka pendek pula meliputi 37.8% disandar kepada rizab antarabangsa yang mencukupi.

Di samping itu, risiko luaran juga dapat ditangani dengan ketersediaan aset luaran dan terimaan eksport yang besar.
kOMPOnen rM JUTa BaHaGIan (%) BaHaGIan kePaDa kDnk (%) 2020 20213 2020 20213 2020 20213 Pinjaman luar pesisir 559,560 589,479 58.4 Hutang jangka sederhana dan panjang 360,997 382,627 37.7 Sektor awam Kerajaan Persekutuan Syarikat awam Sektor swasta Hutang jangka pendek Pemegangan sekuriti hutang dalam denominasi ringgit oleh bukan pemastautin 220,103 244,828 23.0 24.0 15.5 16.2 Hutang jangka sederhana dan panjang 210,811 233,045 22.0 Kerajaan Persekutuan Lain-lain1 Hutang jangka pendek Deposit bukan pemastautin Lain-lain2 Jumlah Termasuk sektor swasta dan syarikat awam 2 Termasuk kredit perdagangan, peruntukan Hak Pengeluaran Khas IMF dan lain-lain 3 Akhir Jun 2021 Nota: Angka tidak semestinya terjumlah disebabkan pembundaran Sumber: Bank Negara Malaysia 73 Seksyen 4 Tek BM.indd 73 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang Hutang Sektor Awam Hutang sektor awam merangkumi obligasi hutang terkumpul Kerajaan Persekutuan, kerajaan negeri, syarikat awam bukan kewangan (SABK) dan hutang badan berkanun yang dijamin Kerajaan.
Sehingga akhir Jun 2021, hutang sektor awam meningkat kepada RM1,355 bilion atau 89.5% kepada KDNK terutamanya disebabkan oleh peningkatan hutang Kerajaan Persekutuan berikutan pinjaman yang perlu dibuat untuk membiayai defisit serta pakej rangsangan dan bantuan COVID-19 yang diumumkan dalam 2021.

Hutang Kerajaan Persekutuan kekal sebagai komponen terbesar merangkumi 70.7% daripada jumlah hutang sektor awam diikuti oleh SABK (22.9%) dan hutang badan berkanun yang dijamin Kerajaan (6.4%).
Peningkatan bersih hutang SABK kepada RM309.9 bilion disebabkan oleh pengeluaran pinjaman untuk projek infrastruktur sedia ada serta terbitan bon di luar negeri oleh syarikat awam.

Hutang badan berkanun juga meningkat kepada RM86.7 bilion berikutan pertambahan pinjaman yang dijamin Kerajaan yang diperoleh Lembaga Kemajuan Tanah Persekutuan (FELDA) dan LPPSA bagi tujuan pelaburan dan pembiayaan semula hutang yang matang.

JaDUaL 4.6.
Hutang Sektor Awam 2020 – 2021 kOMPOnen rM JUTa BaHaGIan (%) BaHaGIan kePaDa kDnk (%) 2020 20211 2020 20211 2020 20211 Kerajaan Persekutuan Dalam negeri Luar pesisir Badan berkanun Dalam negeri antaranya: Dijamin Luar pesisir 879,560 958,388 851,284 924,784 28,276 33,604 80,660 86,735 80,660 86,735 80,660 86,735 - - Syarikat awam bukan kewangan 294,875 309,948 Dalam negeri antaranya: Dijamin Luar pesisir antaranya: Dijamin 181,809 180,440 181,809 180,440 113,066 129,508 25,106 26,510 70.1 67.8 2.3 6.4 6.4 6.4 - 23.5 14.5 14.5 9.0 2.0 70.7 68.2 2.5 6.4 6.4 6.4 - 22.9 13.3 13.3 9.6 2.0 Jumlah 1,255,095 1,355,071 100.0 100.0 1 Akhir Jun 2021 Sumber: Kementerian Kewangan Malaysia 62.1 60.1 2.0 5.7 5.7 5.7 - 20.8 12.8 12.8 8.0 1.8 88.6 63.3 61.1 2.2 5.7 5.7 5.7 - 20.5 11.9 11.9 8.6 1.8 89.5 Tinjauan 2022 Kerajaan akan terus melaksanakan langkah pengembangan fiskal dalam Bajet 2022 bagi memastikan kesejahteraan rakyat, melindungi kelangsungan perniagaan dan merangsang semula ekonomi.
Rancangan Malaysia Kedua Belas (RMKe-12), 2021 – 2025 dengan siling perbelanjaan pembangunan berjumlah RM400 bilion akan meningkatkan pinjaman Kerajaan Persekutuan.

Oleh itu, keperluan pinjaman kasar termasuk peruntukan tambahan bagi Kumpulan Wang COVID-19 dijangka kekal signifikan iaitu sekitar 12% kepada KDNK.
74 Seksyen 4 Tek BM.indd 74 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang Strategi pinjaman Kerajaan akan terus mengutamakan terbitan pasaran domestik setelah mengambil kira kecairan dalam pasaran yang mencukupi bagi mengimbangi kos pembiayaan dengan pendedahan risiko yang munasabah dalam jangka masa sederhana.
Komposisi instrumen konvensional dan patuh Syariah akan diagihkan kepada pelbagai tempoh matang bagi memastikan keseimbangan spektrum kematangan sekuriti setelah mengambil kira permintaan pasaran.

Selain itu, dasar monetari yang akomodatif, ketersediaan pasaran domestik yang kukuh dan kepelbagaian asas pelabur akan terus menyokong keperluan pembiayaan Kerajaan.

Pandemik COVID-19 telah meningkatkan paras hutang Kerajaan Persekutuan berikutan peruntukan pakej bantuan dan rangsangan tambahan.
Oleh itu, hutang keseluruhan Kerajaan Persekutuan diunjurkan mencecah 66% kepada KDNK manakala hutang statutori pada 63.4% pada akhir 2022 iaitu lebih rendah daripada had 65% yang telah diluluskan oleh Parlimen.

Kerajaan terus komited untuk mematuhi had hutang statutori yang ditetapkan dalam Akta tersebut.

Melangkah ke hadapan, paras konsolidasi fiskal akan bergantung kepada tahap pemulihan ekonomi.
Seterusnya, Kerajaan mensasarkan untuk mengurangkan tahap keberhutangan secara beransur-ansur dan memperkukuh keupayaan pembiayaan hutang.

Kesimpulan Kerajaan Persekutuan telah menunjukkan prestasi yang baik dalam mengurangkan paras hutang pasca krisis dipacu oleh dasar fiskal yang pragmatik dan pelaksanaan rancangan pembangunan negara yang kukuh.
Oleh kerana negara bergantung kepada langkah perbelanjaan dalam memastikan pemulihan yang mampan dan berdaya tahan, maka penting bagi Kerajaan mengoptimumkan penggunaan sumber dalam memacu ekonomi dan pada masa yang sama peka dengan kemampanan fiskal jangka masa sederhana.

Justeru, pembukaan semula sektor ekonomi secara berperingkat akan membantu peralihan ke arah norma baharu yang meningkatkan pertumbuhan dan mengurangkan kebergantungan kepada sokongan fiskal.
Dasar pengurusan hutang akan terus berpegang kepada prinsip akauntabiliti dan ketelusan serta memastikan kemampanan hutang dalam jangka masa sederhana.

Seksyen 4 Tek BM.indd 75 18/10/2021 5:48 PM 75 tinjauan fiskal 2022seksyen 4 pengurusan hutang 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 3.987 3.196 2.683 2.34 1.75 % 100 80 60 40 20 0 RAJAH 4.1.

Terbitan Mengikut Tempoh Matang RAJAH 4.2.


Nisbah BTC MGS dan MGII RM bilion 25 Nisbah 4.0 50.9% 49.2% 57.0% 49.8% 41.8% 2017 2018 2019 2020 2021 BIL PERBENDAHARAAN 15- HINGGA 20-TAHUN 3- HINGGA 7-TAHUN 30-TAHUN 10-TAHUN 20 15 10 5 0 2017 2018 2019 2020 20211 JUMLAH TERBITAN BULANAN BTC (SKALA KANAN) PURATA BTC (SKALA KANAN) RAJAH 4.3.

Keluk Kadar Hasil Penanda Aras MGS RAJAH 4.4.


Kadar Hasil Indikatif MGS % 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 3 5 7 10 15 20 30 Tahun 2019 2020 20211 % 5.5 4.6 3.7 2.8 1.9 1.0 RAJAH 4.5.
Komposisi Hutang Kerajaan Persekutuan 2017 2018 2019 2020 20211 3-TAHUN 5-TAHUN 10-TAHUN 20-TAHUN OPR % KDNK 70 RM bilion 1,000 800 600 400 200 0 60 50 40 30 20 10 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20212 PINJAMAN LUAR PESISIR LAIN-LAIN HUTANG DALAM NEGERI MGII MGS HUTANG STATUTORI KEPADA KDNK (SKALA KANAN) HAD STATUTORI (SKALA KANAN) 1Akhir Ogos 2021 2Akhir Jun 2021 Sumber: Kementerian Kewangan Malaysia, Bank Negara Malaysia dan Bloomberg 76 Seksyen 4 Tek BM.indd 76 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang RAJAH 4.6.
Hutang Kerajaan Persekutuan Mengikut Pemegang1 RAJAH 4.7.
Pemegangan Hutang dalam Denominasi Ringgit oleh Bukan Pemastautin RM bilion 100 34.4% 80 60 40 20 0 a n a d s u r u g n e P 24.1% 5.5% 1.9% 2.9% 4.6% 27.4% 26.9% 33.6% KWSP SYARIKAT INSURANS INSTITUSI KEWANGAN PEMBANGUNAN INSTITUSI PERBANKAN KWAP LAIN-LAIN BUKAN PEMASTAUTIN 31.1% 15.7% 13.0% 2.9% 2.9% i n a l - , t a s u p k n a B % 60 50 40 30 20 10 0 40.4 25.3 2017 2018 2019 2020 20211 MGS HUTANG DALAM NEGERI RAJAH 4.8.
Hutang Kerajaan Persekutuan Mengikut Baki Tempoh Matang RAJAH 4.9.

Bayaran Khidmat Hutang RM bilion 500 RM bilion 50 % hasil 20 400 300 200 100 0 30.8% 29.7% 29.1% 19.9% 22.1% 2017 2018 2019 2020 20211 < 5 TAHUN 6-10 TAHUN 11-15 TAHUN ≥16 TAHUN RAJAH 4.10.
Proﬁl Kematangan Hutang RM bilion 40 30 20 10 0 16 12 8 4 0 2017 2018 2019 2020 2021 PINJAMAN LUAR PESISIR HUTANG DALAM NEGERI % HASIL (SKALA KANAN) MGS MGII LAIN-LAIN HUTANG DALAM NEGERI PINJAMAN LUAR PESISIR 1 Akhir Jun 2021 Sumber: Kementerian Kewangan Malaysia 77 Seksyen 4 Tek BM.indd 77 18/10/2021 5:48 PM tinjauan fiskal 2022seksyen 4 pengurusan hutang Seksyen 4 Tek BM.indd 78 18/10/2021 5:48 PM seksyen 5 Risiko Fiskal dan Liabiliti 81 pe r s pe k t i f k e s e luruh a n 81 82 8 4 85 85 pe nde da h a n huta ng da n l i a bi l i t i j a m i n a n k e r a j a a n 1m a l ays i a de v e lopme nt be r h a d l i a bi l i t i l a i n k e s i mpul a n Seksyen 5 Teks BM.indd 79 18/10/2021 6:19 PM Seksyen 5 Teks BM.indd 80 18/10/2021 6:19 PM seksyen 5 Risiko Fiskal dan Liabiliti Perspektif Keseluruhan Pandemik COVID-19 yang berpanjangan telah memberi kesan kepada aktiviti perniagaan dan kehidupan rakyat.
Situasi ini memerlukan Kerajaan untuk terus menyokong aktiviti ekonomi dengan pelbagai pakej rangsangan dan bantuan sama ada melalui suntikan fiskal langsung atau langkah bukan fiskal seperti dana bantuan khas dan skim mikro kredit serta melalui instrumen separa-fiskal seperti fasiliti jaminan kepada perniagaan.

Keperluan untuk menyediakan suntikan fiskal dan langkah bantuan yang berterusan dalam keadaan pandemik yang masih menular telah meningkatkan pendedahan risiko kepada Kerajaan.
Walau bagaimanapun, langkah kawalan terutamanya penilaian yang rapi serta pemantauan berterusan dan penyusunan semula kedudukan kewangan dan hutang telah dilaksanakan bagi mengurangkan impak daripada pendedahan risiko berkenaan.

Jaminan Kerajaan terus meningkat namun pada kadar yang lebih perlahan berikutan projek pembangunan dan infrastruktur masih lagi dilaksanakan secara berhemat.
Projek infrastruktur strategik masih diteruskan bagi memacu momentum pertumbuhan dan pada masa yang sama menggalakkan aktiviti ekonomi semasa pandemik.

Walau bagaimanapun, sekatan pergerakan yang berpanjangan bagi mengekang penularan pandemik telah meningkatkan pendedahan risiko Kerajaan dalam bentuk sokongan kepada entiti yang beroperasi dalam sektor perkhidmatan seperti pengendali pengangkutan awam dan konsesi lebuh raya.
Keadaan ini memerlukan Kerajaan untuk memperketat pemantauan dan penilaian kewangan syarikat berkenaan bagi mengenal pasti risiko serta merangka langkah pengurangan pendedahan fiskal.

Kerajaan telah meneruskan pemulihan aset 1Malaysia Development Berhad (1MDB) sebagai usaha menangani pendedahan risiko daripada liabiliti lain.

Langkah yang diambil termasuk rundingan dengan pihak berkaitan, prosiding undang-undang dan saman sivil.
Usaha pemulihan ini membolehkan Kerajaan mengurangkan impak kewangan liabiliti 1MDB ke atas kedudukan fiskal.

Kerajaan akan meneruskan langkah pemulihan ini bagi mengurangkan pendedahan risiko daripada obligasi 1MDB.

Pendedahan Hutang dan Liabiliti Pendedahan hutang dan liabiliti Kerajaan Persekutuan menunjukkan tahap keberhutangan Kerajaan secara keseluruhan.

Kedudukan ini merangkumi hutang Kerajaan Persekutuan dan JADUAL 5.1.
Pendedahan Hutang dan Liabiliti Kerajaan Persekutuan, 2020 – 2021 kOMPOnen RM BILIOn BAHAGIAn kePADA kDnk (%) Hutang Kerajaan Persekutuan Komitmen jaminan 2020 20211 2020 20211 879.6 958.4 62.1 63.3 185.7 190.4 13.1 12.6 1MDB 31.1 32.0 2.2 2.1 Liabiliti lain (PPP, PFI, PBLT) 171.8 152.9 12.1 10.1 Jumlah 1,268.2 1,333.7 89.5 88.1 1 Akhir Jun Sumber: Kementerian Kewangan Malaysia 81 Seksyen 5 Teks BM.indd 81 18/10/2021 6:19 PM tinjauan fiskal 2022seksyen 5 risiko fiskal dan liabiliti liabiliti lain dalam bentuk komitmen jaminan, hutang 1MDB serta komitmen tunai projek perkongsian awam-swasta (PPP), inisiatif pembiayaan swasta (PFI) dan PBLT Sdn.
Bhd.

(PBLT).

Pelaporan hutang dan liabiliti secara komprehensif bertepatan dengan usaha Kerajaan untuk beralih kepada standard perakaunan akruan di bawah Piawaian Perakaunan Sektor Awam Antarabangsa (IPSAS) dan pengumpulan statistik mengikut Public Sector Debt Statistics oleh Tabung Kewangan Antarabangsa (IMF).

Pada akhir Jun 2021, pendedahan hutang dan liabiliti Kerajaan Persekutuan dianggarkan berjumlah RM1,333.7 bilion atau 88.1% berbanding KDNK.
Jaminan Kerajaan Jaminan Kerajaan (GG) merupakan salah satu instrumen fiskal yang digunakan Kerajaan Persekutuan untuk menyediakan jaminan ke atas pembiayaan oleh entiti bagi melaksanakan program dan projek infrastruktur strategik yang berupaya meningkatkan impak ekonomi JADUAL 5.2.

Penerima Utama Jaminan Kerajaan, 2020 – 2021 dan sosial kepada pembangunan negara.
Pemberian GG dikawal selia di bawah Akta Jaminan Pinjaman (Pertubuhan Perbadanan) 1965 [Akta 96] yang memerlukan setiap entiti penerima GG diwartakan sebagai pertubuhan perbadanan di bawah Akta ini.

Pada masa ini, fasiliti GG hanya diberikan kepada entiti berkaitan Kerajaan seperti syarikat berkaitan kerajaan (GLC), badan berkanun serta agensi di bawah kerajaan negeri.
Pada akhir Jun 2021, jumlah GG terkumpul meningkat perlahan kepada RM300.4 bilion atau 19.8% kepada KDNK (2020: RM294.7 bilion; 20.8% kepada KDNK) terutamanya disebabkan terbitan baharu oleh Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA) bagi membiayai kemudahan pinjaman perumahan kepada penjawat awam dan DanaInfra Nasional Berhad (DanaInfra) untuk meneruskan pembinaan projek infrastruktur awam.
Lebih separuh (54.2%) daripada GG diberikan kepada pembiayaan berkaitan segmen infrastruktur diikuti dengan perkhidmatan (26.6%), pegangan pelaburan (8.3%), utiliti (6.8%) dan lain-lain (4.1%).

Sepuluh penerima utama GG mewakili lebih 80% daripada jumlah jaminan.
enTITI Jumlah jaminan pinjaman antaranya: RM JUTA BAHAGIAn (%) BAHAGIAn kePADA kDnk (%) 2020 20211 2020 294,675 300,435 100.0 20211 100.0 2020 20.8 20211 19.8 DanaInfra Nasional Berhad 72,320 76,020 Perbadanan Tabung Pendidikan Tinggi Nasional 39,800 40,000 Prasarana Malaysia Berhad 38,914 38,914 Lembaga Pembiayaan Perumahan Sektor Awam 30,150 34,150 Malaysia Rail Link Sdn.

Bhd.
Bhd.

Projek Lebuhraya Usahasama Berhad Khazanah Nasional Berhad Pengurusan Air SPV Berhad 21,530 23,177 11,000 11,000 11,300 9,000 9,760 8,025 Suria Strategic Energy Resources Sdn.

Bhd.
Bhd.

 GovCo Holdings Berhad Jumlah penerima utama 1 Akhir Jun Sumber: Kementerian Kewangan Malaysia 82 Seksyen 5 Teks BM.indd 82 18/10/2021 6:19 PM tinjauan fiskal 2022seksyen 5 risiko fiskal dan liabiliti Purata tempoh matang berwajaran GG mencatatkan 10.9 tahun pada akhir Jun 2021.
Dari segi profil kematangan, 52.8% dijangka matang dalam tempoh sepuluh tahun dan 47.2% akan matang dalam tempoh melebihi sepuluh tahun.

Risiko kadar tukaran mata wang asing adalah rendah memandangkan lebih 90% daripada GG berdenominasi ringgit manakala selebihnya dalam mata wang lain seperti renminbi, yen dan dolar AS.

Fasiliti GG secara asasnya diberikan kepada entiti yang mempunyai kedudukan kewangan mampan untuk melaksanakan projek strategik yang mempunyai tempoh keberhasilan yang panjang.
Fasiliti ini juga memudahkan entiti tersebut memperoleh pinjaman pada kadar pembiayaan yang lebih kompetitif.

Namun begitu, dalam situasi tertentu, entiti yang mendapat fasiliti GG berkemungkinan memerlukan peruntukan kewangan daripada Kerajaan bagi membantu dalam bayaran balik hutang, bantuan modal kerja atau sokongan aliran tunai.

Oleh itu, GG yang diberikan kepada entiti yang menerima bantuan kewangan Kerajaan dikategorikan sebagai JADUAL 5.3.
Komitmen Jaminan, 2020 – 2021 enTITI DanaInfra Nasional Berhad Prasarana Malaysia Berhad Malaysia Rail Link Sdn.

Bhd.2 Urusharta Jamaah Sdn.

Bhd.

Suria Strategic Energy Resources Sdn.

Bhd.2 GovCo Holdings Berhad Jambatan Kedua Sdn.

Bhd.2 Turus Pesawat Sdn.

Bhd.

MKD Kencana Sdn.

Bhd.

SRC International Sdn.

Bhd.

Sentuhan Budiman Sdn.

Bhd.

TRX City Sdn.

Bhd.

Assets Global Network Sdn.

Bhd.


Jumlah 1 Akhir Jun 2 Tertakluk kepada nilai kadar tukaran Sumber: Kementerian Kewangan Malaysia komitmen jaminan.

Entiti tersebut diberi jaminan sama ada di bawah Akta 96 atau jaminan di bawah Seksyen 141 Akta Tatacara Kewangan 1957 [Akta 61].
Pada akhir Jun 2021, komitmen jaminan merekodkan peningkatan kecil kepada RM190.4 bilion (12.6% kepada KDNK) berbanding RM185.7 bilion (13.1% kepada KDNK) pada 2020 disebabkan oleh terbitan pembiayaan DanaInfra dan Malaysia Rail Link Sdn.

Bhd.

bagi melaksanakan projek infrastruktur pengangkutan sedia ada.

Terdapat peningkatan risiko daripada penerima GG terutamanya entiti yang beroperasi dalam sektor perkhidmatan berikutan pelaksanaan pelbagai langkah kawalan pergerakan bagi mengekang penularan COVID-19.
Justeru, sebuah syarikat Menteri Kewangan Diperbadankan (MKD) yang membiayai pembelian pesawat Malaysia Airlines iaitu Turus Pesawat Sdn.

Bhd.

telah diklasifikasikan sebagai komitmen jaminan sejajar dengan langkah penstrukturan semula syarikat berikutan penyediaan bantuan kewangan Kerajaan bagi pembayaran balik hutang.
RM JUTA BAHAGIAn (%) Seksyen 14(1) Akta 61: No guarantee involving a financial liability shall be binding upon the Federal Government, unless it is entered into with the written authority of the Treasury or in accordance with federal law.
83 Seksyen 5 Teks BM.indd 83 18/10/2021 6:19 PM tinjauan fiskal 2022seksyen 5 risiko fiskal dan liabiliti Kerajaan akan terus memantau impak krisis COVID-19 ke atas semua penerima GG dalam menilai risiko entiti yang memerlukan bantuan daripada Kerajaan.

Pada masa yang sama, prestasi kewangan syarikat di bawah kategori komitmen jaminan akan dipantau rapi bagi memastikan pelan pemulihan syarikat dapat dilaksanakan untuk mengurangkan pendedahan risiko kepada Kerajaan.
Entiti yang tidak lagi memerlukan bantuan kewangan Kerajaan akan dikeluarkan daripada senarai komitmen jaminan.

1Malaysia Development Berhad Syarikat 1MDB telah ditubuhkan sebagai sebuah syarikat MKD pada 2009 bagi memacu pembangunan strategik negara.

Walau bagaimanapun, kebergantungan tinggi ke atas modal hutang serta tadbir urus korporat yang lemah menyebabkan syarikat mengalami masalah aliran tunai bermula penghujung 2014 dan seterusnya memerlukan bantuan daripada Kerajaan.
Sehingga akhir Jun 2021, baki hutang 1MDB kekal pada RM32 bilion.

Sejumlah aset bernilai RM18.2 bilion berkaitan 1MDB telah disita atau diperoleh semula dan diletakkan dalam Akaun Amanah Mendapatkan Kembali Aset di bawah kawalan Jabatan Akauntan Negara Malaysia.

Aset yang diperoleh kembali termasuk sitaan aset fizikal serta bayaran penyelesaian oleh pihak yang terbabit dengan Jabatan Kehakiman Amerika Syarikat, terimaan penyelesaian daripada Perkembangan Pemulihan Aset 1MDB JADUAL 5.4.
Hutang 1MDB, pada akhir Jun 2021 kOMPOnen kADAR (%) TeMPOH MATAnG PRInsIPAL (UsD BILIOn) (RM BILIOn) Jaminan Kerajaan Sukuk 5.75 IPIC-MOF Inc. 1MDB Energy Ltd 5.99 Mei 2039 Mei 2022 1MDB Energy (Langat) Ltd 5.75 Oktober 2022 - 5.00 1.75 7.271 1.75 7.271 Letter of Support Bon global 4.44 Mac 2023 3.00 12.461 Jumlah 32.00 1 Tertakluk kepada nilai kadar tukaran Sumber: Kementerian Kewangan Malaysia institusi kewangan dan pihak lain seperti firma audit serta terimaan tunai daripada individu dan syarikat.
Selain bayaran penyelesaian kepada Kerajaan, mantan pengatur terbitan bon bagi pihak 1MDB iaitu Goldman Sachs akan membantu dan memberi jaminan untuk mendapatkan semula aset bernilai sekurang- kurangnya USD1.4 bilion.

Sehingga September 2021, Kerajaan telah menjelaskan sebanyak RM12.8 bilion komitmen kewangan dan bayaran khidmat hutang 1MDB.
Hampir RM10 bilion daripada jumlah ini 2019 RM1.47 bilion 2020 RM12.68 bilion Jan - Sept 2021 RM4.08 bilion 84 Seksyen 5 Teks BM.indd 84 18/10/2021 6:19 PM tinjauan fiskal 2022seksyen 5 risiko fiskal dan liabiliti dijelaskan melalui pinjaman dan pendahuluan daripada Kerajaan atau MKD manakala bakinya menggunakan Akaun Amanah.

Baki Akaun Amanah selepas mengambil kira pendapatan simpanan (hibah) adalah berjumlah RM15.3 bilion dan mampu membiayai obligasi 1MDB sehingga 2022.
Baki obligasi keseluruhan 1MDB berjumlah RM39.3 bilion merangkumi prinsipal (RM32.2 bilion) dan faedah atau bayaran keuntungan atas pembiayaan (RM7.1 bilion).

Liabiliti Lain Liabiliti kewangan lain Kerajaan termasuk komitmen di bawah projek PPP dan PFI serta pembiayaan yang diterbitkan oleh PBLT untuk melaksanakan projek infrastruktur Polis Diraja Malaysia.
Terdapat projek yang dilaksanakan di bawah pendekatan PPP melibatkan tanggungan fiskal oleh Kerajaan manakala sebahagian projek lain dibiayai sepenuhnya oleh sektor swasta.

Sehingga akhir Jun 2021, satu projek baharu telah ditambah di bawah senarai PPP iaitu sistem pengurusan tanah secara elektronik (e-Tanah) bagi negeri Perak dengan komitmen berjumlah RM249 juta sehingga 2032.

Jumlah komitmen tunai berdasarkan 98 perjanjian projek dari 2021 hingga 2047 dianggarkan sebanyak RM102.8 bilion.
Liabiliti di bawah projek PFI adalah dalam bentuk pembiayaan daripada Kumpulan Wang Simpanan Pekerja (KWSP) dan Kumpulan Wang Persaraan (Diperbadankan) (KWAP) bagi memudah cara pelaksanaan projek pembangunan infrastruktur termasuk pembinaan dan pembaikan sekolah, hospital, universiti dan pusat latihan serta penyenggaraan bangunan kerajaan.

Pada akhir Jun 2021, liabiliti terkumpul PFI dianggarkan berjumlah RM46.1 bilion.
Syarikat PBLT ditubuhkan pada 2005 dengan pemilikan penuh MKD bagi mendapatkan pembiayaan dan seterusnya melaksanakan projek infrastruktur termasuk pembinaan kuarters, balai polis, pusat latihan dan fasiliti lain untuk kegunaan pasukan polis.

Tiada pembiayaan baharu yang diterbitkan oleh PBLT sejak 2015 dan liabiliti terkumpul PBLT dianggarkan berkurang kepada RM4 bilion sehingga akhir Jun 2021.
Kesimpulan Melangkah ke hadapan, pelaporan risiko oleh Kerajaan akan terus ditambah baik bagi menyediakan penilaian yang lebih komprehensif ke atas pendedahan Kerajaan.

Pemantauan dan pengawasan yang ketat disertai dengan langkah mitigasi penting bagi mengurangkan impak ke atas kedudukan fiskal Kerajaan berikutan peningkatan pendedahan risiko akibat daripada kesan pandemik.
Justeru, Kerajaan terus melaksanakan langkah pembaharuan untuk memperkukuh disiplin fiskal dan memperkemas tadbir urus terutamanya dalam pengurusan syarikat berkaitan kerajaan sebagai usaha meminimumkan pendedahan risiko daripada syarikat yang berkemungkinan menghadapi kesulitan.

Seksyen 5 Teks BM.indd 85 18/10/2021 6:19 PM 85 tinjauan fiskal 2022seksyen 5 risiko fiskal dan liabiliti RAJAH 5.1.

Jaminan Pinjaman Terkumpul RAJAH 5.2.


Proﬁl Kematangan Jaminan Pinjaman1 RM bilion 300 % KDNK 24 19.8% 250 200 150 100 50 0 20 16 12 8 4 0 2016 2017 2018 2019 2020 20211 JAMINAN PINJAMAN % KDNK (SKALA KANAN) Bahagian (%) 35.4% 36.1% 16.7% 11.8% RM bilion 120 100 80 60 40 20 0 < 5 tahun 6 - 10 tahun 11 - 15 tahun > 16 tahun RAJAH 5.3.

Jaminan Pinjaman Mengikut Segmen1 2.2% 1.9% 6.8% 8.3% INFRASTRUKTUR PERKHIDMATAN PEGANGAN PELABURAN UTILITI KEWANGAN PERLADANGAN RM300.4 bilion 54.2% 26.6% RAJAH 5.4.
Obligasi PPP Terkumpul Mengikut Sektor1 2.5% 3.8% SOSIAL PENTADBIRAN AM EKONOMI KESELAMATAN RM102.8 bilion 62.5% 31.2% 30.8% 1Akhir Jun 2021 Sumber: Kementerian Kewangan dan Unit Kerjasama Awam Swasta (UKAS), Jabatan Perdana Menteri Malaysia 86 Seksyen 5 Teks BM.indd 86 18/10/2021 6:19 PM tinjauan fiskal 2022seksyen 5 risiko fiskal dan liabiliti seksyen 6 Sektor Awam Disatukan 89 s e k tor awa m di satuk a n Sisipan - Statistik Kewangan Kerajaan 95 k e r a j a a n a m 96 97 k e r a ja a n nege r i s ya r i k at awa m buk a n k e wa ng a n Seksyen 6 Teks BM.indd 87 18/10/2021 5:53 PM Seksyen 6 Teks BM.indd 88 18/10/2021 5:53 PM seksyen 6 Sektor Awam Disatukan Sektor Awam Disatukan Sektor awam disatukan (CPS) di Malaysia terdiri daripada unit kerajaan am dan syarikat awam bukan kewangan (SABK).
Pelaporan kedudukan kewangan CPS bertujuan menganggar saiz keseluruhan sektor awam, menilai kesan aktiviti CPS ke atas ekonomi dan mengenal pasti sumber risiko fiskal.

Rangka kerja CPS memerlukan semua pindahan dan pinjaman bersih di antara setiap unit sektor awam diasingkan untuk menggambarkan kedudukan kewangan sebagai entiti disatukan.

Penilaian prestasi kewangan kerajaan am berbeza dengan SABK.
Sebagai unit berorientasikan sosial, baki kerajaan am cenderung untuk mengalami defisit disebabkan oleh perbelanjaan pembangunan (DE) yang tinggi, menunjukkan pelaburan modal yang signifikan untuk manfaat sosial dan ekonomi jangka panjang.

Sebaliknya, defisit SABK menggambarkan perbelanjaan modal yang bersifat komersial bagi menjana pendapatan.

Baki semasa CPS pada 2021 dijangka meningkat kepada RM61.8 bilion (2020: RM55.9 bilion) terutamanya disebabkan oleh pertambahan hasil Kerajaan Persekutuan.
Selain itu, DE sektor awam disatukan diunjur bertambah sebanyak 19.3% kepada RM140.1 bilion (2020: RM117.5 bilion) selari dengan peningkatan pelaburan untuk memulihkan aktiviti ekonomi terutamanya oleh Kerajaan Persekutuan dan SABK.

Selepas mengambil kira perbelanjaan Kumpulan Wang COVID-19 (KWC-19) dan mengasingkan semua transaksi antara unit, defisit keseluruhan sektor awam dijangka lebih tinggi sebanyak RM117.4 bilion atau 7.7% kepada Keluaran KDNK pada 2021 (2020: RM99.5 bilion; 7%).

JADUAL 6.1.
Kedudukan Kewangan Sektor Awam Disatukan, 2020 - 2022 Hasil Perbelanjaan mengurus Baki semasa Baki semasa SABK Baki semasa sektor awam Perbelanjaan pembangunan Kerajaan am SABK Kumpulan Wang COVID-191 Baki keseluruhan % kepada KDNK RM JUTA PeRUBAHAn (%) 2020 20212 20223 2020 20212 20223 248,349 254,334 257,268 263,556 258,830 271,947 -15,207 71,152 55,945 -4,496 66,260 61,764 -14,679 87,969 73,290 117,460 140,095 155,478 55,621 61,839 37,980 66,158 73,937 39,039 80,766 74,712 23,000 -99,495 -117,370 -105,188 -7.0 -7.7 -6.4 -1.7 -11.6 -66.6 -44.6 -12.6 -4.0 -19.2 2.4 -1.8 -70.4 -6.9 19.3 18.9 19.6 2.8 1.2 5.1 226.5 32.8 11.0 22.1 1.0 -41.1 1 Kumpulan wang amanah khusus di bawah Akta Langkah-langkah Sementara Bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 untuk membiayai pakej rangsangan dan pemulihan ekonomi 2 Anggaran disemak 3 Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia 89 Seksyen 6 Teks BM.indd 89 18/10/2021 5:53 PM tinjauan fiskal 2022seksyen 6 sektor awam disatukan SISIPAN Statistik Kewangan Kerajaan Pendahuluan Tabung Kewangan Antarabangsa (IMF) sebagai pentadbir laporan statistik fiskal negara anggota telah menerbitkan Government Finance Statistics Manual 2014 (GFSM 2014).
Manual ini berasaskan standard perakaunan akruan yang menyediakan data kewangan bagi tujuan perbandingan di peringkat antarabangsa untuk menyokong analisis fiskal.

Sebagai contoh, sumbangan cukai kepada jumlah hasil bagi menilai kemampanan hasil dan faedah bantuan sosial ketika mengukur suntikan fiskal dalam ekonomi semasa krisis.

Manual ini juga penting dalam membantu negara memantau dan menilai impak dasar fiskal ke atas ekonomi di samping merangka langkah tindak balas yang berkesan.
Selain itu, GFSM 2014 diharmonikan dengan manual statistik antarabangsa lain dalam menyelaraskan konsep asas, klasifikasi dan definisi bagi memastikan konsistensi antara data makroekonomi dan fiskal.

Berbanding edisi sebelum ini, GFSM 2014 telah menambah baik penyampaian data menjadi lebih komprehensif.
Mengambil kira kepentingan penyelarasan dengan manual ini, Malaysia dalam proses persediaan bagi mengguna pakai GFSM 2014 melalui pelaksanaan perakaunan akruan demi meningkatkan kualiti pelaporan kewangan sektor awam.

RAJAH 1.

Government Finance Statistics Manual 2014 dan Sistem Statistikal Makroekonomi Berkaitan Hubungan antara sektor ekonomi, proses ekonomi bagi pengeluaran, penjanaan dan agihan pendapatan, penggunaan barangan dan perkhidmatan serta pengumpulan aset dan liabiliti.
System of System of National Accounts National Accounts 2008 2008 (2008 SNA) (2008 SNA) Rumusan ekonomi antara residen sesebuah ekonomi dengan bukan residen dalam tempoh tertentu.

Menilai situasi monetari dan impak dasar monetari dalam pasaran wang dan modal.
Monetary and Monetary and Financial Statistics Financial Statistics Manual and Manual and Compilation Compilation Guide 2016 Guide 2016 Balance of Balance of Payments and Payments and International International Investment Position Investment Position Manual, Sixth Manual, Sixth Edition (BPM6), Edition (BPM6), 2009 2009 Menunjukkan nilai aset kewangan dan kedudukan liabiliti antara residen sesebuah ekonomi dengan bukan residen pada tempoh pelaporan.
Government Government Finance Statistics Finance Statistics Manual 2014 Manual 2014 (GFSM 2014) (GFSM 2014) Menilai impak ekonomi ke atas kewangan kerajaan dan impak aktiviti kerajaan terhadap ekonomi melalui pencukaian, perbelanjaan, pembiayaan dan pinjaman.
Nota: Bagi konsistensi isu berkaitan hutang, GFSM 2014 turut dilengkapkan dengan Public Sector Debt Statistic: A Guide for Compilers and Users (PSDS Guide) dan External Debt Statistics: Guide for Compilers and Users 2013 (2013 EDS Guide) Sumber: GFSM 2014, IMF 90 Seksyen 6 Teks BM.indd 90 18/10/2021 5:53 PM tinjauan fiskal 2022Seksyen 6 sektor awam disatukan Liputan Statistik Kewangan Kerajaan Pelaporan statistik kewangan kerajaan merangkumi sektor awam iaitu semua unit kerajaan am dan syarikat awam.
Liputan komprehensif ini membolehkan kerajaan mengenal pasti risiko fiskal yang berkaitan dengan semua entiti sektor awam.

Keupayaan mengenal pasti risiko ini dapat membantu penggubal dasar menguruskan kejutan dalaman dan luaran ke atas ekonomi.

Walaupun data kerajaan am penting untuk penilaian prestasi kewangan kerajaan di peringkat antarabangsa, namun perhatian terhadap prestasi kewangan syarikat awam juga semakin meningkat.

RAJAH 2.
RAJAH 2.

Komponen Utama Sektor Awam Sektor Awam Kerajaan Am Syarikat Awam Kerajaan Pusat* Kerajaan Negeri Kerajaan Tempatan Syarikat Awam Bukan Kewangan Syarikat Awam Kewangan Nota: *Kerajaan Pusat merangkumi budgetary central government (BCG) dan extrabudgetary funds.

Dalam konteks Malaysia, BCG adalah Kerajaan Persekutuan manakala extrabudgetary funds adalah Badan Berkanun Persekutuan.

Sumber: Government Finance Statistics Manual 2014 (GFSM 2014), IMF RAJAH 3.
Rangka Kerja Analitik Government Finance Statistics Manual 2014 Stok Aliran Stok Penyata Kewangan Bermula Perbelanjaan Nilai bersih Aset bukan kewangan Aset kewangan Liabiliti Sumber: GFSM 2014, IMF Transaksi Aliran Ekonomi Lain Penyata kewangan berakhir Hasil Belanja = Baki semasa bersih Perubahan nilai bersih Perubahan nilai bersih Nilai bersih Pelaburan aset bukan kewangan = Pinjaman/ pembiayaan bersih Aset bukan kewangan Aset bukan kewangan Aset bukan kewangan Keuntungan /kerugian pegangan Perubahan volum lain Perolehan aset kewangan Aset kewangan Aset kewangan Aset kewangan Peningkatan Liabiliti Liabiliti Liabiliti Liabiliti 91 Seksyen 6 Teks BM.indd 91 18/10/2021 5:53 PM tinjauan fiskal 2022Seksyen 6 sektor awam disatukan Rangka kerja GFSM 2014 menekankan pendekatan penyata kedudukan kewangan bersepadu dengan mengambil kira semua transaksi aliran dan stok berasaskan akruan serta mengekalkan data aliran tunai untuk menilai tahap kecairan kerajaan.
Rangka kerja ini merumuskan keseluruhan prestasi dan kedudukan kewangan kerajaan am atau sektor awam menggunakan item pengimbangan yang dinilai dalam GFSM 2014 seperti baki semasa bersih, pinjaman/pembiayaan bersih dan perubahan nilai bersih.

Pelaporan GFSM 2014 juga menyediakan penyata utama seperti dalam Rajah 4.

RAJAH 4.
RAJAH 4.

Penyata Utama Government Finance Statistics Manual 2014 Merumuskan transaksi dalam tempoh pelaporan (hasil, perbelanjaan, perubahan stok aset modal dan pembiayaan) Penyata Operasi Penyata Aliran dan Stok Bersepadu Menunjukkan kesan kepada kedudukan kewangan: Transaksi Lain-lain aliran ekonomi i. Keuntungan/kerugian pegangan ii.
Perubahan volum dalam aset dan liabiliti Menunjukkan kedudukan stok bagi aset, liabiliti dan nilai bersih setiap unit sektor awam pada permulaan dan akhir tempoh perakaunan.
Penyata Jumlah Perubahan Nilai Bersih Penyata Sumber dan Penggunaan Tunai Menunjukkan jumlah terimaan tunai atau perbelanjaan melalui operasi serta transaksi dalam aset bukan kewangan, aset kewangan dan liabiliti (selain tunai) Sumber: GFSM 2014, IMF Perkembangan Pengadaptasian GFSM 2014 di Malaysia Pelaksanaan GFSM 2014 di Malaysia melibatkan kerjasama utama antara Kementerian Kewangan Malaysia (MOF) dengan Jabatan Akauntan Negara Malaysia ( JANM) disokong oleh Unit Perancang Ekonomi, Jabatan Perangkaan Malaysia dan Bank Negara Malaysia.
Kerajaan telah menerima tiga siri bantuan teknikal dari IMF yang dibiayai oleh Kerajaan Jepun melalui Japan International Cooperation Agency dalam membantu usaha migrasi daripada GFSM 1986 (asas tunai) kepada GFSM 2014 (asas akruan).

Bantuan teknikal terkini dilaksanakan secara maya pada awal 2021 dengan usaha ditumpukan kepada penyelarasan kod perakaunan akruan JANM untuk Kerajaan Persekutuan kepada kod GFSM 2014 serta menambah baik pelaporan data bagi unit lain sektor awam.
Pada masa ini, MOF mengemukakan data fiskal tahunan di peringkat budgetary central government (BCG) secara asas tunai untuk penghantaran data GFSM 2014 manakala status pelaporan untuk unit lain sektor awam seperti dalam Jadual 1.

92 Seksyen 6 Teks BM.indd 92 18/10/2021 5:53 PM tinjauan fiskal 2022Seksyen 6 sektor awam disatukan JADUAL 1.
Status Malaysia bagi Pelaporan Government Finance Statistics Manual 2014 sekTOR InsTITUsI Budgetary Central Government (BCG) – Kerajaan Persekutuan Extrabudgetary funds – Badan Berkanun Persekutuan Kerajaan Negeri • Pelaporan rasmi GFSM 2014 • Semakan perbezaan berasaskan data tunai • Pembangunan Chart of Accounts untuk pemetaan kod perakaunan akruan JANM kepada kod GFSM 2014 • Pembangunan penyata kompilasi data BCG untuk pelaporan GFSM 2014 statistik data BCG untuk pelaporan GFSM 2014 berasaskan simulasi data akruan 2018 Kerajaan Persekutuan • Pelaporan rasmi GFSM 2014 berasaskan data akruan • Mereka bentuk dan • Menambah baik menstruktur semula serta mengguna pakai templat pengumpulan data untuk diselaraskan dengan klasifi kasi GFSM 2014 templat pengumpulan data • Semakan perbezaan statistik bagi penyatuan data • Menyemak liputan Badan Berkanun Persekutuan supaya lebih menyeluruh • Libat urus bersama kerajaan negeri untuk menambah baik pengumpulan data berdasarkan GFSM 2014 Kerajaan Tempatan • Mereka bentuk, menstruktur semula dan mengguna pakai templat pengumpulan data untuk diselaraskan dengan klasifi kasi GFSM 2014 • Liputan menyeluruh bagi kerajaan tempatan • Menambah baik templat pengumpulan data • Semakan perbezaan statistik bagi penyatuan data Selesai Dalam Proses Memerlukan tindakan Sumber: Kementerian Kewangan Malaysia dan Tillmann-Zorn, H. (2021).
Report on The Government Finance Statistics Technical Assistance Mission (February 1 – March 31, 2021), IMF Pada masa ini, Malaysia melaporkan data GFSM 2014 di peringkat BCG berasaskan data tunai Kerajaan Persekutuan.

Kerajaan negeri juga mengguna pakai perakaunan asas tunai manakala Badan Berkanun Persekutuan, kerajaan tempatan dan syarikat awam mengguna pakai pelaporan berasaskan akruan.

Pelaksanaan perakaunan akruan di peringkat Kerajaan Persekutuan akan mempercepat kemajuan pelaporan GFSM 2014.
Melangkah ke hadapan, akta berkaitan perakaunan akruan dijangka dibentangkan di Parlimen pada akhir 2021 diikuti dengan penerbitan penyata kewangan akruan Kerajaan Persekutuan oleh JANM.

Garis masa pelaksanaan GFSM 2014 bagi negara anggota adalah berbeza dan tertakluk kepada ketersediaan dan kesediaan sumber seperti dalam Jadual 2.
Bagi menyokong pelaksanaan sepenuhnya rangka kerja tersebut, perkara yang perlu diambil kira termasuk menukar sistem perakaunan berasaskan tunai sedia ada kepada sistem perakaunan berasaskan akruan, mengguna pakai struktur klasifikasi GFSM 2014 untuk semua aliran ekonomi dan menambah baik ketersediaan data bagi penyata kedudukan kewangan.

93 Seksyen 6 Teks BM.indd 93 18/10/2021 5:53 PM tinjauan fiskal 2022Seksyen 6 sektor awam disatukan JADUAL 2.
Pelaporan Negara ASEAN bagi Government Finance Statistics Manual 2014 neGARA BUDGETARY CENTRAL GOVERNMENT (BCG) keRAJAAn PUsAT keRAJAAn AM 1 2 3 4 Brunei Cambodia Indonesia Lao PDR 5 Malaysia 6 Myanmar 7 8 9 Filipina Singapura Thailand 10 Viet Nam TB / TB / /* / / / / TB TB / / TB TB / TB / / TB TB TB / TB TB / TB / / TB Nota: *Pelaporan adalah berasaskan data tunai memandangkan Malaysia dalam tempoh pra-peralihan untuk melaksanakan perakaunan akruan di peringkat BCG (Kerajaan Persekutuan) TB: Tidak berkenaan Sumber: IMF Data - Government Finance Statistics, IMF Kesimpulan Secara keseluruhan, GFSM 2014 menyediakan rangka kerja yang inklusif dan analitik untuk meningkatkan ketelusan dan menambah baik pelaporan kewangan sektor awam.
Insiden seperti krisis ekonomi dan kewangan yang mengakibatkan peningkatan defisit fiskal dan paras hutang telah meningkatkan kepentingan statistik kewangan yang setara, boleh dipercayai dan tepat untuk pengesanan awal risiko serta memulakan langkah pencegahan yang sesuai.

Laporan GFSM 2014 penting untuk analisis fiskal dan memainkan peranan utama dalam pengurusan fiskal dan dasar ekonomi yang baik.

Pelaksanaan perakaunan akruan membolehkan pelaporan kewangan sektor awam mematuhi sepenuhnya GFSM 2014.
Oleh itu, maklumat terperinci daripada pelaporan GFSM 2014 membolehkan penggubal dasar menganalisis dan membuat keputusan secara efektif bagi melaksanakan dasar yang mampan untuk pembangunan ekonomi.

Selain itu, GFSM 2014 menyokong Akta Tanggungjawab Fiskal yang akan digubal bagi memperkukuh institusi fiskal melalui peningkatan tadbir urus, akauntabiliti dan ketelusan berdasarkan amalan terbaik antarabangsa.

Rujukan: Tabung Kewangan Antarabangsa.

(2014).

Government Finance Statistics Manual 2014.


Tillmann-Zorn, H. (2019).

Report on The Government Finance Statistics Technical Assistance Mission and Preceding Remote Support (March 4-8, 2019).

Tillmann-Zorn, H. (2021).

Report on The Government Finance Statistics Technical Assistance Mission (February 1 – March 31, 2021).

Tabung Kewangan Antarabangsa.

(2021).

IMF Data – Government Finance Statistics.


Dicapai daripada https://data.imf.org/?sk=89418059-d5c0-4330-8c41-dbc2d8f90f46&sId=1435762628665 International Federation of Accountants.

(2021).

Public Sector Financial Accountability Index – 2020 Financial Reporting Basis.
Dicapai daripada https://www.ifac.org/what-we-do/global-impact-map/ accountability 94 Seksyen 6 Teks BM.indd 94 18/10/2021 5:53 PM tinjauan fiskal 2022Seksyen 6 sektor awam disatukan Kerajaan Am Sektor kerajaan am di Malaysia merangkumi Kerajaan Persekutuan, kerajaan negeri, kerajaan tempatan dan Badan Berkanun Persekutuan1 yang melaksanakan fungsi ekonomi utama kerajaan.
Fungsi kerajaan am termasuk menyediakan barangan dan perkhidmatan awam secara bukan komersial, memastikan agihan semula pendapatan dan kekayaan serta membiayai aktiviti terutamanya melalui cukai atau pindahan.

Pelaporan kedudukan kewangan kerajaan am bertujuan untuk menilai prestasinya dan impak keseluruhan operasi kerajaan ke atas ekonomi.
Hasil disatukan kerajaan am pada 2021 dianggar berkurang sebanyak 3.3% kepada RM282.9 bilion terutamanya disebabkan oleh kekurangan hasil Kerajaan Persekutuan dan Badan Berkanun Persekutuan.

Perbelanjaan mengurus (OE) disatukan juga diunjur lebih rendah sebanyak 1.8% kepada RM259.3 bilion terutamanya disebabkan oleh rasionalisasi perbelanjaan Kerajaan Persekutuan.

Baki semasa kerajaan am dijangka berkurang kepada RM23.5 bilion (2020: RM28.3 bilion) disebabkan oleh pengurangan hasil melebihi penurunan OE.
Walau bagaimanapun, DE disatukan dianggar meningkat sebanyak 22.3% kepada RM68.5 bilion terutamanya disebabkan DE Kerajaan Persekutuan yang lebih tinggi.

Mengambil kira perbelanjaan tambahan Kerajaan Persekutuan di bawah KWC-19, perbelanjaan keseluruhan dijangka meningkat kepada RM366.8 bilion (2020: RM358.1 bilion).
Sehubungan itu, selepas pindahan dan pinjaman bersih antara unit diasingkan, defisit keseluruhan kerajaan am pada 2021 dijangka meningkat kepada RM84 bilion atau 5.5% kepada KDNK (2020: RM65.6 billion; 4.6%).

Defisit keseluruhan kerajaan am dibiayai terutamanya oleh pinjaman Kerajaan Persekutuan dan rizab terkumpul.
Semua kerajaan negeri2 dan Badan Berkanun Persekutuan hanya boleh meminjam daripada atau dengan kelulusan Kerajaan Persekutuan manakala kerajaan tempatan3 boleh meminjam dengan kelulusan kerajaan negeri.

Oleh itu, pendedahan terhadap risiko kredit kerajaan am adalah terkawal di peringkat Kerajaan Persekutuan.

JADUAL 6.2.
Kedudukan Kewangan Kerajaan Am Disatukan, 2020 – 2022 RM JUTA PeRUBAHAn (%) 2020 20212 20223 2020 20212 20223 Hasil 292,427 282,859 294,347 Perbelanjaan mengurus 264,090 259,316 272,317 -10.4 -11.5 Baki semasa 28,337 23,543 22,030 Perbelanjaan pembangunan 55,987 68,464 82,052 -3.7 Kumpulan Wang COVID-191 37,980 39,039 23,000 Baki keseluruhan % kepada KDNK -65,630 -83,960 -83,022 -4.6 -5.5 -5.1 -3.3 -1.8 22.3 2.8 4.1 5.0 19.8 -41.1 1 Kumpulan wang amanah khusus di bawah Akta Langkah-langkah Sementara Bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 untuk membiayai pakej rangsangan dan pemulihan ekonomi 2 Anggaran disemak 3 Anggaran belanjawan tidak termasuk langkah Bajet 2022 Sumber: Kementerian Kewangan Malaysia 1 Badan Berkanun Persekutuan ditadbir urus oleh akta tubuh masing-masing di bawah kementerian Persekutuan untuk melaksanakan fungsi tertentu Kerajaan dalam pelbagai sektor termasuk pendidikan, kesihatan dan pertanian.
Sebahagian besar hasil diperoleh melalui geran daripada Kerajaan Persekutuan.

2 Perkara 111 dan 112 Perlembagaan Persekutuan (kecuali Sabah dan Sarawak yang dibenarkan meminjam dengan kebenaran Bank Negara).

3 Seksyen 41 dan 42 Akta Kerajaan Tempatan 1976.

95 Seksyen 6 Teks BM.indd 95 18/10/2021 5:53 PM tinjauan fiskal 2022seksyen 6 sektor awam disatukan Kerajaan Negeri Hasil disatukan bagi kerajaan negeri pada 2021 diunjur meningkat sebanyak 3% kepada RM35.4 bilion atau 2.3% kepada KDNK.
Daripada jumlah tersebut, RM28.7 bilion atau 81.1% merupakan hasil janaan negeri (2020: RM27 billion; 78.5%) manakala bakinya terdiri daripada pindahan dan geran oleh Kerajaan Persekutuan.

Sumber utama hasil negeri adalah cukai jualan, royalti petroleum, faedah pelaburan, premium tanah dan cukai tanah.

Dari segi hasil yang dijana oleh negeri, Sarawak, Sabah, Selangor, Terengganu dan Johor kekal sebagai penyumbang utama mewakili 85.5% atau RM24.5 bilion.
Hasil cukai dianggar berjumlah RM9.5 bilion atau 26.7% daripada jumlah hasil disatukan.

Kutipan cukai langsung dijangka sebanyak RM3.5 bilion yang sebahagian besar terdiri daripada cukai ke atas sumber asli seperti tanah, lombong dan perhutanan.

Cukai tidak langsung diunjur sebanyak RM6 bilion atau 63.3% daripada hasil cukai terutamanya disumbangkan oleh cukai jualan4 ke atas produk petroleum berjumlah RM4.2 bilion.
Hasil bukan cukai dijangka mencatat RM12.6 bilion atau 35.6% daripada jumlah hasil disatukan.

Komponen utama hasil tersebut adalah royalti petroleum (RM3.7 bilion), faedah pelaburan (RM3.2 bilion) serta premium tanah (RM2.1 bilion).

Terimaan bukan hasil dianggar berjumlah RM13.3 bilion yang sebahagian besar merangkumi geran daripada Kerajaan Persekutuan.
Geran tersebut termasuk pemberian ikut kepala yang ditetapkan berdasarkan unjuran kependudukan tahunan, pemberian bagi membiayai perbelanjaan mengurus di bawah Senarai Bersama Perlembagaan Persekutuan dan bayaran perkhidmatan bagi penglibatan penjawat awam negeri dalam projek pembangunan Persekutuan.

Jumlah OE disatukan kerajaan negeri dijangka meningkat sebanyak 8.7% kepada RM15.2 bilion (2020: 13.2%; RM14 bilion) sebahagian besar disebabkan peningkatan jumlah perkhidmatan dan bekalan serta emolumen.
Di samping itu, DE disatukan diunjur bertambah sebanyak 22.6% kepada RM12 bilion (2020: -11.5%; RM9.8 bilion).

Projek pembangunan utama yang dilaksanakan pada 2021 termasuk pembangunan kawasan luar bandar di Sarawak, projek dan program pertanian di Sabah, pembinaan dan penaiktarafan jalan raya di Selangor serta pelaksanaan projek bekalan air di Pahang dan Kedah.

Oleh itu, jumlah perbelanjaan disatukan kerajaan negeri dijangka meningkat sebanyak 14.4% kepada RM27.2 bilion.
Secara keseluruhan, baki semasa kerajaan negeri disatukan dianggar sebanyak RM20.2 bilion mewakili 57% daripada jumlah hasil disatukan.

Baki keseluruhan kerajaan negeri juga dianggar mencatat lebihan sebanyak RM8.7 bilion.

JADUAL 6.3.
Kedudukan Kewangan Kerajaan Negeri Disatukan, 2020 - 2021 RM JUTA PeRUBAHAn (%) 2020 20211 2020 20211 Hasil 34,414 35,435 2.1 Perbelanjaan mengurus 14,003 15,221 13.2 3.0 8.7 Baki semasa 20,411 20,214 Perbelanjaan pembangunan kasar Kumpulan Wang Pembangunan Kumpulan Wang Bekalan Air Tolak: Terimaan balik pinjaman Perbelanjaan pembangunan bersih 9,782 11,996 -11.5 22.6 9,774 11,832 -11.3 21.1 8 164 -78.4 1950.0 666 476 -11.5 -28.5 9,116 11,520 -11.5 26.4 Baki keseluruhan 11,295 8,694 % kepada KDNK 0.8 0.6 1 Anggaran Sumber: Kementerian Kewangan Malaysia 4 Cukai jualan bagi Sabah dan Sarawak berada di bawah bidang kuasa kerajaan negeri dan merupakan antara sumber utama hasil negeri tersebut seperti termaktub dalam Perlembagaan Persekutuan, Jadual Kesepuluh, Bahagian V, Sumber Tambahan Hasil yang Diserahhakkan kepada Negeri Sabah dan Sarawak.
96 Seksyen 6 Teks BM.indd 96 18/10/2021 5:53 PM tinjauan fiskal 2022seksyen 6 sektor awam disatukan Syarikat Awam Bukan Kewangan Kemerosotan ekonomi yang tidak dapat dielakkan telah memaksa banyak sektor ekonomi beradaptasi dengan cepat supaya mampu bertahan semasa krisis terutamanya daripada impak sekatan kawalan pergerakan bagi mengawal penularan pandemik.
Dalam memastikan kelangsungan operasi, syarikat awam bukan kewangan (SABK) turut mengadaptasi norma baharu dan lebih bersedia dalam menghadapi cabaran masa hadapan.

Pada akhir 2020, SABK merekodkan aset bersih disatukan lebih rendah iaitu berjumlah RM457.4 bilion (2019: RM515.1 bilion) disebabkan oleh penjejasan nilai yang tinggi.

Walaupun begitu, ketersediaan aset berkualiti dan aliran pendapatan yang kukuh membolehkan SABK membiayai pelaburan melalui pendapatan terkumpul dan pinjaman.

RAJAH 6.1.
RAJAH 6.1.

Aset dan Liabiliti SABK, Akhir 2020 RM bilion 1,000 800 600 400 200 0 RM977.1 bilion Aset bersih: RM457.4 bilion RM519.7 bilion Termasuk hutang: RM247.2 billion JUMLAH ASET JUMLAH LIABILITI Sumber: Kementerian Kewangan Malaysia Oleh kerana pemulihan ekonomi antara negara dan sektor adalah berbeza, kedudukan kewangan disatukan SABK dijangka mencatat lebihan semasa yang sederhana sebanyak RM40.5 bilion pada 2021 (2020: RM28 bilion) berbanding paras sebelum krisis iaitu sekitar RM60 bilion.
Namun demikian, SABK memperuntukkan perbelanjaan modal yang tinggi sebanyak RM73.9 bilion berikutan keadaan ekonomi, pengawalseliaan dan suasana politik global yang dinamik.

Oleh itu, defisit keseluruhan bagi 2021 dianggar berkurang kepada RM33.4 bilion (2020: RM33.9 bilion) atau 2.2% kepada KDNK.

Sebahagian besar sektor ekonomi terus berkembang pada kadar yang lebih perlahan kesan daripada pelaksanaan Perintah Kawalan Pergerakan (PKP) berikutan pandemik COVID-19.
Walau bagaimanapun, subsektor telekomunikasi, penjagaan kesihatan dan tenaga yang merupakan penyedia perkhidmatan penting semasa pandemik dijangka mencatat prestasi lebih baik.

Pada masa yang sama, pandemik ini juga telah mendorong syarikat terutamanya dalam subsektor pengangkutan dan utiliti untuk menyusun semula strategi perniagaan melalui pendigitalan.
Oleh kerana portfolio perniagaan SABK yang majoritinya bukan di bawah subsektor telekomunikasi, penjagaan kesihatan dan tenaga, pendapatan SABK diunjur mencatat pertumbuhan lebih perlahan sebanyak 4.4% kepada RM310.2 bilion atau 20.5% kepada KDNK.

Jumlah perbelanjaan SABK pada 2021 dijangka meningkat kepada RM343.6 bilion (2020: RM331 bilion) atau 22.7% kepada KDNK sejajar dengan pengembangan perniagaan dan keperluan pelaburan.
Daripada jumlah tersebut, perbelanjaan semasa dijangka mencatat 78.5% sementara bakinya untuk perbelanjaan modal.

Aktiviti pelaburan SABK akan diteruskan Seksyen 6 Teks BM.indd 97 18/10/2021 5:53 PM 97 tinjauan fiskal 2022seksyen 6 sektor awam disatukan berikutan dasar Kerajaan untuk terus menyokong ekonomi dan pelonggaran PKP secara berperingkat melalui Pelan Pemulihan Negara.

Antara projek yang sedang berjalan termasuk Transit Aliran Massa Laluan Putrajaya dan Transit Aliran Ringan Laluan 3.
Walau bagaimanapun, projek lain seperti pembinaan projek pembangunan gas di Sabah dan Sarawak, pembangunan tenaga hidro dan infrastruktur pendigitalan telah terkesan oleh PKP.

Seiring dengan liputan program vaksinasi yang meluas dan pembukaan semula ekonomi secara berperingkat, SABK dijangka dapat menormalisasikan operasi dan menambah baik prestasi kewangan pada 2022.

JADUAL 6.4.
Kedudukan Kewangan Syarikat Awam Bukan Kewangan Disatukan1, 2020 - 2021 RM JUTA PeRUBAHAn (%) 2020 20212 2020 20212 Hasil 297,146 310,154 -22.8 Perbelanjaan semasa 269,172 269,627 -18.4 4.4 0.2 Baki semasa 27,974 40,527 Perbelanjaan modal 61,839 73,937 -19.2 19.6 Baki keseluruhan -33,865 -33,410 % kepada KDNK -2.4 -2.2 1 Merujuk kepada 26 SABK utama 2 Anggaran Sumber: Kementerian Kewangan Malaysia 98 Seksyen 6 Teks BM.indd 98 18/10/2021 5:53 PM tinjauan fiskal 2022seksyen 6 sektor awam disatukan 2022 Fiscal Outlook and Federal Government Revenue Estimates 1.
T.Page & Preface FO.indd 99 21/10/2021 9:56 AM 1.

T.Page & Preface FO.indd 100 21/10/2021 9:56 AM FOREWORD PRIME MINISTER MALAYSIA The year 2021 has been difficult and challenging for Malaysia.

Along with the rest of the world, we are still battling the impact of COVID-19 on our people and businesses, particularly economic losses and decline in the rakyat’s well-being due to containment measures.
We have also seen how the pandemic has impacted the Government’s financial position, with our fiscal deficit rising to 6.2% of GDP in 2020, deviating from our consolidation trajectory.
Consequently, not only are we forced to defer the country’s goal of becoming a high-income, inclusive, and developed economy by 2020, we are also faced with the risk of long-term economic scarring, undermining decades of what we have developed in terms of competitiveness, productivity, national wealth, and socioeconomic inclusivity, among others.
Following the proclamation of a public health and economic emergency (“Emergency Ordinance”) by KDYMM Seri Paduka Baginda Yang di-Pertuan Agong in January 2021, the Government took swift actions and rolled out several bold steps to contain the socioeconomic fallout from the pandemic.

These include decisive policy interventions, such as redirecting and reprioritising budget resources towards additional assistance and stimulus packages.
Packages that were launched to enable timely, effective, and efficient management of a fast-evolving virus began with PERMAI in January, followed by PEMERKASA in March, PEMERKASA Plus in May and later PEMULIH in June, all with a combined value of RM225 billion.
Immediately after the launch of PEMULIH, the Government also unveiled the National Recovery Plan (NRP), which is a comprehensive strategy to exit the pandemic in a safe and systematic manner, based on a phased approach and backed by data and science.

This has since placed the country firmly on its recovery path, enabling us to effectively build on green shoots of recovery achieved in the second quarter of this year.
Once we secured vaccine supplies, the acceleration of our National COVID-19 Immunisation Programme (PICK) – which helped us register one of the world’s fastest vaccination rates – played a key role in bringing down the number of positive cases and most importantly, the serious ones.

Alhamdulillah, we are now close to completing the full vaccination of the entire adult population and have expanded PICK to include young adults to facilitate a safe resumption of our education segment.
Overall, our ongoing policy support aimed at building resiliency and adaptability to the new normal will provide a foundation for us to rebound quickly and emerge from this crisis with better capabilities for growth.

To this end, the Government has been mindful of managing its finances responsibly and FISCAL OUTLOOK 2022 101 1.

T.Page & Preface FO.indd 101 21/10/2021 9:56 AM prudently, guided by the principles of transparency and accountability.
I would like to reassure the rakyat and business community that the country’s fiscal position remains intact, backed by a well-regulated financial system.

Even as we go through recovery in 2022, we must think beyond the span of 12 months, to firmly place the nation on a much stronger footing in the medium and long term.

Hence, the Government is committed to push for more refined, targeted policies to drive economic recovery, rebuild resilience and catalyse reforms.
To achieve that, the 2022 Budget is formulated to address both near-term economic revitalisation efforts, as well as medium-term rebuilding and reform strategies which will bring to life the aspirations espoused in the Twelfth Malaysia Plan (12MP).
As much as the Government’s short-term policies are important to drive our socioeconomic recovery in 2022, it is equally critical that we strengthen the foundations of longer-term institutional and fiscal reforms for rebuilding our resilience post-pandemic, so that we are ready to face any similar major setback in the future.

Fiscal accountability goes beyond responsible spending of revenue and ensuring sufficient development budget for socioeconomic growth.
It is also about transparency and inclusivity of the budgeting process, as well as empowering institutions to address leakage and corruption.

On the former, for the first time in Malaysia’s annual budgeting history, a Pre-Budget Statement in August as well as four Public Consultation Papers were issued in September 2021.

The four papers were on improving Government procurement; improving cash assistance programmes; reviewing of tax incentives; and drafting the Fiscal Responsibility Act.
On the latter, the Government has launched the National Anti-Corruption Plan, which aims to improve the accountability of law and enforcement agencies; enhance the efficiency and responsiveness in public service delivery; and promote integrity in business.
In the past 19 months or so, the Government has repeatedly proven that despite our tight fiscal space, we delivered as best as we could to, among others, save jobs, support employers, implement mass vaccination and help the vulnerable put food on the table.

However, when it comes to strengthening our fiscal position, ultimately it depends on a sustained economic recovery, which must be driven based on a whole-of-nation approach.
This can be achieved via a more holistic collaboration between the Government and the private sector, non-governmental organisations, community leaders and the rakyat themselves.
Together, we must capitalise on Malaysia’s strong fundamentals in the form of skilled human capital; sound institutional and policy framework; abundant natural resources as well as our extraordinary will and indomitable “Keluarga Malaysia” spirit to rebuild our economic and fiscal resilience, so we can grow and face any future challenge head-on.
Moving forward, we must look beyond ethnic and religious lines, or even political ideology, to cut out the white noise and ‘hear’ the voices that represent the true Malaysian soul: this is the foundation of our strength and collective narrative to help this nation heal.

This is also the least we can do to honour all our frontliners, who reflect the true essence of the Malaysian caring spirit by risking their lives daily for the lives of their fellow Malaysians.
Insya-Allah, if we work and advance together every step of the way, we will recover from the challenges of this pandemic and in due time, we will claim true victory.

DATO’ SRI ISMAIL SABRI BIN YAAKOB 29 October 2021 102 1.

T.Page & Preface FO.indd 102 21/10/2021 9:56 AM fiscal outlook 2022 PREFACE MINISTER OF FINANCE MALAYSIA The COVID-19 pandemic continues to impact countries around the world, where the emergence of highly-transmissible variants caused protracted health and economic crises.
But, global economic recovery is beginning to pick up, driven by accelerated vaccination in developed economies and record high fiscal support.

However, the recovery has been uneven, as obstacles to mass vaccination continue to weigh heavily on many emerging markets and developing economies.

While advanced economies are recovering, many of the world’s poorest countries are lagging behind, and much work remains to be done to reverse the pandemic’s staggering human and economic costs.
Closer to home, since the onset of the COVID-19 pandemic, the Government has implemented eight stimulus and assistance packages totalling RM530 billion, where RM225 billion has been announced this year.

Having benefitted more than 20 million people and 2.4 million businesses, these packages, which are complemented by the 2021 Budget measures, aided growth throughout the first half of 2021, with GDP increasing by 7.1% compared to a contraction of 8.4% during the same period last year.
Despite ongoing challenges on SOP compliance, targeted containment measures and teething issues on reopening of borders and physical mobility, the outlook for the second half of 2021 remains positive, sustained by the gradual reopening of economic and social sectors.
As more states transition into Phases 3 and 4 under the National Recovery Plan, and the National COVID-19 Immunisation Programme (PICK) being expanded to cover teenagers and younger children, we are paving the way for a safe and systematic resumption of our education sector, as well as more economic and social activities.

These developments, supported by the ongoing aid and support measures, will further support our recovery prospects to register growth at between 3% and 4% this year.
Going into 2022, we will remain agile and flexible in providing the necessary fiscal support to people and businesses in getting back on their feet to ensure a sustainable recovery.

Fiscal policy will remain expansionary, and properly curated to nurture shoots of recovery and sustain growth in the face of ongoing uncertainties and COVID-19 resurgence risks.

Due to additional stimulus packages announced to support the economy, the fiscal deficit in 2021 has been officially revised to 6.5% to GDP.
As a result, the Government has also raised the statutory debt level to 65% to GDP in October 2021 to facilitate the implementation of existing stimulus and the 2022 Budget measures, which will help us achieve the objectives in the Twelfth Malaysia Plan, 2021-2025 (12MP).

FISCAL OUTLOOK 2022 103 1.

T.Page & Preface FO.indd 103 21/10/2021 9:56 AM In terms of funding resources, utilising the investment returns from the National Trust Fund (KWAN) to expedite PICK was both timely and appropriate.
Moving forward, the Government is committed to replenish KWAN and resume its fiscal consolidation path in line with economic recovery, with realistic but firm debt reduction targets to ensure fiscal sustainability in the medium to long term.

Reiterating the commitment made in the first Pre-Budget Statement issued in August, the Medium-Term Fiscal Framework will guide the pace of fiscal consolidation, while improving revenue capacity, spending efficiency and debt affordability.
Concurrently, fiscal reforms to improve discipline and governance will be pursued, with the Fiscal Responsibility Act (FRA) expected to be introduced in 2022.

Moreover, through the adoption of the Medium-Term Revenue Strategy, strategies to broaden the tax base, strengthen the tax system, and review tax incentives will be implemented, while public expenditure will be reviewed on a regular basis to optimise spending.
Moving forward, as much as the Government’s short-term policies are important to drive our socioeconomic recovery in 2022, it is equally critical that we strengthen our economic foundation with longer-term institutional and fiscal reforms for rebuilding our resilience, so that we are better prepared to face any similar eventuality in future.
As such, the 2022 Budget will continue to prioritise our people and economic sectors affected by the pandemic, particularly by creating job opportunities and ensuring targeted assistance is available for vulnerable groups.

The 2022 Budget will also build the foundations for reforms detailed in the 12MP.
Concurrently, in achieving our digital ambitions in line with the Fourth Industrial Revolution (4IR), the Government will prioritise strengthening the nation’s digital capacity and capabilities, while also equipping our workforce with the right skill sets.

This will entail enhancing our digital backbone to support internet connectivity as well as capitalising on 5G technology.
Further, reforms outlined in initiatives such as the National Investment Aspirations (NIA) and the PERKUKUH Pelaburan Rakyat, will also feed into our plans aligned to the Sustainable Development Goals (SDGs) and the 12MP for medium- and long-term sustainable economic growth, improved socioeconomic inclusion and enhanced environmental sustainability.
On economic outlook, our GDP is expected to grow between 5.5% and 6.5% in 2022, driven by the reopening of more economic and social sectors, as well as increased external demand from major trading partners.

Other factors that will support Malaysia’s economic growth include higher commodity prices, as well as the implementation of infrastructure projects with a high multiplier effect.
These will further strengthen our economic fundamentals, which have remained resilient even during these difficult times, underpinned by the economy’s increasing sophistication, depth and diversity.

The Government will ensure that the country recovers from the pandemic crisis without incurring long-term economic damage but it is equally critical for all Malaysians to embrace the Keluarga Malaysia spirit in working together to overcome any future challenges.
Through the proverbial rain and dark clouds, with our collective efforts, we can now see the sun shining down on our beloved nation for better days ahead to help us emerge stronger and more united as a nation, Insya-Allah.

TENGKU DATUK SERI UTAMA ZAFRUL TENGKU ABDUL AZIZ 29 October 2021 104 1.
T.Page & Preface FO.indd 104 21/10/2021 9:56 AM fiscal outlook 2022 THE 2022 F EDERA L GOVERNME NT BUDG ET WH E RE IT COMES FROM Borrowings and Use of Government’s Assets 29.5% Income Tax 35.7% RM 332,100 1 MILLION Non-tax Revenue 18.9% Other Direct Tax 2.6% Indirect Tax 13.3% WHERE IT GOES General Administration 1.2% COVI D-19 Fund 3 6.9% DEVELOPMENT EXPENDITURE Security 2.7% Social 6.8% Economic 12.1% RM 332,100 2 MILLION Others 6.1% Subsidies and Social Assistance 5.2% Grants and Transfers to State Governments 2.4% Retirement Charges 8.5% Supplies and Services 9.1% Emoluments 26.0% Debt Service Charges 13.0% OPERAT I N G EXPEND IT U RE 1 Consists of revenue and borrowings 2 Excludes contigency reserves 3 COVID-19 Fund under the Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 Source: Ministry of Finance, Malaysia 105 1.
T.Page & Preface FO.indd 105 21/10/2021 9:56 AM fiscal outlook 2022 1.
T.Page & Preface FO.indd 106 21/10/2021 9:56 AM content FOREWORD PREFACE THE 2022 FEDERAL GOVERNMENT BUDGET ACRONYMS AND ABBREVIATIONS SECTION 1 FISCAL POLICY OVERVIEW Overview Expansionary Fiscal Policy Underpins Economic Recovery Information Box – National Trust Fund Fiscal Position in 2021 Outlook for 2022 Medium-Term Fiscal Framework, 2022-2024 Feature Article – Fiscal Responsibility Act Framework Conclusion SECTION 2 FEDERAL GOVERNMENT REVENUE Overview Revenue in 2021 Feature Article – Medium-Term Revenue Strategy: A Call for Revenue Reforms in Malaysia Outlook for 2022 Conclusion SECTION 3 FEDERAL GOVERNMENT EXPENDITURE Overview Performance 2021 COVID-19 Fund Information Box – COVID-19 Fund Updates Outlook for 2022 Federal Recoverable Loans Conclusion SECTION 4 DEBT MANAGEMENT Overview Financing Feature Article – Government of Malaysia’s 2021 Global Sukuk Federal Government Debt Feature Article – Malaysia's Debt Sustainability Analysis 2021 External Debt Public Sector Debt Outlook for 2022 Conclusion SECTION 5 FISCAL RISK AND LIABILITY Overview Debt and Liabilities Exposure Government Guarantees 1Malaysia Development Berhad Other Liabilities Conclusion SECTION 6 CONSOLIDATED PUBLIC SECTOR Consolidated Public Sector Information Box – Government Finance Statistics General Government State Governments Non-Financial Public Corporations Page 2.
Content FO.indd 107 18/10/2021 5:54 PM fiscal outlook 2022 TABLE Table 1.1.

Table 1.2.

Table 2.1.

Table 3.1.

Table 3.2.

Table 3.3.

Table 4.1.

Table 4.2.

Table 4.3.

Table 4.4.

Table 4.5.

Table 4.6.

Table 5.1.

Table 5.2.

Table 5.3.

Table 5.4.

Table 6.1.

Table 6.2.

Table 6.3.

Table 6.4.
FIGURE Federal Government Financial Position Medium-Term Fiscal Framework (MTFF) Federal Government Revenue Federal Government Operating Expenditure by Component Federal Government Development Expenditure by Sector COVID-19 Fund Allocation Federal Government Financing Debt Legislative Guidelines Federal Government Debt by Instrument Federal Government Debt by Holder External Debt Public Sector Debt Federal Government Debt and Liabilities Exposure Major Recipients of Loan Guarantees Committed Guarantees 1MDB’s Debt Consolidated Public Sector Financial Position Consolidated General Government Financial Position Consolidated State Governments’ Financial Position Consolidated NFPCs Financial Position Federal Government Overall and Primary Balance Figure 1.1.
Federal Government Revenue, Operating Expenditure and Current Balance Figure 1.2.

Federal Government MTFF Overall Balance Figure 1.3.

Revised Fiscal Position in 2021 Figure 1.4.

Petroleum-Related and Non-Petroleum Revenue Figure 2.1.

Revenue as Percentage to GDP Figure 2.2.

Total Expenditure by Sector Figure 3.1.

Total Expenditure by Ministry and Agency Figure 3.2.

Operating Expenditure by Component Figure 3.3.

Operating Expenditure by Sector Figure 3.4.


Development Expenditure by Sector Figure 3.5.

Federal Recoverable Loans under Development Fund Figure 3.6.

Issuance by Maturity Figure 4.1.

BTC Ratios of MGS and MGII Figure 4.2.

Figure 4.3.

MGS Benchmark Yield Curve Figure 4.4.

MGS Indicative Yields Federal Government Debt Composition Figure 4.5.

Federal Government Debt by Holder Figure 4.6.

Non-Resident Holdings of Ringgit-Denominated Debt Securities Figure 4.7.
Federal Government Debt by Remaining Maturity Figure 4.8.

Figure 4.9.

Debt Service Charges Figure 4.10.

Debt Maturity Profile Figure 5.1.

Figure 5.2.

Maturity Profile of Loan Guarantees Figure 5.3.

Figure 5.4.

Figure 6.1.


Loan Guarantees by Segment Outstanding PPP Obligations by Sector NFPCs Assets and Liabilities Outstanding Loan Guarantees PUBLIC FINANCE STATISTICS TREASURY MEMORANDUM ON THE FEDERAL GOVERNMENT REVENUE ESTIMATES FOR 2022 108 Page 2.
Content FO.indd 108 18/10/2021 5:54 PM fiscal outlook 2022 acronyms and abbreviations ACRONYMS AND ABBREVIATIONS Eleventh Malaysia Plan e-Tanah 11MP 12MP 1MDB AG BCG BEPS BNM BPN BPR bps BSH BTC CCM CENDANA Twelfth Malaysia Plan 1Malaysia Development Berhad Accountant General’s Department of Malaysia budgetary central government Base Erosion and Profit Shifting Bank Negara Malaysia Bantuan Prihatin Nasional Bantuan Prihatin Rakyat basis points Cost of Living Aid bid-to-cover Companies Commission of Malaysia Dana Pemasaran dan Promosi Pendigitalan di bawah Agensi Pembangunan Ekonomi Kebudayaan electronic land management system Federal Land Development Authority Fiscal Policy Committee Fiscal Responsibility Act Gross Domestic Product FELDA FPC FRA GDP GFSM 2014 Government Finance Statistics Manual 2014 GGs GKP GLC GoM GSSS IMF IPSAS Government guarantees SME Prihatin Grant government-linked companies Government of Malaysia Green, Social, Sustainability and Sustainability-linked International Monetary Fund International Public Sector Accounting Standards IRB Inland Revenue Board KHAZANAH Khazanah Nasional Berhad CIA Collection Intelligence Arrangement KWAP Retirement Fund (Incorporated) CITA companies income tax KWC-19 COVID-19 Fund COVID-19 Coronavirus Disease 2019 CPO CPS crude palm oil consolidated public sector DanaInfra DanaInfra Nasional Berhad LPPSA LRT MAA DE DSA DSC EPF ESG development expenditure MACC Debt Sustainability Analysis debt service charges Employees Provident Fund environmental, social and governance MCO MGII MGS Public Sector Home Financing Board light rail transit Malaysia Automotive Association Malaysia Anti-Corruption Commission Movement Control Order Malaysian Government Investment Issues Malaysian Government Securities 109 3.
Acronyms FO n.indd 109 18/10/2021 5:55 PM fiscal outlook 2022 MIDA MITB Malaysia Investment Development Authority Malaysian Islamic Treasury Bills MOF Ministry of Finance MOF Inc. Minister of Finance Incorporated MPC MRT MSMEs MTB MTFF MTRS Monetary Policy Committee mass rapid transit micro-,small- and medium- sized enterprises Malaysian Treasury Bills Medium-Term Fiscal Framework Medium-Term Revenue Strategy MWSB Malaysia Wakala Sukuk Berhad NCI NFPCs NRP NTF OE OECD OPR PBLT National Committee Investment non-financial public corporations National Recovery Plan National Trust Fund operating expenditure Organisation for Economic Co- operation and Development overnight policy rate PBLT Sdn.
Bhd.
PDRM Royal Malaysian Police PEMULIH National People’s Well-Being and Economic Recovery Package PERMAI Perlindungan Ekonomi dan Rakyat Malaysia PEMERKASA Strategic Programme to Empower the People and Economy PEMERKASA+ Strategic Programme to Empower the People and Economy Plus 110 PETRONAS Petroliam Nasional Berhad PFI PICK PITA PPP PPR private financing initiative National COVID-19 Immunisation Programme petroleum income tax public private partnership People’s Housing Project PRIHATIN PRIHATIN Rakyat Economic Stimulus Package PRIHATIN PKS+ Additional PRIHATIN SME Economic Stimulus Package PENJANA National Economic Recovery Plan REITs RMCD real estate investment trusts Royal Malaysia Customs Department RPGT real property gains tax SDG SME SPK SPV SRI SRR SST SVDP SWF TIV TRC TVET Sustainable Development Goal small and medium enterprise Government Housing Sukuk special purpose vehicle Sustainability and Responsible Investing Statutory Reserve Requirement Sales Tax and Service Tax Special Voluntary Disclosure Program sovereign wealth fund total industry volume Tax Reform Committee technical and vocational education and training WGBI World Government Bond Index WSP VAT Wage Subsidy Programme value-added tax 3.
Acronyms FO n.indd 110 18/10/2021 5:55 PM fiscal outlook 2022acronyms and abbreviations sectio n 1 Fiscal Policy Overview 113 ov e rv i e w 113 e xpa n s ion a ry fi sc a l pol ic y unde r p i n s econom ic r ecov e ry Information Box - National Trust Fund 12 1 fi sc a l pos i t ion i n 2021 12 2 outlook for 2022 12 2 me dium -te r m fi sc a l fr a me wor k , 2022-202 4 Feature Article - Fiscal Responsibility Act Framework 13 0 conclus ion Section 1 Teks BI.indd 111 18/10/2021 5:56 PM Section 1 Teks BI.indd 112 18/10/2021 5:56 PM section 1 Fiscal Policy Overview Overview Against the backdrop of the prolonged COVID-19 pandemic, fiscal policy assumes a primary role in economic recovery.
The third wave of the COVID-19 outbreak poses a major challenge to the Government’s fiscal burden, particularly in balancing its impact on the future generation.

With an exponential rise in positive cases, a national state of emergency was declared effective from 11 January until 1 August 2021 to enhance enforcement, improve containment measures and tighten border control.
In view of the extraordinary situation, the Government has proactively extended its policy flexibility and pragmatism to protect the people and businesses as well as supporting the economy.

The Government continues to provide substantial fiscal support in 2021 in the form of additional assistance and stimulus packages to cushion the adverse impact of the pandemic and containment measures.
A series of four packages totalling RM225 billion has been introduced this year, namely the Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI), Strategic Programme to Empower the People and Economy (PEMERKASA), Strategic Programme to Empower the People and Economy Plus (PEMERKASA+) and National People’s Well-Being and Economic Recovery Package (PEMULIH).
Additional fiscal injection under these packages, estimated at RM25 billion, aims to boost healthcare spending, ensure business continuity and ease the burden of the rakyat.

Overall, the Government has announced eight assistance and stimulus packages totalling RM530 billion since the pandemic last year with fiscal support of RM80 billion provided under the COVID-19 Fund.
Recognising that vaccination is the key factor in addressing the pandemic, the Government launched the National COVID-19 Immunisation Programme (PICK) on 24 February 2021.

The rollout of PICK signifies the Government commitment to ensure at least 80% of the adult population receives full vaccination by the end of October 2021.

Subsequently, in June 2021, the Government unveiled the National Recovery Plan (NRP), a roadmap to exit from the pandemic and accelerate economic recovery.
The NRP, tabled in Parliament in July 2021, provides clear guidance for reopening the economy and social activities through a four-transitional phase strategy based on data analytics.

As a policy continuation, the NRP consolidates all containment and economic assistance measures into a comprehensive and whole- of-nation approach in uniting the country to combat the pandemic.
Expansionary Fiscal Policy Underpins Economic Recovery The Federal Government’s fiscal stance continue to prioritise steering the nation out of the pandemic crisis.

The provision of significant fiscal support is expected to contain the outbreak, sustain domestic economic activity, generate investments, stimulate consumer spending and create job opportunities.
The rollout of more targeted recovery measures has positively impacted the economy, as reflected by the strong economic growth of 7.1% in the first half of this year.

The Government is confident that with the smooth political transition as well as policy 113 Section 1 Teks BI.indd 113 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview continuation and clarity, the economy will recover and record positive growth in 2021.
As the global economic recovery continues to be uneven and volatile, fiscal operations remain proactive and agile to respond to dynamic economic environments and policy priorities.

Efforts to enhance spending effectiveness and efficiency will be supported by prudent expenditure measures as well as optimising the operating environment in adjusting to the new normal.

Furthermore, strategies to improve revenue buoyancy will be implemented more orderly without disrupting the recovery momentum.
To drive health and economic recovery, the Government has mobilised various fiscal tools to balance the spending needs and fiscal sustainability.

This includes partial utilisation of the National Trust Fund (NTF) to ensure sufficient funding and accelerate the implementation of vaccination programmes under PICK.

As a result, Malaysia’s vaccination rate is among the fastest globally, thus allowing the Government to reopen more economic sectors to boost the economy.
The number of daily vaccinations has recorded a sharp increase to around 500,000 doses in July 2021 compared to 30,000 in the early stages of implementation due to a higher supply of vaccines.

As at end-August, the Government has secured more than 87 million vaccine doses worth around RM4.3 billion to ensure a smooth PICK implementation.

Malaysia achieved its target of inoculating 80% of the adult population in September 2021.
In addition, the socioeconomic and development agenda remains the top priority for the Government in the medium term, as stipulated in the Twelfth Malaysia Plan, 2021 – 2025 (12MP).

Consequently, fiscal resources will also be directed to implement programmes and projects under the 12MP, which will serve as a catalyst in charting the path for a prosperous, inclusive and sustainable nation.
In this extraordinary situation, the Government has tabled a motion in Parliament to increase its statutory debt limit, taking into account the financing needs of the recovery measures and the implementation of 12MP.

In ensuring medium-term fiscal sustainability, the fiscal consolidation trajectory is envisaged to be more gradual than initially projected.

This is to provide sufficient fiscal support for the nation’s economic recovery and development agenda.
information box National Trust Fund Introduction A sovereign wealth fund (SWF) is a fund established by a government to manage and grow the country’s wealth.

The source of the wealth may be in various forms, such as revenue from natural resources, fiscal or budgetary surpluses and even direct transfers from the government to achieve specific economic and development purposes.
SWF usually serves as a contingent asset to preserve the wealth from the country’s non-renewable resources and may be utilised to cushion any unexpected shocks such as an economic downturn or impact from a natural disaster.

There are various types of SWF established around the world based on their source of funds and purpose, which is summarised as follows: 114 Section 1 Teks BI.indd 114 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview section 1 FISCAL POLICY OVERVIEW FIGURE 1.
Type of SWF STABILISATION FUND SAVINGS FUND To function as a buffer mechanism to cushion a country’s budget from the volatility of commodity prices or economic shocks.

The source is usually from the proceeds of natural resources and budget surpluses.

Example: State Oil Fund of Republic Azerbaijan, SOFAZ; Chile Economic & Social Stabilization Fund To serve as savings for future generations, especially when a country is dependent on non-renewable resources such as petroleum.
Therefore, the resources can be shared across generations by converting the non-renewable wealth into investment portfolios.

Savings fund usually has a defined timeframe before any utilisation is allowed.

Example: Government Pension Fund Global, Norway and Abu Dhabi Investment Authority STRATEGIC AND DEVELOPMENT FUND PENSION RESERVE FUND To serve a broad macroeconomic purpose, such as driving the domestic capital market or investing in strategic sectors.
The source of the fund does not necessarily come from the excess of government budget or other reserves but also from debt and equity instruments.

To function as reserve for pension liabilities that need to be fulfilled by the government.

The source of fund is mainly from annual government transfers where it will be invested to build up the fund sufficiently to cover the pension liabilities.
Example: Temasek Holdings, Singapore; Public Investment Fund, Saudi Arabia Example: Government Pension Investment Fund, Japan; Danish Labour Market Supplementary Pension Fund (ATP), Denmark Source: IMF Global Financial Stability Report 2007 and Global SWF Annual Report 2020 Each SWF has its own investment strategy and risk appetite to achieve its objective and ensure its sustainability.

For example, a stabilisation fund usually invests in more liquid and less risky instruments, such as bonds and sukuk.
However, SWFs with a long-term obligation such as savings, strategic and pension funds, focus on a long-term investment strategy to achieve stable and consistent returns while balancing its risks and return profile.

Malaysia has several SWFs with different purposes, such as the Khazanah Nasional Berhad (Khazanah), Retirement Fund (Incorporated) (KWAP) and also the National Trust Fund (NTF).
Khazanah was established as a Minister of Finance Incorporated (MOF Inc.) company that serves as the Government’s strategic investment arm, while KWAP was formed in 2007 to assist in funding the Government’s pension liability.

Both entities are governed by their own board of directors with a dedicated management team.

The National Trust Fund The NTF was established in 1988 through the National Trust Fund Act 1988 [Act 339].
The objective of the NTF is to ensure the optimisation of the country’s non-renewable natural resources as a more sustainable source of revenue for future generations.

Governance Section 4 of Act 339 provides for the establishment of a panel of trustees as an oversight committee to monitor and govern the operations of the NTF.
Members of the Panel consist of a Chairman, a Deputy Chairman (an officer from the Ministry of Finance), a representative from the Prime Minister’s Department and two members with business and financial experience.

Trustees are responsible for investment decisions, accounting and reporting of the Fund to the Finance Minister, while Bank Negara Malaysia (BNM) is mandated for the daily operation of the NTF.
fiscal outlooK 2022 115 Section 1 Teks BI.indd 115 18/10/2021 5:56 PM The Act also requires the NTF account to be annually audited by the National Audit Department no later than three months after its financial year ends.

The NTF’s audited financial statement, together with an annual report, which includes its investment profile, are submitted to the Finance Minister, which will then be laid in Parliament.
Performance According to Section 5 of Act 339, parties that should contribute to the Fund include Petroliam Nasional Berhad (PETRONAS), state governments that receive royalties from the exploitation of petroleum or other non-renewable natural resources and any parties that are involved in the research and development of natural resources.

The NTF started with a fund of RM114 million in 1988, which subsequently grew to RM19.5 billion as at end December 2020.
The growth of the fund was on account of the increased contribution from PETRONAS as well as returns on investment through strategies and a diversified portfolio.

Investment portfolio of the NTF include, among others, in equity, bonds, real estate investment trusts (REITs), gold and deposits.

As of 31 December 2020, accumulated surpluses of the NTF stood at RM8.2 billion while contribution to the fund totalled RM10.4 billion.

FIGURE 2.
FIGURE 2.

Growth and Return on Asset of the NTF RM billion 25 % -5 ASSET SIZE RETURN ON ASSET (RIGHT SCALE) Source: NTF Annual Report 116 Section 1 Teks BI.indd 116 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview section 1 FISCAL POLICY OVERVIEW FIGURE 3.
Financial Position of the NTF, as at 31 December 2020 Assets 0.1% 2.2% 9.1% Liability and Accumulated Fund 0.1% 4.4% RM19.5 billion 42.2% RM19.5 billion 53.3% 88.6% CASH & CASH EQUIVALENT FINANCIAL ASSETS RECEIVABLES INVESTMENT IN ASSOCIATES Source: NTF Audited Financial Statement 2020 FIGURE 4.

Summary of the NTF’s Investment Portfolios PAYABLES CONTRIBUTIONS ACCUMULATED SURPLUSES FINANCIAL ASSET RESERVES EQUITY • Domestic and foreign equity holdings – e.g.
: Putrajaya Holdings Berhad Investment through external fund • management programmes BOND • Biggest asset allocation • Domestic and foreign securities • Invested through BNM and external fund management programmes REITs • Domestic and foreign Real Estates Investment Trust (REITs) • Investment through BNM and external fund management programmes GOLD • Investment through BNM Investment limited to physical • gold DEPOSIT • Minimum asset allocation • Foreign and local currency Source: NTF Annual Report Section 1 Teks BI.indd 117 18/10/2021 5:56 PM fiscal outlooK 2022 117 Utilisation Section 6 of the Act 339 authorises the utilisation of the NTF after ten years from the commencement of the Act, with prior approval of the Finance Minister.
Section 6(a) provides for the utilisation for development expenditure as specified in the First Schedule of the Development Funds Act 1966 [Act 406], while Section 6(b) allows for loans or advances to the Federal Government or state governments.

Since its inception, the NTF was utilised in 1998 to finance the development of Paya Indah Wetlands, amounting to RM42 million.

However, no loan or advance was ever provided to either the Federal Government or state governments.
Nevertheless, the NTF holds Malaysian Government Securities (MGS) as part of their investment portfolio, as provided under Section 7 of Act 339.

In early 2020, Malaysia was hit by the COVID-19 pandemic, which necessitated the implementation of various movement control orders (MCO) to curb the spread of the virus.

To cushion the economic impact of the MCO and to assist the rakyat, several stimulus packages and recovery plans were introduced by the Government.
As vaccines became available in 2021, the COVID-19 National Immunisation Programme (PICK) was initiated with an initial cost estimated at RM3 billion as announced in the 2021 Budget.

Given the Government’s limited fiscal space, a total of RM5 billion is earmarked to be utilised from the NTF to widen the coverage and expedite the nationwide vaccination programme.
The expenditure under this programme is allocated for the procurement of vaccines and costs related to administrating the vaccine, such as equipment, logistics, venues and others.

The utilisation of the NTF for PICK was made in consideration of the following factors: a) Malaysia was hit by the second and third waves of the COVID-19 pandemic that came with highly contagious variants of the virus.

This has led to an exponential increase in infection cases that strained the national health system.
Hence, it demands the Government to expedite PICK to achieve the target of inoculating 80% of the adult population by October 2021, ahead of the initial target by first quarter of 2022; b) The extended MCO necessitated the roll-out of various stimulus and assistance packages to protect the livelihood of the rakyat (such as Bantuan Prihatin Nasional and Food Basket programmes) and survivability of businesses (such as Prihatin SME Grant and Wage Subsidy Programme).
This situation requires the Government to optimise its financing to provide certainty in managing cash flows, given the slower revenue performance that limits its fiscal space; c) The fiscal space was also limited by increasing financial obligations arising from liabilities that have to be served by the Federal Government.
Thus, the Government has to look for an alternative financing option that is readily available and will not incur additional debt burden in the short and medium term; and d) The Government will only utilise the accumulated profits and not the accumulated contribution.

The Government’s intention is not to burden future generations with debt if procurement of vaccines is to be financed through additional borrowings.
118 Section 1 Teks BI.indd 118 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview section 1 FISCAL POLICY OVERVIEW Though Act 339 provides for the utilisation of development expenditure, among others, for the health sector (First Schedule, Act 406), such as the construction of hospitals and clinics as well as procurement of medical equipment and assets, the procurement of vaccines is not part of the expenditure list.
Therefore, the Government had to amend Section 6 of Act 339 for vaccine procurement, which was executed through an Emergency Ordinance in April 2021 with a temporary clause added to the Act as follows: “Section 6(c) the procurement of vaccines and any expenditure incurred in relation to the vaccines for an epidemic of any infectious disease as specified under the Prevention and Control of Infectious Diseases Act 1988 [Act 342].” This amendment was subsequently tabled in Parliament in October 2021 to maintain this clause in Act 339.
The Progress of PICK With financial support from NTF, Malaysia is progressing well in its vaccination drive, where the nation is currently ranked among the highest in the world in terms of daily COVID-19 vaccination rate.

As at 30 September 2021, a total of 20 million individuals or 85.7% of the adult population, have been fully vaccinated.

This has enabled the gradual opening of economic sectors and subsequently accelerating the economic recovery of the nation.

FIGURE 5.
Malaysia: Vaccination Rate, End-September 2021 Total dose (’000) Gazettement of the Amendment to Act 339 through the Emergengy Ordinance 21 April 600 500 400 300 200 100 0 Operation Surge Capacity 26 July – 1 August Feb Mar Apr May Jun Jul Aug Sep SECOND DOSE FIRST DOSE Source: The COVID-19 Immunisation Task Force (CITF) Experience of Other Global Sovereign Wealth Funds Like Malaysia, other countries have also utilised their savings and stabilisation funds, particularly funds sourced from natural resources, to finance their assistance and stimulus measures in tackling the COVID-19 pandemic (Figure 6).
This is in line with one of the purposes of establishment of the SWFs which is to provide immediate fiscal support during a crisis.

For example, the Norway Government Pension Fund Global has contributed USD35.7 billion in 2020 and allocated USD30.7 billion in 2021 to finance Norway’s national budget, including measures related to the COVID-19 crisis.
Singapore also has earmarked USD31.8 billion from its reserve to finance its COVID-19 Resilience Package in 2020 and USD8.2 billion in 2021. fiscal outlooK 2022 119 Section 1 Teks BI.indd 119 18/10/2021 5:56 PM USD billion 35.7 31.8 FIGURE 6.
Global Sovereign Wealth Fund Utilisation 2020 NORWAY SINGAPORE MEXICO PERU COLOMBIA AZERBAIJAN CHILE IRELAND TRINIDAD & TOBAGO ANGOLA MALAYSIA IRAN KAZAKHSTAN NIGERIA BOTSWANA TIMOR LESTE GHANA 5.4 5.4 3.2 2.7 2.0 1.8 1.5 1.5 1.2 1.1 1.1 0.4 0.3 0.3 0.2 Source: Natural Resource Governance Institute, Ministry of Finance Norway and Ministry of Finance Singapore Conclusion SWFs are vital for sovereigns to safeguard the interest of future generations.
However, with the worst ever crisis brought by the COVID-19 pandemic, SWFs became a useful financial option for sovereigns in financing their recovery strategies.

Malaysia is no exception in this case.

In view of its limited fiscal space, the Government partly utilised its NTF to combat the pandemic.

The utilisation of the NTF for the national vaccination drive is a critical component of Malaysia’s national recovery plan to exit from the crisis, accelerate economic recovery and safeguard its future.
Once the economy stabilises and returns to its growth trajectory, the Government is committed to replenishing the Fund.

References Bauer, A.

(2020).

How Have Governments of Resource-Rich Countries Used Their Sovereign Wealth Funds During the Crisis?.

Natural Resource Governance Institute.

Retrieved from https:// resourcegovernance.org Global SWF.

(2021).

2021 Annual Report.

Retrieved from https://globalswf.com/reports International Monetary Fund (IMF).

(2007).
(2007).

Global Financial Stability Report 2007: Financial Market Turbulence: Causes, Consequences, and Policies.

Retrieved from https://www.imf.org Ministry of Finance Norway.

(2021).

Revised National Budget 2021.

Retrieved from https://www.

regjeringen.no Ministry of Finance Singapore.

(2021).

Annex F-2: Fiscal Position in FY2021.

Retrieved from https:// www.mof.gov.sg Ministry of Health Malaysia.

(2021).

COVID-19 Malaysia: Empat Hari Berturut-Turut, Pemberian Vaksin Lepasi 400,000 dos Sehari.
Retrieved from https://covid-19.moh.gov.my National Trust Fund (NTF).

(2020).

Audited Financial Statement as at 31 December 2020 120 Section 1 Teks BI.indd 120 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview Fiscal Position in 2021 In the 2021 Budget, the Government initially projected fiscal deficit to reduce to 5.4% to GDP, based on the assumption of steady economic recovery in the second half of 2020 and the expected spillover into 2021.
However, the emergence of new COVID-19 variants, which is more virulent and contagious, poses big challenges to the Government in protecting the rakyat, businesses and economy.

Consequently, the Government re-imposed the movement control orders (MCO) and announced additional assistance and stimulus packages to ease the burden of the rakyat and businesses.

These initiatives further affected the Federal Government financial position.
Revenue is estimated to be lower at RM221 billion or 14.6% to GDP in 2021, a shortfall of 6.7% from the budget estimates.

The shortfall is mainly due to lower tax revenue.

However, the shortfall will be cushioned by additional revenue from higher average crude oil and palm oil prices as well as additional dividends and a special payment from Government’s entities.

table 1.1.
table 1.1.

Federal Government Financial Position, 2020 – 2022 Given the growing fiscal needs, the Government has recalibrated its spending priority towards supporting the healthcare system, easing the burden of the rakyat and ensuring business continuity.

Consequently, expenditure has been reprioritised to accommodate the additional assistance and economic stimulus packages, resulting in higher spending requirements under the COVID-19 Fund.
Thus, total expenditure is expected to remain significant at RM320.6 billion, marginally lower by 0.6% than budget estimates of RM322.5 billion.

The operating expenditure (OE) will be rationalised by 7.1% or RM16.9 billion at RM219.6 billion, mainly from supplies and services as well as grants to statutory bodies with high reserves.

Similarly, development expenditure (DE) is expected to fall by 10.1% to RM62 billion from budget estimates of RM69 billion.
Several development projects were reviewed and rescheduled following the implementation of the MCO, which affected the progress of the projects.

However, the COVID-19 Fund allocation is estimated to increase by 129.4% or RM22 billion to RM39 billion to finance the additional assistance and stimulus packages.
rm million cHanGe (%) sHare to GDP (%) 2020 20213 20224 2020 20213 20224 2020 20213 20224 Revenue 225,076 221,023 234,011 Operating expenditure 224,600 219,600 233,500 -14.9 -14.7 -1.8 -2.2 5.9 6.3 Current balance 476 1,423 511 Gross development expenditure 51,360 62,000 75,600 -5.2 20.7 21.9 Less: Loan recovery 1,259 800 600 -21.5 -36.5 -25.0 Net development expenditure 50,101 61,200 75,000 -4.7 22.2 22.5 COVID-19 Fund1 Overall balance Primary balance2 38,019 39,000 23,000 2.6 -41.0 -87,644 -98,777 -97,489 -53,149 -59,777 -54,389 15.9 15.9 0.0 3.6 0.1 3.5 2.7 -6.2 -3.8 14.6 14.5 0.1 4.1 0.1 4.0 2.6 -6.5 -3.9 14.3 14.3 0.0 4.6 0.0 4.6 1.4 -6.0 -3.3 1 A specific trust fund established under Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 to finance economic stimulus packages and recovery plan 2 Excluding debt service charges 3 Revised estimate 4 Budget estimate, excluding 2022 Budget measures Source: Ministry of Finance, Malaysia 121 Section 1 Teks BI.indd 121 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview The longer-than-expected pandemic has forced the Government to increase its spending capacity in providing additional fiscal support.
Thus, the Federal Government’s fiscal deficit is projected to widen to 6.5% to GDP due to additional fiscal injection coupled with lower GDP projections.

Similarly, excluding debt service charges, the primary balance is expected to increase to 3.9% to GDP.

Outlook for 2022 As the global economy remains uncertain, there is a need to revitalise domestic economic and social activities to expedite the recovery.

The vaccination programme is one of the key enablers in reopening the social and economic sectors.
In 2022, the economic outlook is expected to improve further and return to its potential growth trajectory, supported by broader vaccination coverage and stable domestic and external demand.

As published in the inaugural Pre-Budget Statement, the 2022 Budget is formulated with three main objectives: protecting and driving the recovery of lives and livelihoods, rebuilding national resilience and catalysing reforms.
The Government will continue its expansionary budget policy in supporting the national development agenda, as outlined in the 12MP.

The Federal Government’s revenue collection in 2022 is estimated to be higher at RM234 billion or 14.3% to GDP, driven by the anticipated increase in tax revenue collection to RM171.4 billion and non-tax revenue to RM62.6 billion.
Similarly, total expenditure is budgeted to be slightly higher at RM332.1 billion or 20.3% to GDP, attributed to higher OE at RM233.5 billion and DE at RM75.6 billion.

The remaining RM23 billion is for the disbursement under the COVID-19 Fund.

The increase in OE is mainly due to supplies and services, debt service charges as well as emoluments.
DE allocation will be mainly directed towards the implementation of programmes and projects under 12MP, among others include the Electrified Double Track Rail Gemas - Johor Bahru, Rapid Transit System Link and Pan Borneo Highway.

With a higher ceiling for the COVID-19 Fund, the Government will allocate RM23 billion for the stimulus and economic recovery measures.

The allocation will support programmes and projects such as wage subsidy and cash assistance programmes as well as small- scale projects.
As stipulated under the Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 [Act 830], the Fund will continue to remain in operation until end-2022.

After considering revenue growth and expenditure requirement, the fiscal deficit is expected to moderate to 6% to GDP.

Similarly, excluding the debt service charges, the primary deficit is estimated at 3.3% to GDP.
The Government is committed to providing adequate fiscal support to revitalise the domestic economy back to its growth potential.

Hence, the resumption of fiscal consolidation will be on a more gradual trajectory, guided by the medium-term fiscal framework.

Medium-Term Fiscal Framework, 2022 – 2024 In the medium term, fiscal strategy will be guided by the Medium-Term Fiscal Framework (MTFF).
MTFF serves as guidance for budgetary planning by setting a three-year macro-fiscal projection, including revenue and expenditure.

Hence, the MTFF is an important tool for public finance management and operations to promote fiscal discipline, ensure effective and efficient spending and embark on institutional reforms.

In the 2021 – 2023 MTFF, published in the 2021 Budget, the Government projected the fiscal consolidation to average 4.5% to GDP over the three years.
The projection was 122 Section 1 Teks BI.indd 122 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview based on the assumptions of steady economic recovery with real GDP growth between 4.5% - 5.5%, stable crude oil prices (USD45 - USD55 per barrel) and crude oil production of 580,000 barrels per day.

Total revenue was estimated at 14.7% to GDP, while total expenditure was projected at 19.3% to GDP.
However, due to the prolonged COVID-19 pandemic, the Government has provided more fiscal injection and increase its statutory debt ceiling to ensure adequate spending for economic stimulus and recovery measures as well as implementation of 12MP.

Consequently, the 2022 – 2024 MTFF has been revised with a more gradual fiscal consolidation on the assumption of nominal GDP growth averaging 7.7%, average crude oil prices at USD67 per barrel as well as average crude oil production of 580,000 barrels per day.
Total revenue in the medium term is projected at RM736 billion or 13.9% to GDP, contributed mainly from non-petroleum revenue estimated at RM600.7 billion or 11.3% to GDP.

Petroleum- related revenue is forecast at RM135.3 billion or 2.6% to GDP.

Efforts to enhance the revenue base will be guided by the Medium- Term Revenue Strategy (MTRS) that outlines the mobilisation stages of revenue measures, review of tax legislation and modernisation of revenue administration.
The total indicative expenditure ceiling for the 2022 – 2024 period, including the COVID-19 Fund, is estimated at RM999.9 billion or 18.9% to GDP.

OE allocation is projected at RM726.9 billion or 13.7% to GDP, while DE at RM250 billion or 4.7% to GDP.

The ceiling will provide broad guidance to ministries and agencies for budget planning, hence facilitating a smooth implementation and financing of programmes and projects.
In the medium term, the fiscal consolidation trajectory is expected to be more gradual than initially projected, with the overall fiscal deficit averaging at 5% to GDP for the 2022 – 2024 MTFF period.

The Government will continue implementing reform initiatives to ensure fiscal sustainability and improve debt affordability while at the same time continuously supporting economic recovery.

table 1.2.
Medium-Term Fiscal Framework (MTFF), 2022 – 2024 2022 – 2024 rm billion sHare to GDP Revenue Non-petroleum Petroleum-related Operating expenditure Current balance Gross development expenditure Less: Loan recovery Net development expenditure COVID-19 Fund1 Overall balance Primary balance Underlying assumptions: Average real GDP growth (%) Average nominal GDP growth (%) Average crude oil price (USD per barrel) Average oil production (barrels per day) 736.0 600.7 135.3 726.9 9.1 250.0 1.8 248.2 23.0 -262.1 -122.6 (%) 13.9 11.3 2.6 13.7 0.2 4.7 0.0 4.7 0.5 -5.0 -2.3 5.5 7.7 67 580,000 1 A specific trust fund established under Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 to finance economic stimulus packages and recovery plan Note: MTFF estimate, excluding budget measures Source: Ministry of Finance, Malaysia Section 1 Teks BI.indd 123 18/10/2021 5:56 PM 123 fiscal outlook 2022section 1 fiscal policy overview feature article Fiscal Responsibility Act Framework Introduction The Malaysian economy has evolved from agriculture-based towards a highly diversified economy through a series of national development plans anchored by effective fiscal and monetary policies and management.
The COVID-19 pandemic crisis has elevated, in particular, the role of fiscal policy, which is imperative in supporting economic and health recovery as well as remaining agile in any economic circumstances.

At the same time, the Government has to balance the nation’s immediate needs with the effort to ensure public finances remain sustainable in the medium- and long-term.
This includes initiatives to enhance its institutional and governance structure, transparent reporting and effective risk management through responsible and progressive fiscal reforms.

The Government remains committed to continuing its fiscal reform initiatives to strengthen public finances while supporting economic recovery, although the pandemic has hampered its fiscal consolidation plan.
Currently, the Government is formulating the Fiscal Responsibility Act (FRA) to further enhance governance, accountability and transparency in fiscal management.

In this regard, the Fiscal Policy Committee (FPC) endorsed the FRA framework in May 2021.

Subsequently, a consultation paper on the proposed framework has been made available to the public for feedback.

Current Legal Framework The current fiscal policy framework is governed by various laws and regulations.
The Federal Constitution 1957 is the supreme law of the Federation.

It extends to the governance of public monies, particularly budgetary procedures, and the roles and functions of Parliament in approving and monitoring the annual supply bill.

The Constitution also specifies the relationship between the Federal Government and state governments, particularly the Federal, State and Concurrent Lists.
Under the Constitution, state governments, except Sabah and Sarawak, can only borrow from or with the approval of the Federal Government.

Meanwhile, state governments are not allowed to issue guarantees without the Federal Government’s approval, hence limiting most of the debt and liabilities exposure at the Federal Government level.

The primary legislation, which provides guidance for controlling and managing public finances, is outlined under the Financial Procedure Act 1957 [Act 61].
The procedure and guidelines are further expanded in Treasury Instructions and Circulars, which are regularly updated.

Several other acts provide legal basis for tax administration, collection and governance, such as Income Tax Act 1967 [Act 53], Sales Tax Act 2018 [Act 806], Service Tax Act 2018 [Act 807] and Customs Act 1967 [Act 235].

Meanwhile, the Development Funds Act 1966 [Act 406], which governs development expenditure, only allows expenditures specified in the First Schedule of the Act.
In response to the COVID-19 pandemic crisis, the Government has established a temporary trust fund, namely the COVID-19 Fund, to comprehensively finance all pandemic- and stimulus-related measures.
In relation to financial governance for the extra-budgetary entity, particularly Federal Statutory Bodies, apart from their respective establishment acts, there are three legislations that need to be adhered to, namely the Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240], the Statutory Bodies (Power to Borrow) Act 1999 [Act 598] and the Statutory Bodies (Discipline and Surcharge) Act 2000 [Act 605].
124 Section 1 Teks BI.indd 124 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview FIGURE 1.
Fiscal Regulatory Framework FEDERAL CONSTITUTION 1957 Financial Procedure Act 1957 EXPENDITURE of which: • Development Funds Act 1966 • Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 DEBT of which: • Treasury Bills (Local) Act 1946 • Loan (Local) Act 1959 • External Loans Act 1963 • Housing Loan Fund Act 1971 • Government Funding Act 1983 REVENUE of which: • Income Tax Act 1967 • Petroleum (Income Tax) Act 1967 • Customs Act 1967 • Excise Act 1976 • Sales Tax Act 2018 • Service Tax Act 2018 OTHERS of which: • Minister of Finance (Incorporation) Act 1957 • Loans Guarantee (Bodies Corporate) Act 1965 Treasury Instructions & Circulars • Procurement • Asset Management • Public Monies • Budget Management • Loan Management Source: Ministry of Finance, Malaysia There are several legislations that govern the Government’s debt and liabilities, such as the Loan (Local) Act 1959 [Act 637], Government Funding Act 1983 [Act 275], Treasury Bills (Local) Act 1946 [Act 188], External Loans Act 1963 [Act 403], Minister of Finance (Incorporation) Act 1957 [Act 375] and Loans Guarantee (Bodies Corporate) Act 1965 [Act 96].
In addition, the Government has applied several fiscal rules to enhance the budgetary discipline, such as a debt rule and golden rule.

The debt rule refers to the statutory debt ceiling of 65% to GDP, while the golden rule dictates that borrowings are only allowed to finance development expenditure.
The debt acts and rules are as in Table 1. table 1: Debt Acts and Rules Rules Acts Domestic debt1 ceiling not exceeding 65% to GDP Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 MTB ceiling not exceeding RM10 billion Treasury Bills (Local) Act 1946 Offshore borrowing ceiling not exceeding RM35 billion External Loans Act 1963 Note: 1 Refers only to Malaysian Government Securities (MGS), Malaysian Government Investment Issues (MGII) and Malaysian Islamic Treasury Bills (MITB) Source: Ministry of Finance, Malaysia Section 1 Teks BI.indd 125 18/10/2021 5:56 PM 125 fiscal outlook 2022section 1 fiscal policy overview The Fiscal Policy Committee (FPC) was established in 2013 as part of the fiscal reform initiative to strengthen public finances and ensure long-term fiscal sustainability.
The FPC is chaired by the Prime Minister and members comprised of selected Cabinet Ministers, the Chief Secretary to the Government and several key central agencies.

It meets at least twice a year and the Federal Treasury acts as its secretariat.

Proposed FRA Framework The FRA is intended to be a dedicated law to govern the fiscal policy conduct of the Government.

This Act will be formulated based on the Malaysian context to provide a solid framework for prudent fiscal management.
Similar to recent fiscal responsibility legislations in most countries, the FRA comprises a set of principles for sound fiscal management with a strong emphasis on transparency and accountability.

In addition, the proposed FRA framework requires the Government to publish its key measurable fiscal objectives that are consistent with the FRA principles.

This includes fiscal objectives relating to sustainable budget balance, prudent debt and fiscal risk management.
Countries, such as New Zealand and Australia, include principles and fiscal objectives in their fiscal responsibility legislations.

In contrast, the United Kingdom’s legislation requires the government to publish its key fiscal objectives in a separate document known as the Charter for Budget Responsibility.

Some fiscal responsibility laws also include escape clauses that temporarily exempt governments from complying with the fiscal rules, particularly during unexpected events or crises.
There are four key components in fiscal management, namely revenue, expenditure, debt and fiscal risk.

These components must be managed effectively and prudently, with a high degree and frequency of transparency and accountability for sound fiscal management.

This includes managing fiscal risks associated with contingent liabilities as it may derail the fiscal consolidation objectives of the Government.
Therefore, the FRA will include provisions relating to these four components to ensure long-term fiscal sustainability regarding sustainable revenue policy, effective spending, and prudent debt and fiscal risk management.

Another essential feature of fiscal legislation is the reporting requirement.
The proposed FRA will include obligatory reporting requirements comprising ex-ante and ex-post documents such as economic dan fiscal forecasts, pre-budget statements, mid-year economic and fiscal updates, fiscal risk statement, tax expenditure, mid-year budget performance and annual financial report.

Disclosure of these documents would enhance the transparency of fiscal objectives and performance.
Furthermore, FRA would further strengthen the role of FPC by institutionalising the FPC as the high-level advisory committee on fiscal matters.

126 Section 1 Teks BI.indd 126 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview section 1 FISCAL POLICY OVERVIEW FIGURE 2.
Proposed Fiscal Responsibility Act Framework INTRODUCTION MANDATE FOR FISCAL POLICY KEY COMPONENTS REPORTING FISCAL POLICY COMMITTEE OTHERS • Title and commencement • Objective • Interpretation / Definition • Coverage • Key principles • Revenue • Charter/Schedule • Expenditure • Escape clauses • Debt • Fiscal risk • Pre-budget document • Post-budget document • Other reports • Members • Sanctions • Roles • Power • Transitional period • Role of the Ministry of Finance, Malaysia Source: Ministry of Finance, Malaysia Stakeholder Engagement Public Consultation As part of its fiscal reform agenda, the Ministry of Finance (MOF) has since published a public consultation paper to obtain inputs and feedback on the formulation of the FRA.
The consultation paper includes the rationale, issues related to fiscal management and the proposed framework for FRA.

The consultation paper was made available to the public on the MOF Budget 2022 portal from 3 to 15 September 2021.

MOF has received positive feedback from the public on the proposed FRA framework as outlined in the consultation paper.
In general, the public are very supportive of the Government’s efforts to enhance its governance, transparency and accountability in fiscal management through the introduction of the FRA.

All recommendations will be taken into consideration before finalising the FRA.
Among the recommendations received are as follows: Implement accrual accounting in accordance with international accounting standards; Improve the management of government assets; a) b) Ensure predictable and stable tax rates; c) d) Review the FPC membership by including private sector experts; e) Establish an independent fiscal institution; f) Review the role of Minister of Finance (Incorporated) companies; g) Enhance the management of government guarantees; h) Review the pension scheme from defined benefit to defined contribution; i) j) Widen the revenue base by introducing new sources of revenue and reducing tax Increase public investment spending; and exemptions.
fiscal outlooK 2022 127 Section 1 Teks BI.indd 127 18/10/2021 5:56 PM In addition, the MOF will continue to engage with the International Monetary Fund (IMF) for expert advice and technical assistance in formulating the FRA.

At the same time, MOF will continue to consult relevant stakeholders for views and feedback in drafting the FRA.

The draft bill of the FRA will then be tabled to the Cabinet for approval before tabling in Parliament.
Response from Local and International Communities Since the announcement of the FRA, the Government has received positive feedback from various parties.

Constructive feedback will be taken into consideration in improving the content and process of the FRA.
Among the feedback received from local organisations are shown in Table 2. table 2: Feedback from Local Organisations “In the long run, Malaysia’s fiscal position is anticipated to achieve structural improvements through ongoing efforts to enhance its revenue, via achieving the goals set out by the Tax Reform Committee, and by enacting legislation under the Government Procurement Act 2020 and Fiscal Responsibility Act 2021.
While details are currently limited, RAM expects better fiscal oversight and budgetary caps to elevate Malaysia’s fiscal sustainability.” “Finally, it is hoped that the government takes fiscal transparency seriously, especially in its intention to table the Fiscal Responsibility Act in 2021.” RAM Rating Services Sdn.
Bhd., Press Releases, November 2019 IDEAS, Media Statement, November 2020 “Furthermore, with the introduction of the Fiscal Responsibility Act, we believe the management of fiscal policy will likely be reinforced further, whereby the government will continue to introduce measures on fiscal consolidation.” Affin Hwang Investment Bank Bhd, Economic Update Malaysia – Economic Outlook 2H2020, June 2020 International organisations, such as the IMF, Organisation for Economic Co-operation and Development (OECD) and rating agencies, also shared their views.
They have complimented efforts by the Malaysian Government to further enhance its fiscal governance through the formulation of the FRA.

This reform initiative will have a positive impact on credit rating assessment, especially on the governance.

Among the feedback from international organisations are shown in Table 3.
128 Section 1 Teks BI.indd 128 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview table 3: Feedback from International Organisations “To better prepare for changes in the debt limit and better anchor public finances, the authorities should accelerate the preparation of the Fiscal Responsibility Act (FRA).” IMF, Staff Report for the 2021 Article IV Consultation for Malaysia, February 2021 “In addition, the Government has announced in 2018 the introduction of a Fiscal Responsibility Act towards 2021.
Like in some other countries, such as Ireland, New Zealand and Thailand, where a similar fiscal responsibility legislation was adopted, under the planned Fiscal Responsibility Act, government revenue, expenditure, budget balance and debt will be managed consistently with one another through pre-determined rules and reporting in order to enhance its transparency and accountability.“ OECD, OECD Economic Surveys: Malaysia 2021, August 2021 “The government also continues to work on a Fiscal Responsibility Act to improve fiscal transparency and accountability and enhance overall fiscal management.” Fitch Ratings, Malaysia Rating Report, August 2021 “The reform agenda on strengthening institutions, governance, and the capacity of the administration remains an important complement to these efforts and should be maintained.” World Bank, Malaysia Economic Monitor, June 2020 Conclusion The Government is committed to continuing its fiscal reforms agenda to strengthen public finances once the economy recovers.
The formulation of the FRA reflects its commitment and strategy for sound fiscal management.

This reform initiative will further enhance the credibility of its fiscal policy conduct towards achieving long-term public finance sustainability and macroeconomic stability.

The FRA will also provide a robust framework for the Government to improve transparency and accountability in fiscal management.

Reference Fitch Ratings (2021), Malaysia Rating Report.
Retrieved from https://www.fitchratings.com IMF (2021), Malaysia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malaysia, IMF Publishing, Washington D.C. Retrieved from https://www.imf.

org Lienert, I.

(2010).

Should Advanced Countries Adopt a Fiscal Responsibility Law?, IMF Working Paper, International Monetary Fund.
Retrieved from https://www.imf.org 129 Section 1 Teks BI.indd 129 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview Ministry of Finance, Malaysia (2019), Fiscal Outlook and Federal Government Revenue Estimates 2020.

Retrieved from https://www.mof.gov.my Ministry of Finance, Malaysia (2020), Fiscal Outlook and Federal Government Revenue Estimates 2021.

Retrieved from https://www.mof.gov.my Ministry of Finance, Malaysia (2021), Fiscal Updates 2020.
Retrieved from https://www.mof.gov.my Moody’s Investor Service (2021), Government of Malaysia – A3 Stable: Update following change in forecasts.

Retrieved from https://www.moodys.com/research OECD (2021), OECD Economic Surveys: Malaysia 2021, OECD Publishing, Paris.

Retrieved from https://www.oecd.org Schaechter A., Kinda T., Budina N., & Weber A., (2012).

Fiscal Rules in Response to the Crisis – Toward the “Next-Generation” Rules.

A New Dataset, IMF Working Paper, International Monetary Fund.
Retrieved from https://www.imf.org Conclusion The prolonged COVID-19 crisis has forced the Government to continue providing additional fiscal support to bolster the healthcare system, safeguard the people and facilitate economic recovery.

The Government is confident that the rollout of the NRP and the implementation of PICK will facilitate a safe and systematic reopening of the economic and social sectors, thus boosting the growth momentum.
Furthermore, the 12MP will provide the overall policy framework for structural reforms and medium-term directions in terms of investment in public infrastructure, human capital, bridging the development gap between regions and narrowing income disparities between groups.
As one of the initiatives to enhance fiscal transparency and accountability and encourage public participation, the Government has published its inaugural Pre-Budget Statement and a series of public consultation papers on fiscal legislation, tax reforms, social assistance system and public procurement.

The publications have received positive and constructive feedback from various stakeholders.
These initiatives reinforce the Government’s commitment to improving governance in budgetary and public finance management.

Recognising the importance of providing fiscal support to sustain growth, it is also imperative to strengthen public finance management and rebuild fiscal buffers promptly.

As a responsible Government, the temporary increase in the statutory debt ceiling will be followed by revenue enhancement measures to reduce its fiscal burden.
This will help the build-up of sufficient buffers to provide counter-cyclical measures in mitigating unexpected circumstances in the future.

More importantly, institutional reform initiatives, such as the Fiscal Responsibility Act, MTRS and Public Expenditure Review, will be pursued in ensuring fiscal governance and medium-term sustainability.

130 Section 1 Teks BI.indd 130 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview FIGURE 1.1.
Federal Government Overall and Primary Balance % GDP 0 -1 -2 -3 -4 -5 -6 -7 -8 (1.2) (3.1) (3.0) (3.4) (1.7) (2.3) (2.7) (3.8) (4.3) (4.6) (4.7) (4.7) (5.3) (6.7) (1.1) (1.0) (1.3) (0.8) (1.2) (1.6) (3.4) (3.2) (3.1) (2.9) (3.4) (3.7) (3.3) (3.8) (3.9) FISCAL BALANCE PRIMARY BALANCE (6.2) (6.5) (6.0) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021R 2022B FIGURE 1.2.
Federal Government Revenue, Operating Expenditure and Current Balance REVENUE OPERATING EXPENDITURE CURRENT ACCOUNT BALANCE RM billion 280 210 140 70 0 -70 -140 -210 -280 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021R 2022B FIGURE 1.3.

Federal Government MTFF Overall Balance FIGURE 1.4.
Revised Fiscal Position in 2021 % GDP 0 Fiscal deficit (% GDP) -1 -2 -3 -4 -5 -6 -7 FISCAL CONSOLIDATION PATH 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021R 2022B 2023 2024 2.6 1.7 0.7 1.4 1.5 2.9 1.4 A d d i t i o n a l b o r r o w n g s i 2.4 0.9 0.21 2.4 5.4 5.4 3.2 2021 Budget Stimulus packages Revenue shortfall Revenue measures Expenditure measures 2021 estimated position Note: 2021: Revised estimate 2022: Budget estimate, excluding 2022 Budget measures Source: Ministry of Finance, Malaysia 1 Reflecting lower nominal GDP 131 Section 1 Teks BI.indd 131 18/10/2021 5:56 PM fiscal outlook 2022section 1 fiscal policy overview Section 1 Teks BI.indd 132 18/10/2021 5:56 PM sectio n 2 Federal Government Revenue 13 5 ov e rv i e w 13 5 r e v e nue i n 2021 Feature Article - Medium-Term Revenue Strategy: A Call for Revenue Reforms in Malaysia 14 2 outlook for 2022 14 3 conclus ion Section 2 Teks BI.indd 133 18/10/2021 5:57 PM Section 2 Teks BI.indd 134 18/10/2021 5:57 PM section 2 Federal Government Revenue Overview The COVID-19 pandemic has led to the re-enforcement of containment measures which have affected the economy, business operations and social interactions.
This has resulted in the provision of fiscal support among others via tax incentives and reliefs to cushion the impact of the pandemic.

Hence, revenue is expected to underperform for the year, constraining fiscal space and effort to rejuvenate the economy.

However, the implementation of the National Recovery Plan (NRP) and acceleration of the nationwide vaccination programme are expected to boost recovery and revenue with the gradual reopening of the economy.
High commodity prices coupled with revenue enhancement initiatives that were undertaken during the year have also provided some upside to revenue collection.

As part of the effort to improve inclusivity and transparency in preparing annual budget, the inaugural Pre-Budget Statement and four Public Consultation Papers were issued.

One of the papers, namely Review of Tax Incentives, was published to solicit views on the proposal to review the overall tax incentive framework.
This initiative signifies a fresh approach by the Government to engage business communities and the public to strengthen the overall tax administration and compliance.

Revenue in 2021 Federal Government revenue in 2021 is projected to register a lower collection of RM221 billion (14.6% to GDP) compared with RM225.1 billion (15.9% to GDP) in 2020.

The 1.8% decline in total revenue is mainly due to the fall in proceeds from non-tax revenue as a result of lower investment income.
In contrast, tax revenue, which constitutes 73.2% of total revenue (10.7% to GDP), is estimated to increase 4.8% to RM161.8 billion (2020: RM154.4 billion), while non-tax revenue is expected to record RM59.2 billion (3.9% to GDP), representing 26.8% of total revenue.

Direct tax is anticipated to turn around by 6.7% to RM120 billion, mainly contributed by higher companies income tax (CITA) collection of RM60.6 billion.
The better performance is a consequence of a low base effect, supported by several factors such as higher tax instalment payments from the corporate sector in 2021 following tax deferments provided in 2020.

Higher collection in CITA was also due to improved performance of the services and manufacturing sectors and higher collection from profit-making entities that were not affected by the pandemic, mainly in the banking, pharmaceutical and palm oil industries.
However, individual income tax is estimated to decline by 6.6% to RM36.4 billion due to fewer taxable individual taxpayers following higher unemployment rate at 4.5%.

Similarly, the petroleum income tax (PITA) is estimated lower at RM11.5 billion (2020: RM12.8 billion) attributed to higher extraction costs borne by petroleum companies, albeit increasing crude oil prices in 2021.
Nevertheless, the collection of other direct taxes, mainly consisting of stamp duties and real property gains tax (RPGT), is estimated to increase to RM8.2 billion (2020: RM7.6 billion), supported by higher property market transactions following the rise in value and volume of properties sales from all market and price segments.1 1 Valuation and Property Services Department.
Retrieved from https://napic.jpph.gov.my/portal 135 Section 2 Teks BI.indd 135 18/10/2021 5:57 PM section 2 federal government revenuefiscal outlook 2022 taBle 2.1.
Federal Government Revenue 2020 – 2022 coMPonent rM Million cHanGe (%) sHare (%) 2020 20211 20222 2020 20211 20222 2020 20211 20222 Tax revenue Direct tax of which: CITA Individual PITA Indirect tax of which: SST Excise duties Import duty Export duty 154,398 161,830 171,374 112,511 120,048 127,334 -14.5 -16.5 50,065 60,588 65,499 -21.5 38,953 36,400 37,510 0.7 4.8 6.7 21.0 -6.6 12,772 11,500 12,400 -38.5 -10.0 41,887 41,782 44,040 -8.6 -0.3 26,773 26,528 27,560 9,855 2,346 746 9,760 10,200 2,330 1,406 2,500 1,610 -3.2 -6.2 -14.2 -33.7 -15.7 -24.6 -23.3 -14.9 -0.9 -1.0 -0.7 88.5 -16.2 -6.2 -21.9 - Non-tax revenue 70,678 59,193 62,637 of which: Licences and permits 10,932 10,252 10,958 Investment income 46,067 35,989 39,457 Total revenue Share to GDP (%) 225,076 221,023 234,011 15.9 14.6 14.3 1 Revised estimate 2 Budget estimate excluding 2022 Budget measures Source: Ministry of Finance, Malaysia Indirect tax collection is estimated to decline marginally by 0.3% to record RM41.8 billion (2020: RM41.9 billion), mainly due to lower collection from Sales Tax and Service Tax (SST) and excise duties.
SST is expected to record RM26.5 billion, a slight decline by 0.9% attributed to the extension of the sales tax exemptions on passenger vehicles until 31 December 2021 and the impact of the containment measures on consumers and businesses.

Similarly, excise duties are forecast to record a lesser collection at RM9.8 billion due to lower motor vehicle production following closures of plants in the entire value chain during the Movement Control Order (MCO) period.
This is in line with downward revision of the projected total industry volume (TIV) for motor vehicles by 12.3% to about 500,000 units for the year.2 However, the lower collection from total indirect tax is cushioned by the increase in the collection from the windfall profit levy and export duty for crude palm oil (CPO).
The windfall profit levy increased to RM0.9 billion in 2021 (2020: RM0.2 billion) on account of higher CPO prices of around RM4,000 per tonne, well above the threshold price of RM2,500 per tonne in Peninsular Malaysia and RM3,000 per tonne in Sabah and Sarawak.

The windfall profit levy is collected from palm oil producers based on the output of fresh fruit bunches.

2 Malaysia Automotive Association.

Market Review First Half 2021.


Retrieved from http://www.maa.org.my/news.html 136 Section 2 Teks BI.indd 136 18/10/2021 5:57 PM section 2 federal government revenuefiscal outlook 2022 In contrast, the export duty is collected from exporters based on CPO monthly gazetted market price, while for crude petroleum, export duty is charged at 10% of the exported oil profit.
In this regard, the total export duty collection for 2021 is estimated at RM1.4 billion, of which RM0.7 billion is from CPO and RM0.6 billion is from crude petroleum.

Non-tax revenue is estimated lower at RM59.2 billion in 2021 (2020: RM70.7 billion), largely due to lower investment income, particularly dividends from PETRONAS amounting to RM25 billion (2020: RM34 billion).
However, the Government received higher dividends from Bank Negara Malaysia (BNM) amounting to RM4 billion (2020: RM3.5 billion) and is expected to receive RM2 billion from Khazanah Nasional Berhad (2020: RM1 billion).

Furthermore, the Government has received a special payment of RM5 billion from the Retirement Fund (Incorporated) (KWAP) to partly finance the current year’s retirement charges.
Receipts from licences and permits are expected to decline to RM10.3 billion (2020: RM10.9 billion) due to lower proceeds from petroleum royalties.

Motor vehicle licences collection is forecast to be stable at around RM2.8 billion, taking into account the relief granted by the Government in renewals of new licences.

Similarly, the levy on foreign workers is estimated to maintain around RM1.7 billion.
In 2021, the share of petroleum-related revenue is projected to be lower at 19.2% of total revenue (2020: 24.9%).

Although its share is lower, the RM42.5 billion revenue is estimated to be higher compared to Budget estimates of RM37.8 billion, resulting from higher PETRONAS dividends in line with improving global crude oil prices.
Non- petroleum revenue is projected to improve by 5.6% to RM178.5 billion (2020: RM169 billion), anchored by better collection from tax revenue that reflects a mild economic recovery in 2021 compared with the previous year.

feature article Medium-Term Revenue Strategy: A Call for Revenue Reforms in Malaysia Introduction Public finance management involves an efficient mobilisation of fiscal resources to achieve national development agenda.
Thus, it is crucial to ensure stable revenue generation to support expenditure needs, particularly in meeting the country’s socio economic objectives.

The Government has embarked on fiscal reform initiatives, among others, to enhance its revenue base, as evidenced by the formation of the Tax Reform Committee (TRC) in 2018.

The TRC is tasked to review the current tax system, propose new tax measures to address tax gaps and incorporate the informal economy into the tax net.
As a policy continuation, the Government is formulating a revenue framework, namely the Medium-Term Revenue Strategy (MTRS), that will adopt and adapt international best practices in modernising Malaysia’s tax system and administration.

The MTRS is a comprehensive approach in undertaking effective tax reforms to boost revenues and improve the tax system over the medium term through a country-led and whole-of-government approach.
In general, there are four main aspects of an MTRS - defining revenue and other goals, reforming the tax system, sustaining political commitment and coordinating capacity building.

The framework provides a high-level road map of tax reforms to establish a modern and robust system that is fair and equitable and provides an efficient revenue administration.

Nevertheless, the successful implementation of an MTRS will require firm support from key stakeholders in our society.
137 Section 2 Teks BI.indd 137 18/10/2021 5:57 PM fiscal outlook 2022section 2 federal government revenue section 2 FEDERAL GOVERNMENT REVENUE FIGURE 1.
Main Components of the Medium-Term Revenue Strategy Revenue & Other Goals to finance expenditure needs Tax System Reform (TSR) to meet the goals Medium- Term Revenue Strategy Coordinated Capacity - building to support TSR implementation Sustained Political Commitment to fully develop and implement TSR Source: The Platform for Collaboration on Tax Rationale for MTRS The introduction of MTRS is timely to address current issues relating to Federal Government revenue, mainly a narrow tax base, ineffective tax incentives, tax avoidance and tax evasion and untapped informal sectors.
Total revenue as a percentage to gross domestic product (GDP) has declined from 21.4% in 2012 to 15.9% in 2020, which is relatively low compared with rating peer countries.

In addition, a high reliance on direct tax, now constituting half of total revenue, renders the revenue collection susceptible to economic growth and business cycles.

Thus, an effective and sustainable revenue collection for Malaysia is crucial to ensure sufficient financing of total expenditures.
MTRS requires a comprehensive reform plan for the tax system, which encompasses a clear policy setting framework, enhancement of revenue agencies, and strengthening the legal framework.

The adjustment in policy setting will include detailed diagnoses of the economic and social impact of the tax reforms and a multi-year tax policy plan.

These will lead to policy certainty and predictability, and in turn, boost investors’ confidence.
In addition, the adoption of a quality framework will avoid creating perverse incentives, excessive discretion of legal power and aggressive tax planning.

Through the MTRS, Malaysia stands to gain not only in enhancing the potential of revenue collection but, more importantly, in having a more transparent and accountable tax system.
The MTRS Framework in Malaysia The adoption of MTRS in Malaysia will be implemented based on these objectives: a) To ensure sustainable revenue generation in the medium term in line with GDP growth; b) To ensure better compliance through effective and efficient tax administration; and c) To strengthen the legal framework in enhancing the tax system and policy formulation.
138 fiscal outlooK 2022 Section 2 Teks BI.indd 138 18/10/2021 5:57 PM At the initial stage, the formulation will focus on the taxation system anchored on three main pillars as follows: a) Tax Policy The main factors influencing the tax policy direction include the business and macroeconomic environment, taxpayers’ capacity, and the effectiveness of revenue agencies.
The designing of tax policy will incorporate analysis of the socio economic impact and the sources of revenue generation, accompanied by a multi-year roadmap of tax policy options.

The roadmap will be subjected to periodical reviews and updated according to national development policy objectives and priorities.
Measures to introduce new taxes or improve the existing system should be based on efficiency, fairness, simplicity, flexibility, transparency and effectiveness.1 Currently, the Government is considering options to reduce the reliance on direct taxes and widen the revenue base by shifting to consumption-based tax.

The latter can be further improved by reviewing the taxation and tax rate scope of the existing Sales Tax and Service Tax (SST).
Alternatively, the Government can opt for a more reliable consumption tax base such as value-added tax (VAT).

The VAT will be able to mitigate the tax-cascading impact of SST, manage the cost of doing business, and enhance compliance and transparency.

MTRS also provides an opportunity for the Government to further reduce its dependency on petroleum-related revenue and introduce revenue initiatives that support its sustainable development agenda.
In addition, the Government will intensify its efforts to improve tax incentives for investment and explore new sources of tax revenue, such as taxation on capital gains and the digital economy.

b) Tax Administration Tax administration reforms should be focused on achieving higher compliance, minimising tax avoidance and tax evasion with minimum cost to the tax payers and the authorities, and managing tax incentives to optimise private investments.
A multi-agency collaboration to streamline data sharing was initially introduced under the Collection Intelligence Arrangement (CIA), involving the Inland Revenue Board of Malaysia (IRB), the Royal Malaysian Customs Department (RMCD) and the Companies Commission of Malaysia (CCM).

The collaboration is further enhanced with the formation of a task force involving several enforcement agencies including the Malaysia Anti-Corruption Commission (MACC).
In addition, the existing National Committee Investment (NCI) was improved and is now being co-chaired by the Malaysia Investment Development Authority (MIDA) and the Ministry of Finance (MOF) to reduce bureaucracy, expedite investment approvals and ensure the effectiveness of the tax incentives administration.

For better tax administration, continuous efforts will be directed to enhance the revenue agencies’ effectiveness while ensuring greater taxpayer compliance.
Thus, resources will be allocated to build capacity, improve IT infrastructure and invest in big data analytics to modernise the relevant agencies.

It is worth noting that advanced economies, such as Canada, have only a single revenue agency to collect and administer national revenues in their countries.

This approach has enabled better data integration, resource management and enforcement.
1 Based on IMF criteria of good tax, revenue forecasting and analysis 139 Section 2 Teks BI.indd 139 18/10/2021 5:57 PM fiscal outlook 2022section 2 federal government revenue section 2 FEDERAL GOVERNMENT REVENUE c) Tax Legislative Framework The tax legislative framework will be regularly reviewed and improved to ensure that provisions in the tax law and guidelines on processe s and procedures are simplified, consistent, and in line with international best practices.
For instance, in response to the new digital economy environment, the Government expanded the scope of services tax to cover digital content provided by non-resident providers.

The Government is also considering several measures to strengthen its tax governance framework.

These include a revision of the taxation legislation relating to insurance and takaful, and banking industry.
In addition, the Government will provide guidelines or public rulings to facilitate the interpretation of the law for specialised industries, such as on Petroleum Act (Income Tax) 1967.

At the international front, Malaysia is a member of the OECD Base Erosion and Profit Shifting Action Plan (BEPS) under the Organization for Economic Co-operation and Development (OECD) Global Tax Initiative to address the issues of cross-border tax evasion.
The action plan includes tax-related proposals on the digital economy through Pillar One and Pillar Two to ensure that Malaysia has the right to tax digital economy activities.

Pillar One emphasises the determination of a country’s tax rights based on BEPS’ nexus.

Meanwhile, Pillar Two will introduce a global minimum effective tax rate to ensure that tax element does not become the key factor for attracting foreign direct investments, thus addressing aggressive tax planning by multinational enterprises.
FIGURE 2.

The Medium-Term Revenue Strategy Framework in Malaysia i.

Ensure sustainable revenue generation; ii.

Better compliance through effective and effcient tax administration; and iii.
Strengthen the legal framework MTRS FRAMEWORK MTRS FRAMEWORK Tax Policy Tax Administration Tax Legislation Framework MTRS INITIATIVES Review of tax incentives and explore new sources of tax revenue Enhance the revenue agencies’ effectiveness Revision of the legislation on the taxation Source: Ministry of Finance, Malaysia 140 fiscal outlooK 2022 Section 2 Teks BI.indd 140 18/10/2021 5:57 PM Current Progress In 2020, the MOF received technical assistance from the International Monetary Fund (IMF) to formulate an MTRS for Malaysia.
Subsequently, Steering and Technical Committees on MTRS were established with representatives from MOF, the Economic Planning Unit, the Central Bank of Malaysia, the RMCD and the IRB.

The committees are mandated to plan, administer and monitor to ensure the successful execution of the MTRS.

To date, the Technical Committee is formulating MTRS strategies and measures to be implemented in phases.
Upon approval by the Steering Committee, engagement sessions with key stakeholders, industry players and professional bodies will be conducted.

Feedback from the sessions will serve as value-added inputs in the final report.

It will consist of new tax measures and recommendations for a better tax administration, supported by an improved legal framework.

The final report is scheduled to be endorsed by the Government in 2022.
Challenges and the Way Forward In this challenging pandemic crisis, the Government prioritises economic recovery measures to provide support for businesses and alleviate the burden of the rakyat.

As such, the formulation of the MTRS will have to accommodate the nation’s immediate needs while creating sufficient fiscal space post-crisis.

Consensus building at various levels of stakeholders is also critical to managing expectation and compliance, which necessitates continuous engagement by the Government.
It is also important to build knowledge and technical capacity to formulate and implement MTRS in an orderly and systematic manner.

The initiatives under MTRS are envisaged to complement the Fiscal Responsibility Act (FRA) initiative, which will further enhance the transparency of the tax system in Malaysia.

In addition, the MTRS will be aligned with the Twelfth Malaysia Plan, 12 MP (2021 – 2025), particularly to ensure sufficient revenue generation to finance expenditure needs under the Plan.
It will also consider findings from previous studies that have been conducted, such as recommendations from the TRC.

Moving forward, Malaysia will extend the scope of the MTRS to non-tax revenue in the next phase of its implementation to further widen the revenue base.

Conclusion Overall, to ensure sustainable revenue generation, it is time for Malaysia to undertake bold and effective reforms in its tax system and policy design comprehensively and inclusively through the adoption of the MTRS.
A successful tax reform initiative will rebuild fiscal space, enhance economic resilience and ultimately return the country to its fiscal consolidation path.

The reforms will also provide the Government with the flexibility for countercyclical measures to support economic recovery post-crisis while ensuring fiscal sustainability in the longer term.

Reference Betts, S., De Mets, P., Ossa, R. L., & Rojas, E. (2021).

Postcrisis Revenue Generation for Tax Administrations, IMF COVID-19 Special Series.
Retrieved from https://www.imf.org/en/Publications/ SPROLLs/covid19-special-notes#fiscal Custers, A., Dom, R., Holzman, B., & Junquera-Varela, R. F. (2020).

How Governments Can Use the Coronavirus Pandemic to Build Better Tax Systems.

Retrieved from https://blogs.worldbank.org/ governance/how-governments-can-use-coronavirus-pandemic-build-better-tax-systems 141 Section 2 Teks BI.indd 141 18/10/2021 5:57 PM fiscal outlook 2022section 2 federal government revenue Gaspar, V., & Toro, J.

(2019).
(2019).

Medium-term Revenue Strategy (MTRS) – Taxation and Development.

Retrieved from https://www.imf.org/en/News/Articles/2019/10/28/sp102919-mediumterm-revenue- strategy Hoel, A.

(2020).

Innovations in Tax Compliance.

Retrieved from https://www.worldbank.org/en/topic/ macroeconomics/brief/innovations-in-tax-compliance International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations, & World Bank Group (2016).
Enhancing the Effectiveness of External Support in Building Tax Capacity in Developing Countries.

In Policy Papers (Vol.

2016, Issue 41).

Retrieved from https://doi.org/10.5089/9781498345439.007 International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations, & World Bank Group (2020).

PCT Progress Report 2020.

In Platform for Collaboration on Tax.

OECD/WBG/CIAT/IDB (2021).

VAT Digital Toolkit for Latin America and the Caribbean.

OECD, Paris.
OECD, Paris.

Retrieved from https://www.oecd.org/tax/consumption/vat-digital-toolkit-for-latin-america-and-the- caribbean.htm Organisation for Economic Co-operation and Development (2021).

Revenue Mobilisation Through Tax Transparency: Lessons from Uganda’s transformative journey.

Papua New Guinea Department of Treasury (2017).

Papua New Guinea Medium Term Revenue Strategy 2018-2022.

Platform for Collaboration on Tax (2017).

Concept Note on the Medium-Term Revenue Strategy (MTRS) (p. 7).
Retrieved from https://www.tax-platform.org/sites/pct/files/publications/MTRS Concept Note - Feb 6 2017.pdf Platform for Collaboration on Tax (2020).

Medium-Term Revenue Strategy (MTRS).


Retrieved from https://www.tax-platform.org/medium-term-revenue-strategy Trabandt, M., Nozaki, M., Fund, M., Cagas, M. A., Qin, D., Quising, P., Bank, D., Reduction, D., Kalb, A., Moessinger, M. D., Monteforte, L., Jaramillo, L., Fund, I. M., Economic, G., Affairs, F., Commission, E., Fund, I. M., Ratings, C., Poplawski-ribeiro, M., … Senhadji, A.

(2018).

Implementing a Medium-Term Revenue Strategy.

4(1), 108–139.
4(1), 108–139.

Outlook for 2022 The Federal Government revenue is projected to increase by 5.9% to RM234 billion, in line with better economic prospects.

Tax revenue remains the major contributor to total revenue, consisting of 73.2% of the total share and is expected to increase to RM171.4 billion.

However, as a percentage to GDP, it is estimated to decline slightly to 10.5% reflecting lower buoyancy during the economic recovery period.
Direct tax collection is projected to increase by 6.1% to RM127.3 billion, constituting 74.3% of total tax revenue, driven by better corporate earnings prospects resulting from the acceleration in the vaccination programme and anticipated economic recovery.

Hence, CITA remains the largest contributor to the increase in direct tax at RM65.5 billion in 2022.
This is followed by individual income tax, which is expected to improve by 3% to RM37.5 billion, consistent with expected improvements in the job market.

Similarly, PITA is expected 142 Section 2 Teks BI.indd 142 18/10/2021 5:57 PM fiscal outlook 2022section 2 federal government revenue to record a higher collection of RM12.4 billion.
Furthermore, revenue from other components of direct tax, namely stamp duties and RPGT, are expected to be higher at RM6.6 billion and RM1.8 billion, respectively, on expectations of higher value and volume of transactions from the property segment.

Indirect tax is forecast to improve by 5.4% to RM44 billion.

This is mainly contributed by SST collection with a share of 62.5% to total indirect tax, registering RM27.6 billion or 1.7% to GDP, supported by improving consumer and business sentiments.
Of this, RM14.6 billion are from sales tax while RM13 billion are from service tax, attributed to a higher projection of motor vehicle TIV as well as better outlook anticipated from telecommunications and insurance sectors.

In consonance with the expected pick-up in motor vehicle production by 21% in 2022, excise duties collection is projected to improve to RM10.2 billion.3 Given the necessity to support growth, the expansionary fiscal spending will also need to be backed by improving revenue collection.
Thus, the Government will continue to enhance tax auditing and compliance to ensure that tax dues are collected accordingly.

These initiatives will be complemented by revenue administration enhancements such as simplifying tax procedures and reducing bureaucratic tape to improve clarity and certainties, leading to tax collection efficiency and effectiveness.
In addition, to place Malaysia as a preferred investment destination, the tax incentive framework will be continuously enhanced to avoid distortions in resource allocations in line with international best practices.

Non-tax revenue is estimated to increase by 5.8% to RM62.6 billion, primarily due to higher proceeds from investment income.

The annual dividends from PETRONAS and BNM are expected at RM25 billion and RM5 billion, respectively.
As in 2021, a total of RM5 billion is expected from KWAP as a contribution to partly finance retirement charges.

The collection from licences and permits is expected to increase slightly to RM10.9 billion, attributed to higher proceeds from petroleum royalties at RM4 billion.

Other major components under licences and permits, namely motor vehicles licences and levy on foreign workers are estimated to be stable at RM3 billion and RM1.9 billion, respectively.
In 2022, petroleum-related revenue is forecast to register RM43.9 billion or 18.8% to total revenue, with PETRONAS dividends accounting for more than half of the total.

Non-petroleum revenue is also projected to increase by 6.5% to RM190.1 billion, reflecting better revenue diversification on the back of a favourable economic outlook.

The Government will continue to ensure sustainable non- petroleum revenue generation to meet expenditure commitments, particularly to serve the needs of the rakyat.
Conclusion As a responsible revenue administrator, the Government is committed to enhancing its collection efficiency with the advent of technology and innovation.

This initiative will improve service delivery and simplify procedures and thus, increase tax compliance.

With the commitment to support fiscal reform initiatives, the adoption of the Medium-Term Revenue Strategy (MTRS) will help streamline its tax policy, improve tax administration and enhance the legal framework.
In addition, the Government will continue to assess its revenue ecosystem holistically while engaging the business community in developing a good revenue policy in line with international best practices.

These efforts will lead to sustainable revenue generation, which is crucial to rebuilding buffers for fiscal sustainability and debt affordability while facilitating counter- cyclical measures to mitigate any crisis.

3 Malaysia Automotive Association.

Market Review 1st Half 2021.


Retrieved from http://www.maa.org.my/news.html 143 Section 2 Teks BI.indd 143 18/10/2021 5:57 PM section 2 federal government revenuefiscal outlook 2022 FIGURE 2.1.

Petroleum-Related and Non-Petroleum Revenue (% of total revenue) Petroleum 41.3 Non- petroleum 19.0 7.5 32.2 35.4 19.2 7.6 37.8 24.9 18.9 11.9 44.3 19.2 19.7 12.0 18.8 Petroleum 20.1 11.8 Non- petroleum 49.1 49.3 2009 2010 2020 20211 20222 SST PETROLEUM REVENUE DIRECT TAX (EXCLUDING PITA) OTHERS FIGURE 2.2.
Revenue as Percentage to GDP 22.3 Petroleum 9.2 Non- petroleum 1.0 1.0 1.7 2.2 7.6 7.2 19.4 6.9 1.0 0.5 1.5 2.2 7.3 15.9 4.0 1.0 0.9 1.8 1.2 7.0 14.6 14.3 2.8 1.2 0.7 1.7 1.1 7.1 Petroleum Non- petroleum 2.7 1.0 0.9 1.7 1.0 7.0 2009 2010 2020 20211 20222 SST PETROLEUM REVENUE INDIRECT TAX (EXCLUDING SST) OTHERS DIRECT TAX (EXCLUDING PITA) INVESTMENT INCOME (EXCLUDING PETRONAS DIVIDEND) 1Revise estimate 2Budget estimate excluding 2022 Budget measures Source: Ministry of Finance, Malaysia 144 Section 2 Teks BI.indd 144 18/10/2021 5:57 PM section 2 federal government revenuefiscal outlook 2022 sectio n 3 Federal Government Expenditure 147 ov e rv i e w 147 pe r for m a nce 2021 15 0 cov i d -19 fund I n f o r m a t i o n B ox - CO V I D -19 F u n d U p d a t e s 15 5 outlook for 2022 157 fe de r a l r ecov e r a ble loa n s 15 8 conclus ion Section 3 Teks BI N.indd 145 18/10/2021 6:58 PM Section 3 Teks BI N.indd 146 18/10/2021 6:58 PM section 3 Federal Government Expenditure Overview The resurgence of COVID-19 cases has forced the Government to reimpose movement control orders (MCOs) that impacted almost all economic sectors and limit social activities.
A series of assistance and economic stimulus packages was swiftly introduced to provide immediate assistance to the rakyat and businesses.

These packages adopt a targeted approach in ensuring impactful measures in effectively softening the impact of the pandemic.

The additional fiscal support was mainly for strengthening the public health system and providing cash assistance to households and businesses.

This has resulted in higher spending, particularly for commitments under the COVID-19 Fund.
The additional spending was offset by a rigorous expenditure recalibration.

In addition, the Government continues to manage its fiscal resources by enhancing spending efficiency, reducing leakages and optimising operating expenditure in the new norm.

These initiatives are complemented by close monitoring and regular reporting on a weekly basis, in line with principles of accountability and transparency.
In general, the expenditure commitments during the pandemic crisis have expanded due to the Government’s priority to provide sufficient support to the economy.

The roll-out of the National Recovery Plan (NRP) and the steady progress of the vaccination programme will facilitate the reopening of businesses, thus help the economy return to its potential growth trajectory.
The implementation of the Twelfth Malaysia Plan, 2021 – 2025 (12MP) will also catalyse the recovery process and steer the nation towards achieving prosperity, inclusivity and sustainability in the medium term.

At the same time, the principles of accountability and good governance will continue to be enhanced in line with global best practices, as illustrated through the release of the inaugural Pre-Budget Statement and Public Consultation Papers for the preparation of 2022 Budget.
In addition, the Government will regularly conduct expenditure reviews to ensure effective and efficient spending, thus support fiscal consolidation in the medium term.

Performance 2021 The Federal Government’s total expenditure for 2021 was budgeted at RM322.5 billion.
However, during the year, a series of four assistance and economic stimulus packages, namely Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI), Strategic Programme to Empower the People and Economy (PEMERKASA), Strategic Programme to Empower the People and Economy Plus (PEMERKASA+) and National People’s Well-Being and Economic Recovery Package (PEMULIH), totalling RM225 billion, were announced with a fiscal injection of RM25 billion.
In general, the packages were in the form of cash assistance for rakyat and businesses, particularly for those affected by the extended MCOs due to the pandemic.

Furthermore, the additional stimulus and containment measures have put pressure on revenue which is projected to be lower than Budget estimates.

The situation necessitated an expenditure recalibration, particularly operating expenditure, which has to be fully funded by revenue in line with the Federal Constitution.
Hence, the Federal Government’s total expenditure for 2021 was revised downwards to RM320.6 billion, albeit higher than total spending in the previous year (2020: RM314 billion).

The recalibration involved a net reduction of RM1.9 billion in expenditure, resulting from expenditure savings amounting to RM23.9 billion, of which RM22 billion was redirected to finance additional direct fiscal injection under the COVID-19 Fund.
Savings in expenditure were generated from the deferment of certain 147 Section 3 Teks BI N.indd 147 18/10/2021 6:58 PM fiscal outlook 2022section 3 federal government expenditure programmes and projects, suspension of non- critical programmes, revision of allocations for budget measures, as well as expected shortfall in spending due to the delayed progress in the implementation of projects during the MCOs.
Of the total revised allocation, operating expenditure (OE) is estimated at RM219.6 billion (14.5% to GDP), development expenditure (DE) at RM62 billion (4.1% to GDP), while the balance of RM39 billion (2.6% to GDP) is for the COVID-19 Fund.

The social sector remains as the largest beneficiary at RM128.5 billion (40.1% of the total), followed by economic (RM66.9 billion; 20.9%), security (RM31.5 billion; 9.8%) and general administration (RM16.7 billion; 5.2%) sectors.
Charged expenditures and transfer payments consisting, among others, debt service charges, retirement charges, and transfers to states account for 24% of total expenditure.

The OE for 2021 is revised lower by 7.1% to RM219.6 billion from the original budget allocation of RM236.5 billion.

The downward revision is mainly attributed to savings in grants and transfers as well as supplies and services.
The lower allocation for grants and transfers is due to budget cuts in grants to statutory bodies with high reserves.

Similarly, supplies and services are also revised lower due to the reclassifications of development- related items to DE and savings derived from the suspension of allocation for non-critical items.

Compared with 2020, the revised OE at RM219.6 billion is lower by 2.2% (2020: RM224.6 billion).
The lower allocation is predominantly due to the reduced provision for supplies and services at RM23.3 billion (2020: RM29.3 billion), particularly for repairs and maintenance, professional services as well as office supplies.

In addition, the outlays for subsidies and social assistance declined to RM16.7 billion (2020: RM19.8 billion) mainly due to the financing of the cash assistance programme through COVID-19 Fund.

However, the decline is expected to be offset by higher outlays for fuel subsidies.
In addition, emoluments and retirement charges are estimated to increase to RM84.5 billion (2020: RM83 billion) and RM27.6 billion (2020: RM27.5 billion), respectively, mainly due to annual salary and pension increment.

Similarly, debt service charges are estimated to increase by 13.1% to RM39 billion (2020: RM34.5 billion), following higher financing needs for DE and table 3.1.
Federal Government Operating Expenditure by Component, 2020 – 2022 comPonent rm million cHanGe (%) sHare (%) 2020 20211 20222 2020 20211 20222 2020 20211 20222 Emoluments 82,996 84,529 86,510 Retirement charges 27,533 27,581 28,067 Debt service charges 34,495 39,000 43,100 Grants and transfers to state governments 7,669 7,745 7,927 Supplies and services 29,323 23,265 30,367 Subsidies and social assistance 19,769 16,701 17,352 Asset acquisition Refunds and write-offs 631 654 415 511 533 375 Grants to statutory bodies 10,291 13,190 14,066 Others Total 11,239 6,663 5,203 224,600 219,600 233,500 -14.7 3.1 6.3 4.7 1.3 -6.9 -17.3 -18.1 -26.8 -25.3 -75.3 1.8 0.2 13.1 1.0 -20.7 -15.5 -34.2 -21.9 28.2 -40.7 -2.2 2.3 1.8 10.5 2.3 30.5 3.9 28.4 -26.6 6.6 - Share to GDP (%) 15.9 14.5 14.3 1 Revised estimate 2 Budget estimate, excluding 2022 Budget measures Source: Ministry of Finance, Malaysia 148 Section 3 Teks BI N.indd 148 18/10/2021 6:58 PM fiscal outlook 2022section 3 federal government expenditure COVID-19 related expenses, while grants and transfers to states and statutory bodies are estimated to increase by 16.6% to RM20.9 billion (2020: RM18 billion).
The year 2021 marks the first year of the 12MP.

A sum of RM400 billion is allocated for DE under the 12MP, a significant increase of 61% compared to the actual expenditure of RM248.5 billion for the Eleventh Malaysia Plan.

The allocation will be channelled to fund new and ongoing projects and programmes planned under the economic, social, security and general administration sectors.
These projects and programmes are aligned with the three key themes of 12MP, namely resetting the economy; strengthening security, wellbeing and inclusivity; and advancing sustainability.

The themes resonate with the country’s longer- term aspirations in the Shared Prosperity Vision 2030 and 2030 Agenda for Sustainable Development.

However, with the expenditure recalibration, DE is revised lower to RM62 billion from the original budget of RM69 billion.
The downward revision is also in line with the reassessment and deferment of several projects.

Nonetheless, the lower DE is offset by the reclassification of several development-related items from OE.

Of the total, RM60.8 billion is direct allocation, while RM1.2 billion are loans to state governments and Government-linked entities.
As the Government continues to focus on the economic sector, the allocation for this sector remains the largest with a share of 54.5%, followed by social (28%), security (11.8%) and general administration (5.7%) sectors.

Expenditure for the economic sector is estimated at RM33.8 billion, mainly for enhancing public transportation and communication network infrastructure, developing public utilities, escalating trade and industrial activities as well as boosting agriculture.
The transport subsector is allocated with RM13 billion, mainly to finance major ongoing projects, such as Electrified Double Track Gemas-Johor Bahru and Pan Borneo Highway projects, as well as the upgrading of federal roads throughout the country.

Energy and public utilities and trade and industry subsectors are allocated RM3 billion and RM2.4 billion, respectively.
Some of the key projects and programmes under these subsectors include upgrading works and construction of sewage treatment plants, providing and improving electricity and water supply, improving entrepreneurial skills for micro-, small- and medium-sized enterprises (MSMEs) as well as encouraging and enhancing technological adoption among businesses.

The transport, energy and public utilities, and trade and industry subsectors constitute 29.6% of total DE.
Compared with 2020, the outlays for the social sector in 2021 are expected to increase by 25.5% to RM17.3 billion (2020: RM13.8 billion), with education and training, and health remaining as the key subsectors.
The education and training subsector receives the biggest provision of RM8.1 billion, higher by 20.5% as compared with RM6.7 billion in 2020 mainly for the enhancement of technical and vocational education and training (TVET) programmes; upgrading and renovation of schools, teachers’ quarters and tertiary institutions; and extension of teaching hospitals.
While for the health subsector, a sum of RM4.4 billion or 7.1% of DE is allocated for improving healthcare accessibility and facilities, particularly for rural and outskirt areas.

Moreover, this expenditure also includes enhancing and maintaining hospitals and clinics, and purchasing vehicles and equipment.

Among the construction projects under this subsector include hospitals in Tanjung Karang, Selangor and Pendang, Kedah as well as expansion of Seberang Jaya Hospital in Pulau Pinang.
Meanwhile, the housing subsector receives RM1.6 billion for the year, an increase of 55.9% from actual spending of RM1 billion in 2020.

The expenditure for the subsector is focused on the People’s Housing Project (PPR) as well as upgrading and maintaining civil servants’ quarters.

A sum of RM7.3 billion, an increase of 26.5% from the preceding year (2020: RM5.8 billion), is allocated for the security sector.
The bulk of the allocation is for projects and programmes aimed at strengthening the nation’s defence and internal security, including upgrading of military and security equipment as well as maintaining and upgrading the security integrated network system.

Similarly, the allocation for the general administration sector increases by 17.6% to RM3.6 billion (2020: RM3 billion).
The outlays for the sector will be mainly channelled to improve public sector delivery and productivity, with the focus on 149 Section 3 Teks BI N.indd 149 18/10/2021 6:58 PM fiscal outlook 2022section 3 federal government expenditure table 3.2.
Federal Government Development Expenditure by Sector, 2020 – 2022 sector Economic of which: Transport Trade and industry Energy and public utilities Agriculture Environment Social of which: Education and training Health Housing Security General administration rm million cHanGe (%) sHare (%) 2020 20211 20222 2020 20211 20222 2020 20211 20222 28,712 33,767 40,205 -8.3 17.6 19.1 55.9 54.5 53.2 12,779 13,014 15,509 2,576 2,315 2,003 1,324 2,365 2,976 2,815 1,537 2,087 3,167 2,860 2,059 13,827 17,347 22,671 -7.1 -15.7 -16.1 -13.4 -23.2 -4.5 6,737 3,983 1,015 5,785 3,036 4,397 1,582 7,317 3,569 8,118 11,955 -11.7 4,457 118.0 1,771 8,970 3,754 -52.3 3.0 9.4 -5.2 1.8 -8.2 28.6 40.5 16.1 25.5 20.5 10.4 55.9 26.5 17.6 20.7 19.2 - Total 51,360 62,000 75,600 Share to GDP (%) 3.6 4.1 4.6 1 Revised estimate 2 Budget estimate, excluding 2022 Budget measures Source: Ministry of Finance, Malaysia empowering digitalisation in the public sector.
In addition, the allocation is also for the enhancement and maintenance of government buildings, infrastructure and facilities.

COVID-19 Fund The Government’s initiatives in combating the pandemic continue to be financed under the COVID-19 Fund.

The implementation of several assistance and economic stimulus packages has led to an increase in the COVID-19 Fund allocation.
The fund ceiling, which was initially capped at RM45 billion in 2020, has been increased to RM110 billion to accommodate the additional expenditure under the new assistance and economic stimulus packages.

In line with the increase in its ceiling, the allocation for the Fund for 2021 has been revised upwards to RM39 billion from the initial budget of RM17 billion, higher by 2.6% compared to the actual spending in 2020.
The upward revision is mainly to accommodate higher requirements for programmes such as Bantuan Prihatin Rakyat (RM16.8 billion); Wage Subsidy Programme (WSP) 2.0 (RM9.7 billion); PRIHATIN SME Grant (RM3.4 billion); COVID-19 related expenses (RM2.9 billion); social assistance support to vulnerable groups (RM2 billion); and small-scale projects (RM1.3 billion) which constitute 92.7% of the total allocation for the Fund in 2021.

In 2022, a sum of RM23 billion (1.4% to GDP) is budgeted for the COVID-19 Fund.
The bulk of allocation is provided for cash assistance, social assistance support to vulnerable groups and WSP, which will be carried over from 2021.

2022 will be the final year for the COVID-19 Fund as it is a temporary fund with a lifespan of three years.

Thus, the total requirement of the fund is estimated to reach around RM100 billion, below the approved ceiling of RM110 billion.

The remaining balance will serve as a buffer for contingencies should the need arise.
150 Section 3 Teks BI N.indd 150 18/10/2021 6:58 PM fiscal outlook 2022section 3 federal government expenditure table 3.3.
COVID-19 Fund Allocation ProGrammes Wage subsidy, job retention and workers’ hiring incentive and training assistance programmes rm million 20211 20222 9,670 3,000 Bantuan Prihatin Nasional Small scale projects Skill and upskilling programmes PENJANA SME fi nancing PRIHATIN SME Grant Micro credit loans under Bank Simpanan Nasional and TEKUN Nasional Allocation for COVID-19 related expenses Food security fund COVID-19 special allowance for frontliners PENJANA National Fund ePenjana Electricity bill discounts Additional RM100 for Bantuan Sara Hidup (BSH) Special assistance to students of higher education institutions Bumiputera Relief Financing MY30 public transport subsidy Social assistance for taxi drivers, school bus drivers, tour bus drivers, tour guides, trishaw operators and e-hailing drivers Social assistance support to vulnerable groups Smart automation grant Soft loan under MyCreative Venture Social protection and training for gig economy workers E-Dagang campaign for SME and micro enterprises “Shop Malaysia Online” for online consumption PEKA B40 health care support Grant for child care centers and kindergartens Digital content fund Assistance to non-governmental organisations Digitalisation of government service delivery Digitalisation marketing and promotion fund under the Cultural Economy Development Agency (CENDANA) MyAssist SME One Stop Centre TOTAL 1 Revised estimate 2 Budget estimate, excluding 2022 Budget measures Source: Ministry of Finance, Malaysia 16,801 1,311 360 – 3,435 520 2,940 313 – 290 151 502 – – 200 200 123 1,980 90 – – 10 40 – 29 – 10 15 10 – 8,000 2,000 1,000 2,000 – 1,000 2,000 – – – – – – – – – – 3,540 460 – – – – – – – – – – – 39,000 23,000 151 Section 3 Teks BI N.indd 151 18/10/2021 6:58 PM fiscal outlook 2022section 3 federal government expenditure information box COVID-19 Fund Updates Introduction The COVID-19 Fund1 was established in September 2020 to finance economic stimulus packages and recovery plans in addressing the COVID-19 crisis.
The establishment of such a dedicated trust fund is in line with international best practices, backed by a strong legal framework, robust gatekeeping arrangements, and solid transparent and reporting standards.

In 2020, a sum of RM38 billion was disbursed to finance programmes listed in the Schedule of the Act 830.

The expenditure was recorded in the Federal Government Financial Statement, audited by the National Audit Department of Malaysia and subsequently tabled to Parliament.
Current Progress In December 2020, the Parliament approved an amendment to the Act 830 to increase the COVID-19 Fund ceiling from RM45 billion to RM65 billion to accommodate additional economic stimulus measures.

The additional RM20 billion is allocated for Bantuan Prihatin Rakyat (BPR), Wage Subsidy Programme (WSP), PRIHATIN SME Grant and other COVID-19 related expenses.
With the COVID-19 pandemic continuing to impact people and businesses in 2021, the Government responded with another four additional assistance packages, namely PERMAI, PEMERKASA, PEMERKASA+ and PEMULIH, totalling RM225 billion with fiscal injection worth RM25 billion.

After several recalibrations in the COVID-19 Fund allocation, the requirement for the Fund is estimated to exceed RM65 billion.
In this regard, the Government has tabled a second amendment to Act 830 to the Parliament that allows for another increase in the expenditure ceiling up to RM110 billion after taking into account commitments under 2022 Budget.

Programmes that require additional allocations are the BPR, WSP, Prihatin SME Grant, small scale projects, microcredit loans under Bank Simpanan Nasional and TEKUN Nasional, other COVID-19 related expenses, and social assistance support to vulnerable groups.
Spending Performance As at end-August 2021, total spending under the COVID-19 Fund was RM58.9 billion.

Major spending was on the cash transfer programme amounting to RM25 billion, constituting 42.4% of total outlays.

Under the programme, RM18.6 billion was spent in 2020 and January 2021 for Bantuan Prihatin Nasional (BPN).

The balance of RM6.4 billion was subsequently disbursed in several phases under BPR.
The BPN benefited almost 10.6 million recipients with income below RM8,000, representing about a third of the population, while BPR benefited more than 8.5 million recipients with income below RM5,000.

In addition, the WSP was introduced through the PRIHATIN economic stimulus package in March 2020 to help eligible employers affected by the COVID-19 pandemic to retain their workers and continue their operations.

A total of RM17.3 billion or 29.4% of the total outlays was disbursed for WSP.
This programme has benefited more than 350,000 employers and about 2.9 million employees.

As for the PRIHATIN SME Grant, the Government has spent about RM5 billion since it was first introduced under the Additional PRIHATIN SME Economic Stimulus Package (PRIHATIN PKS+) package in April 2020.

This programme has benefited 0.9 million micro SME entrepreneurs by easing their financial burden and cash flows.
1 The Fund was established under the Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 [Act 830] 152 Section 3 Teks BI N.indd 152 18/10/2021 6:58 PM section 3 federal government expenditurefiscal outlook 2022 table 1: COVID-19 Fund Ceiling and Spending Performance by Programme (RM million) Programmes Wage subsidy, job retention and workers’ hiring incentive and training assistance programmes Ceiling First Amendment Second Amendment Disbursement (As at end- August 2021) 18,300 31,000 17,280 Bantuan Prihatin Nasional Small scale projects Skill and upskilling programmes PENJANA SME financing PRIHATIN SME Grant Micro credit loans under Bank Simpanan Nasional and TEKUN Nasional Allocation for COVID-19 related expenses Food security fund COVID-19 special allowance for frontliners PENJANA National Fund ePenjana Electricity bill discounts Additional RM100 for Bantuan Sara Hidup (BSH) Special assistance to students of higher education institutions Bumiputera Relief Financing MY30 public transport subsidy Social assistance for taxi drivers, school bus drivers, tour bus drivers, tour guides, trishaw operators and e-hailing drivers Social assistance support to vulnerable groups Smart automation grant Soft loan under MyCreative Venture Social protection and training for gig economy workers E-Dagang campaign for SME and micro enterprises “Shop Malaysia Online” for online consumption PEKA B40 health care support Grant for child care centers and kindergartens Digital content fund Assistance to non-governmental organisations Digitalisation of government service delivery Digitalisation marketing and promotion fund under the Cultural Economy Development Agency (CENDANA) MyAssist SME One Stop Centre - 4,986 635 2,623 486 - 310 650 604 - 225 200 198 152 994 71 30 25 30 56 50 33 - TOTAL Source: Ministry of Finance, Malaysia 65,000 110,000 58,853 153 Section 3 Teks BI N.indd 153 18/10/2021 6:58 PM section 3 federal government expenditurefiscal outlook 2022 Similarly, the spending for small-scale projects stood at RM3.7 billion, or 6.3% of total outlays.
The projects identified under this programme are expected to benefit the local community as well as generate spillover effect to the economy.

The projects include, among others, repair work of basic infrastructure, public facilities and roads, as well as upgrades of dilapidated schools, public houses and teaching hospitals involved with COVID-19.
For the COVID-19 related expenses programme, a sum of RM2.6 billion was spent for COVID-19 related healthcare services, as well as the purchase of medical apparatus and equipment to increase the capacity of health facilities and ICU wards.
Likewise, the spending for social assistance to support and improve the economy of the vulnerable groups stood at RM1 billion with outlays on initiatives such as one-off disbursement for single mothers and disabled persons, Jaringan Prihatin Programme, Food Staples Assistance and Mobile Clinic Programme.

The remaining allocation was spent on other programmes, such as ePenjana, Food Security Fund and electricity bill discounts.
Conclusion The pandemic crisis has necessitated the Government to expand its fiscal support to the economy, mainly the health sector.

This was made possible by enactment of the COVID-19 Act, which enables additional borrowing to finance stimulus packages via the COVID-19 Fund.

At the same time, transparency and good governance will be upheld through annual tabling and reporting of receipts and expenditures of the Fund to Parliament in line with international best practices.
With effective implementation of the stimulus measures and management of the Fund, the Government is confident of achieving its objective of steering the country out of the crisis while maintaining medium-term fiscal sustainability.

References Malaysia (2020).

Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 [Act 830].

Malaysia (2020).

Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act (Amendment) 2020.
Ministry of Finance, Malaysia (2021).

Series of Laporan LAKSANA.

Retrieved from https://www.mof.gov.

my Ministry of Finance, Malaysia (2021).

Infografik PERMAI.

Retrieved from http://belanjawan2021.

treasury.gov.my Ministry of Finance, Malaysia (2021).

Infografik PEMERKASA 2021.

Retrieved from http:// belanjawan2021.treasury.gov.my Ministry of Finance, Malaysia (2021).

Infografik PEMERKASA+ 2021.


Retrieved from http:// belanjawan2021.treasury.gov.my 154 Section 3 Teks BI N.indd 154 18/10/2021 6:58 PM section 3 federal government expenditurefiscal outlook 2022 Ministry of Finance, Malaysia (2021).

Infografik PEMULIH.

Retrieved from http://belanjawan2021.

treasury.gov.my Prime Minister’s Office of Malaysia (2021).

Pengumuman Khas Pakej Bantuan Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI) Speech Text.
Retrieved from https://www.pmo.gov.my Prime Minister’s Office of Malaysia (2021).

Program Strategik Memperkasa Rakyat dan Ekonomi (PEMERKASA) Speech Text.

Retrieved from https://www.pmo.gov.my Prime Minister’s Office of Malaysia (2021).

Program Strategik Memperkasa Rakyat dan Ekonomi Tambahan (PEMERKASA+) Speech Text.

Retrieved from https://www.pmo.gov.my Prime Minister’s Office of Malaysia (2021).

Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH) Speech Text.
Retrieved from https://www.pmo.gov.my Outlook for 2022 The recovery momentum is expected to gain traction in 2022 in line with the steady progress of the vaccination programme, bolstered by the implementation of the NRP.

Furthermore, the recently announced 12MP will be the catalyst to revitalise the economy, promote investments, accelerate digitalisation and strengthen the civil service.
Given the need to ensure a durable recovery, the 2022 Budget is formulated with three main objectives: to sustain and spur economic activities, rebuild economic resilience, and catalyse the reform agenda.

Hence, the Government will continue its expansionary fiscal stance to steer the country to its potential growth trajectory.

A total sum of RM332.1 billion (20.3% to GDP) will be allocated in the 2022 Budget.
Of this amount, RM233.5 billion (70.3%) will be channelled to OE, RM75.6 billion (22.8%) for DE and the balance of RM23 billion for the COVID-19 Fund.

In terms of sectoral allocation, RM133.2 billion or 40.1% of the total 2022 Budget will be allocated for programmes and projects under the social sector, followed by economic (20.3%), security (10.3%) and general administration (4.8%) sectors.
The remaining balance amounting to RM81.3 billion (24.5%) will be allocated for charged expenditure and transfer payments.

The OE allocation for 2022 is budgeted at RM233.5 billion or 14.3% to GDP.

The amount is 6.3% higher compared with the 2021 revised allocation of RM219.6 billion.

Emoluments, debt service charges, and retirement charges remain the top three recipients constituting 67.5% of the total OE or 9.6% to GDP.

Emoluments for civil servants account for the largest share of OE in 2022.
This component, representing about a third of total OE, is estimated to increase to RM86.5 billion.

The increase is partly to cater for the annual salary increment.

Likewise, retirement charges are estimated to increase to RM28.1 billion (12% of total OE) due to the annual pension increment, coupled with a higher number of pensioners and beneficiaries estimated at about 628,300.
A total of 73.7% of retirement charges comprise monthly pension payments for pensioners and beneficiaries, while the remaining are mainly for gratuity payments and cash awards in lieu of un-utilised accumulated leave.

155 Section 3 Teks BI N.indd 155 18/10/2021 6:58 PM section 3 federal government expenditurefiscal outlook 2022 A total of RM43.1 billion will be allocated for debt service charges in 2022.
Of this amount, 98.2% is allocated for coupons on domestic debts, while the balance is for offshore loans.

The debt service charges ratio to OE is estimated higher at 18.5%, in line with the use of debt instrument in financing expansionary fiscal stance.

Thus, an allocation of RM75.6 billion will be allocated for DE (2021: RM62 billion).

Of the total, RM66.9 billion is allocated for 5,575 ongoing projects, while RM8.7 billion is for 1,180 new projects.
The economic sector remains the largest recipient at 53.2% of DE, followed by social (30%), security (11.9%) and general administration (4.9%) sectors.

Allocation for supplies and services, which represents 13% of OE, increases by 30.5% to RM30.4 billion.

The increase is attributed to higher outlays for medical supplies as well as an allocation for professional services.
Ministries that will be receiving the highest allocation among others are the Ministry of Health (33.1%), the Ministry of Home Affairs (12.5%) and the Ministry of Education (11.2%).

A substantial amount of outlays will be for the procurement of medical supplies as well as repairs and maintenance of school facilities.

Subsidies and social assistance will be allocated a higher allocation of RM17.4 billion (2021: RM16.7 billion), due to higher provision for social assistance.
The Government will continuously enhance the current policy and mechanisms to gradually move towards targeted assistance in ensuring more equitable distribution.

A sum of RM14.1 billion will be allocated for grants to statutory bodies, mainly for their operational expenses such as emoluments as well as supplies and services.

Grants for public higher education institutions consisting of public universities and teaching hospitals constitute 64.5% of the total allocation.
Further, a total of RM7.9 billion is allocated for grants and transfers to state governments.

Of this amount, RM5.9 billion are constitutional transfers under the Federal Constitution.

As Malaysia enters the second year of the 12MP, DE for 2022 will continue to be distributed to projects and programmes with a high multiplier impact to reinvigorate economic growth, create a conducive investment climate and safeguard the wellbeing of the rakyat.
156 A sum of RM40.2 billion will be provided for the economic sector to increase economic capacity and enhance the nation’s competitiveness.

The focus continues to be on projects related to transport, trade and industry as well as energy and public utilities subsectors.

The transport subsector will be allocated RM15.5 billion to construct, refurbish, and maintain key infrastructures, such as highways, roads, railways, bridges, ports, and airports.
These include existing projects, namely Electrified Double Track Gemas- Johor Bahru, Rapid Transit System Link, Pan Borneo Highway, as well as the expansion of Kuantan Port, Pahang and Sandakan Airport, Sabah.

Among the new projects that will be undertaken are upgrading Jalan Marabahai Spur at Tuaran, Sabah, replacing bridges at Sik and Baling, Kedah, and a study on an alternative route for Jalan Seremban-Kuala Pilah, Negeri Sembilan.
Another recipient under the economic sector is the trade and industry subsector, with an allocation of RM2.1 billion.

Among programmes under this subsector are for strengthening entrepreneurial capabilities, including MSMEs in line with the National Entrepreneurship Policy 2030.

In addition, the focus will also be given to support the growth of industries by providing grants or loans for activities including research and development as well as product commercialisation.
These include the PUNB Entrepreneur Financing Programme, Fund for Local Strategic Investment, Fund for High Impact Project, Research and Development Loans for Aerospace and Electric and Electronic field, Special Business Financing Scheme for Women (DanaNITA), and Industry4WRD.
Section 3 Teks BI N.indd 156 18/10/2021 6:58 PM fiscal outlook 2022section 3 federal government expenditure A sum of RM3.2 billion will be allocated to the energy and public utility subsector to provide greater access to the rakyat, particularly the supply of electricity and water, telecommunication access and sewerage services.
Similarly, the agriculture subsector will be provided with an allocation of RM2.9 billion, mainly for settlers and smallholders development programmes, oil palm and rubber replanting, paddy irrigation system as well as poultry and cattle breedings, which are expected to boost the agro-industry.
In addition, the environment subsector will be provided with RM2.1 billion, primarily for river restoration and flood mitigation projects such as the construction of integrated river basins, maintenance of flood reservoir pond, upgrading of dam and stabilisation of river banks.

The social sector, which is the second-largest DE recipient, will be allocated RM22.7 billion.

The allocation increases by 30.7% as compared to the RM17.3 billion provided in 2021.
Education and training subsector continues to receive the largest allocation under this sector, amounting to RM12 billion, particularly for TVET, research grants, and the construction and expansion of educational institutions.

The health subsector will be allocated RM4.5 billion to ensure the availability and accessibility of a comprehensive healthcare system.

In addition, the provision will also be utilised for procuring medical service vehicles and equipment.
Among the new projects are the construction of Kapar Hospital in Selangor and the upgrading of hemodialysis facilities at the Ministry of Health Malaysia hospitals in Kedah, Penang and Perak, as well as the autopsy room of Sultan Ismail Hospital Forensic Department, Johor.

The Government remain committed to providing adequate and quality affordable houses to the low- and middle-income earners.
Thus, RM1.8 billion will be allocated under the housing subsector, of which the bulk of the allocation will be channeled to the construction of PPR houses and upgrading of civil servant quarters.

Other projects under the subsector include Rumah Mesra Rakyat programme and development of zero waste community among selected PPR, such as at Sri Kemuning in Temerloh, Pahang and Seri Sena in Kangar, Perlis.
The security sector will receive RM9 billion to be channelled to defence (60.4%) and internal security (39.6%) subsectors.

This involves the enhancement of network systems and services as well as the upgrade of military assets and security equipment.

Furthermore, the allocation will be provided for infrastructure projects, such as quarters for security personnel, health facilities and upgrading of prisons.
A sum of RM3.8 billion will be allocated for the general administration sector to strengthen the public sector under the 12MP.

Some of the key projects are digitalisation enhancement in the public sector, such as 1GOVNET, MYGOVUC, Court Recording Transcription System or e-Kehakiman and the expansion of public sector data centre services.

In addition, the allocation is also provided for maintenance of government buildings, assets and facilities, such as quarters, courts and training institutions.
Federal Recoverable Loans The total outstanding Federal Recoverable Loans1 as of 31 December 2020 was at RM43.1 billion or 2.6% to GDP.

Of the total loans disbursed through the Development Fund, more than half are loans to companies, amounting to RM24.9 billion, followed by state governments at RM13 billion (30.1%) and statutory bodies RM4.9 billion (11.4%).
1 The Federal Recoverable Loan is part of the Federal Government Financial Assets, which consist of loans facilities due from state governments, local governments, statutory bodies, companies, cooperatives and various organisations.
157 Section 3 Teks BI N.indd 157 18/10/2021 6:58 PM fiscal outlook 2022section 3 federal government expenditure In addition, the loans were also for local governments amounting to RM143 million (0.3%), other organisations at RM200 million (0.5%) and cooperatives at RM6.8 million (0.02%).

In 2021, the loan disbursement via DE is budgeted at RM1.2 billion or 1.9% of the total DE.

Of the total, state governments and companies remain the largest recipients, constituting 91.2% of the total loans disbursed.
This is followed by statutory bodies (7.8%) and others (1%).

The loans are disbursed to facilitate long-term investment projects, such as road infrastructure, water supply and sewerage.

In 2021, the Government is estimated to receive loan repayments amounting to RM0.8 billion.

About 41% of these repayments are expected to be received from state governments.

Sabah and Sarawak continue to be the major contributors.

Similarly, repayments from companies are also projected at about RM0.4 billion.
Bank Pertanian Malaysia Berhad (Agrobank), Pengurusan Aset Air Berhad and Yayasan Tekun Nasional are the top three contributors, with total repayments amounting to RM285.5 million.

In addition, total repayments from statutory bodies and local governments are estimated at RM59.2 million and RM5.1 million, respectively.

Meanwhile, repayments expected from other organisations such as clubs and associations are estimated at RM35.8 million.
In 2022, the Federal Government is budgeted to provide loans totalling about RM2 billion via DE to state governments, companies, statutory bodies and other organisations.

State governments continue to be the highest recipient of loans amounting to RM1 billion, followed by companies (RM0.8 billion), statutory bodies (RM123 million) and other organisations (RM10.9 million).
Loans to companies will be utilised mainly to fund programmes and projects related to water and electricity supply, land rehabilitation for rubber estates, oil palm replanting and highways constructions.

Likewise, loans for the state governments, local governments and statutory bodies will be used mainly to upgrade and maintain water supply and sewerage infrastructure, construct dams, and finance crop development projects.

Loan repayments in 2022 are estimated at RM0.6 billion.
About half of the total repayments are expected to be received from state governments with major contributions from Sabah, Sarawak and Selangor.

Loan repayments from companies are expected at RM0.2 billion, while the balance is from statutory bodies (RM58.6 million), local governments (RM4.2 million) and other organisations (RM11.7 million).

Conclusion The Government will continue to play its role in mitigating the impact of the COVID-19 pandemic on the rakyat, businesses and economy.
Its immediate priority is to provide adequate support for the implementation of the NRP, accelerate economic growth and lead the country out of the economic and health crises.

Any withdrawal of fiscal injection will depend on the pace of recovery to ensure the economy returns to its growth trajectory.

Nevertheless, initiatives to enhance effective and efficient spending will be pursued.
At the same time, as illustrated with the inaugural publication of the Pre-Budget Statement and Public Consultation Papers, the Government remain committed to upholding transparency and accountability in its public finance management.

158 Section 3 Teks BI N.indd 158 18/10/2021 6:58 PM fiscal outlook 2022section 3 federal government expenditure FIGURE 3.1.

Total Expenditure by Sector FIGURE 3.2.
Total Expenditure by Ministry and Agency 10.3% 9.8% 20222: RM332.1 billion 24.5% 24.0% 4.8% 5.2% 20211: RM320.6 billion 40.1% 40.1% 20.9% 20.3% SOCIAL ECONOMIC SECURITY GENERAL ADMIN OTHERS Ministry of Transport Ministry of Works Ministry of Rural Development Prime Minister's Department Ministry of Higher Education Ministry of Defence Ministry of Home Affairs Ministry of Finance Ministry of Health Ministry of Education OE20222 DE20222 OE20211 DE20211 0 10 20 30 40 50 60 RM billion FIGURE 3.3.
Operating Expenditure by Component FIGURE 3.4.
Operating Expenditure by Sector % to OE 100 90 80 70 60 50 40 30 20 10 0 2013 2014 2015 2016 2017 2018 2019 2020 20211 20222 RETIREMENT CHARGES DEBT SERVICE CHARGES SUPPLIES AND SERVICES EMOLUMENTS OTHERS GRANTS AND TRANSFERS TO STATE GOVERNMENTS GRANTS TO STATUTORY BODIES SUBSIDIES AND SOCIAL ASSISTANCE 34.7% 35.1% 10.8% 11.0% 20222: RM233.5 billion 20211: RM219.6 billion 39.9% 41.1% 5.3% 5.8% 8.2% 8.1% SOCIAL ECONOMIC SECURITY GENERAL ADMIN OTHERS FIGURE 3.5.

Development Expenditure by Sector FIGURE 3.6.
Federal Recoverable Loans under Development Fund by Debtor, End-2020 4.9% 11.9% 20222: RM75.6 billion 5.7% 11.8% 20211: RM62.0 billion 28.0% 30.0% 54.5% 53.2% SOCIAL ECONOMIC SECURITY GENERAL ADMIN 1Revised estimate 2Budget estimate, excluding 2022 Budget measures Source: Ministry of Finance, Malaysia RM billion 24 24.85 20 16 12 8 4 0 12.98 4.89 0.14 0.01 0.20 159 Section 3 Teks BI N.indd 159 18/10/2021 6:58 PM fiscal outlook 2022section 3 federal government expenditure Section 3 Teks BI N.indd 160 18/10/2021 6:58 PM sectio n 4 Debt Management 163 ov e rv i e w 163 fi n a nc i ng Feature Article - Government of Malaysia’s 2021 Global Sukuk 17 2 fe de r a l gov e r nme nt de bt Feature Article - Malaysia’s Debt Sustainability Analysis 2021 181 e x te r n a l de bt 182 publ ic s ec tor de bt 182 outlook for 2022 183 conclus ion Section 4 BI.indd 161 18/10/2021 6:55 PM Section 4 BI.indd 162 18/10/2021 6:55 PM section 4 Debt Management Overview Global government debt reached an unprecedented level, nearing 100% to world gross domestic product (GDP) in 2020 and is projected to remain elevated in 2021 and 2022.
Meantime, global economic recovery is progressing, albeit slower than anticipated, due to a high degree of uncertainty resulting from the resurgence of COVID-19 cases with the emergence of new variants.

Governments continue to provide fiscal support to accelerate economic recovery with fiscal injections estimated at USD16.9 trillion.1 Therefore, the supply of government securities in the market is projected to remain high as governments resort to borrowing to fund stimulus measures.
Nevertheless, monetary policy easing to address financial market volatility, global economic conditions and inflationary pressures led to a low-interest-rate environment, benefiting governments with lower financing costs.

In line with global trends, the Government unveiled another four assistance and stimulus packages.
In addition, the resumption of the strict containment measures beginning May 2021 amid rising COVID-19 cases has led to the downward revision of growth projections which is expected to impact the fiscal deficit.
Consequently, to provide fiscal flexibility and enable a smooth implementation of the additional packages, the Dewan Rakyat has approved the increase of statutory debt ceiling from 60% to 65% to GDP under the Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 [Act 830].

Nonetheless, the steady progress of the National COVID-19 Immunisation 1 IMF October 2021 Fiscal Monitor.
Programme (PICK), as an integral part of the National Recovery Plan (NRP), is expected to accelerate the resumption of economic and social activities and catalyse the recovery.
Financing In 2021, the Government announced four additional assistance and stimulus packages, namely Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI), Strategic Programme to Empower the People and Economy (PEMERKASA), Strategic Programme to Empower the People and Economy Plus (PEMERKASA+) and National People’s Well-Being and Economic Recovery Package (PEMULIH), totalling RM225 billion with a fiscal implication of RM25 billion.
The packages aim to provide assistance to the rakyat and businesses to cushion the impact of the COVID-19 pandemic, which was exacerbated by the emergence of new and more infectious variants, resulting in the prolonged Movement Control Orders (MCO).

Thus, the Government reviewed its annual borrowing requirements for the year, taking into account the increase in Federal Government spending and reduced revenue collection.
Consequently, the initial fiscal deficit target of 5.4% to GDP has been revised upward to 6.5% to accommodate the additional financing requirement following the announcement of the packages.

The Federal Government’s total gross borrowings are expected to record RM210.8 billion or 13.9% to GDP in 2021, with RM110.4 billion to be utilised for principal repayments while RM98.8 billion for deficit financing.
Principal repayments consist of maturing Malaysian Government Securities (MGS) 163 Section 4 BI.indd 163 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management at RM38.7 billion, Malaysian Government Investment Issues (MGII) at RM29 billion, treasury bills at RM33 billion, Government Housing Sukuk (SPK) at RM6 billion and offshore borrowings at RM3.7 billion.

Gross domestic borrowings are estimated to reach RM205.5 billion or 97.5% of total gross borrowings.
Given sufficient liquidity in the domestic market, the Government has been able to fund its additional borrowing requirements across various tenures.

The issuance of MGS is expected to remain substantial at RM83 billion or 39.4% of total gross borrowings, while MGII at RM77 billion or 36.5%.

In addition, treasury bills issuance is estimated to be higher at RM45.5 billion or 21.6% of total gross borrowings to address short-term cash flow needs.

taBle 4.1.
Federal Government Financing 2020 – 2021 rM Million sHare (%) 2020 20212 2020 20212 Gross borrowings 181,067 210,777 100.0 100.0 Domestic 181,067 205,500 100.0 MGS MGII 73,000 83,000 76,466 77,000 Treasury bills 31,601 45,500 Offshore Market loans Project loans - - - 5,277 5,277 - 40.3 42.2 17.5 - - - 97.5 39.4 36.5 21.6 2.5 2.5 - Repayments 94,477 110,376 100.0 100.0 Domestic Offshore 94,146 106,700 99.6 331 3,676 0.4 96.7 3.3 Net borrowings 86,590 100,401 Domestic Offshore 86,921 98,800 -331 1,601 Change in assets1 1,054 -1,624 Total deficit financing 87,644 98,777 - - - - - - - - - - 1 (+) indicates a drawdown of assets; (-) indicates accumulation of assets 2 Estimate Source: Ministry of Finance, Malaysia 164 The issuance profile was adjusted with the increase in issuances of short- and medium- term instruments.
The composition of short- term papers (less than a year) and medium- term papers (3 to 7 years) is anticipated to be higher at 58.2% of total gross domestic borrowings, while issuances of long-term papers (exceeding 10 years) are expected to be lower at 41.8%.

In general, higher issuances of short-term papers lower the overall funding costs and average time to maturity while increase refinancing risk.
The Government financing operations are mostly conducted through open market auctions, constituting 84.7% of total domestic issuances in view of the market’s ability to absorb the additional supply.

In 2021, the Government increased the re-opening of the benchmark papers, accounting for 94.6% of 37 issuances compared to 88% of 34 issuances in 2020, to ensure a well-distributed supply throughout the year.
A higher re-opening will lead to larger outstanding issuance sizes and facilitate investors’ index-tracking activities in accessing the domestic debt market, thus further improve the secondary market trading liquidity.

Accordingly, the Government has taken a proactive approach in effectively communicating to the market with regard to additional funding needs and revisions to financing strategies.
The Federal Government remains committed to its debt management objective of minimising funding costs while maintaining a well-spread debt maturity profile.

The Government received a total bid of RM186 billion for market issuances of RM87 billion during the first eight months of 2021, reflecting a stable demand for government securities.
The bid-to-cover (BTC) ratio at 2.14 times indicates the Government’s ability to manage surging borrowing needs without undermining the functioning of the domestic bond market despite the challenging economic environment.

However, the BTC ratio was lower than the corresponding period in 2020 at 2.27 times.

The demand for short- and medium- term papers was slightly lower at the BTC ratio of 1.89 times compared to long-term papers at 2.42 times.
Investor preferences and market trends mainly influenced the BTC ratio, with investors’ demand for shorter tenure securities hampered by the likelihood of the US interest rate normalisation in June 2021.

On the other Section 4 BI.indd 164 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management hand, institutional investors, namely insurance companies and pension funds favour long-term issuances to match the maturity profile of their liabilities.
Several initiatives were implemented in ensuring an orderly domestic financial market.

As at end-September 2021, the Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR) at 1.75%.

BNM also announced the extension of temporary flexibility for banking institutions to use MGS and MGII to meet the Statutory Reserve Requirement (SRR) until the end-December 2022 to ensure sufficient liquidity in supporting financial intermediation activity.
The SRR ratio remains unchanged at 2.00% and this measure has released approximately RM46 billion worth of liquidity into the banking system.

In addition, ongoing initiatives by BNM to enhance the domestic Government bond market has resulted in Malaysia being removed from the FTSE Russell Watch List and retained on the World Government Bond Index.
Despite the increase in the supply of government securities, the cost of borrowing remained low, buoyed by the low-interest-rate environment due to policy easing.

However, the outcome of the 2020 US Elections has influenced the dynamics of US Treasury (UST) yields, where the yields rose in tandem with the improvement of the US economy, following the easing of lockdowns and faster-than-expected vaccination rollout.
The spillover effect from the rise in UST yields has influenced the performance of MGS yields, with the benchmark coupon rates of 3-, 5- and 10-year MGS increased to 2.34%, 2.68% and 3.20%, respectively as at end-August 2021.

Nevertheless, the Government’s strategy to re-open papers with lower coupon rates has resulted in a noticeable decline in the Government’s weighted average borrowing costs from 4.18% in 2017 to 3.70% as at end- August 2021.
The domestic bond market recorded 14 months of continuous net foreign inflows since April 2020.

However, the trend reversed beginning July 2021 due to lower foreign holdings of short-dated securities, particularly the Malaysian Treasury Bills (MTB).

This 2 RAM Sukuk Snapshot 2Q2021.

followed the expectation of the US policy rate normalisation as well as increased domestic risk factors following escalating daily COVID-19 cases, the extension of MCO and political uncertainties.
Despite the challenging environment, total net foreign inflows in the first eight months of 2021 reached RM28.4 billion, with foreign demand for MGS registering a net inflow of RM14.4 billion.

The positive fund flows also demonstrated investors’ confidence in the Government’s ongoing effort to expedite the vaccination rate through PICK, an integral part of the NRP.
Malaysia remained the leader in the global sukuk market with a commendable market share of 40.9% of the global sukuk outstanding as at end-June 2021.2 The issuance of MGII is expected to account for 36.5% of total gross borrowings, while MITB at 14.2%.

Since the beginning of 2021, spreads between the 3- and 5-year Government’s bond and sukuk yields have been narrowing, with yields on MGII declining at a faster pace compared to its MGS equivalent.
As at end-August 2021, the 5-year yields on MGII were 4 basis points lower than the corresponding MGS yields of similar maturity.

In addition, the majority of the bidding interest was skewed towards MGII, which recorded a BTC ratio of 2.34 times compared to MGS at 1.96 times.

The oversubscribed issuances reflected strong demand for Shariah-compliant government papers, supported by the enabling environment in the domestic market.
Gross offshore borrowings as at end-August 2021 amounted to RM5.3 billion due to issuances of the dual-tranche sukuk of USD1.3 billion on 28 April 2021.

The sukuk issuance with a maturity period of 10-year and 30-year was much anticipated by investors as Malaysia has a successful track record in issuing innovative Shariah-compliant products.

The 10- year tranche being the world’s first sovereign USD Sustainability Sukuk was priced at 2.070%, while the 30-year tranche was 3.075%.
The sukuk structure is unique as its underlying assets are 100% non-physical, comprising travel vouchers of clean energy public transport, which is fully aligned with the concept of sustainability.

The issuance further reinforced Malaysia’s position as a leading Islamic financial hub in the global market.
165 Section 4 BI.indd 165 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management feature article Government of Malaysia’s 2021 Global Sukuk Background The prolonged COVID-19 crisis and the ensuing fiscal response by countries worldwide have resulted in a huge increase in the sovereign borrowing requirements.

Since the beginning of the pandemic in January 2020, a total of USD16.9 trillion in fiscal injections for economic recovery plans has been collectively announced by countries.
The heightened focus on COVID-19 response efforts has motivated policymakers and investors to seek different financing strategies as reflected in the recent momentum in environmental, social and governance (ESG) initiative.

Furthermore, the 2030 Agenda for Sustainable Development (2030 Agenda), which was established on 25 September 2015, sets a new global framework for sustainable development financing by aligning the policies and flow of funds with economic, social and environmental priorities.
Accordingly, the global Green, Social, Sustainability and Sustainability-linked (GSSS) bonds reached USD574 billion in the first half of 2021, more than entire issuances in 2020 (Figure 1).

FIGURE 1.
FIGURE 1.

GSSS Global Bond Issuances USD billion 700 600 500 400 300 200 100 0 573 574 335 207 155 102 49 2015 2016 2017 2018 2019 2020 20211 EUROPE, THE MIDDLE EAST AND AFRICA (EMEA) AMERICA ASIA PACIFIC 1 End-June 2021 Source: Bloomberg Malaysia’s 2021 Global Sukuk Issuance Malaysia’s venture into sustainable finance commenced in 2014 with the formulation of the Sustainable and Responsible Investing (SRI) Sukuk Framework by the Securities Commission Malaysia.
The Framework has paved the way for the alignment of sustainable finance and investment to the values and principles of Islamic finance.

In addition, the Sustainable Development Goals (SDG) have been localised and integrated within the national development planning framework since the Government’s formal adoption of the 2030 Agenda, as reflected in the alignment to key strategic thrusts of the Eleventh Malaysia Plan (11MP), 2016-2020.
To boost the implementation of its sustainable finance plan, the Government has also announced measures to support the development of sustainable finance ecosystem in the 2021 Budget.

After a series of successful issuances of USD-denominated sukuk since 2002, the Government once again tapped into the global market with the issuance of a dual-tranche USD1.3 billion sukuk on 28 April 2021.
The first tranche of a 10-year, USD800 million issuance records a new milestone as the world’s first sovereign USD-denominated sustainability sukuk, signifying Government’s latest commitment towards advancing sustainable development.

At the same time, the Government also issued a 30-year tranche of USD500 million sukuk.

The transaction also set a new benchmark as the lowest priced global USD sukuk by the Government of Malaysia.
166 Section 4 BI.indd 166 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management section 4 DEBT MANAGEMENT The Sukuk Structure and Transaction Flow The sukuk was structured under the Shariah principle of Wakalah.

The underlying assets are unique and in line with the spirit of the sustainability tranche, being 100% non-physical assets, namely vouchers representing travel entitlement on Malaysia’s Light Rail Transit (LRT), Mass Rapid Transit (MRT) and KL Monorail networks.
These modes of clean transportation are fully aligned with the SDG 9 Goal of Industry, Innovation and Infrastructure as well as SDG 11 Goal of Sustainable Cities and Communities.

Thus, the transaction also set a new record as the first sovereign issuance with such assets in a sukuk structure, demonstrating Malaysia’s global leadership in Islamic finance and reinforcing the country’s position as the world’s largest sukuk market.

The sukuk structure and transaction flows are shown in Figure 2.

FIGURE 2.
FIGURE 2.

Sukuk Structure and Transaction Flow Government of Malaysia as Seller of Voucher Government of Malaysia as Wakeel Government of Malaysia as Obligor 3a.

Sukuk Proceeds 3b.

Purchase Vouchers* Voucher Purchase Agreement 2.

Appoint GOM as Wakeel Wakalah Agreement 4.

Distribution proceeds Malaysia Wakala Sukuk Berhad (Issuer/Trustee) 1.

Issue Sukuk Declaration of Trust 4.

Periodic Distribution 5c.

Dissolution Amount Sukuk Certificate holders Step Description 5a.
Pool of Wakalah Sukuk Assets Purchase Undertaking 5b.

Maturity: Sukuk Exercise Price Goods Flow Contract Flow Cash Flow Malaysia Wakala Sukuk Berhad (MWSB), a special purpose vehicle (SPV), issued Trust Certificates to sukuk certificate holders in consideration for the proceeds.
The Government was appointed as an agent of the certificate-holders (Wakeel) to act as the Issuer’s agent in providing certain services in relation to the Wakalah sukuk assets, subject to terms and conditions of the Wakalah Agreement.
a) On the issuance date, SPV as the Trustee, would utilise 100% of the proceeds to buy vouchers of travel entitlement on public transport (Vouchers1) b) In return, the Government will supply the Vouchers to MWSB as the Trustee, which will then declare a trust over the Vouchers for and on behalf of the certificate holders.

The returns from the sale of vouchers will be paid by the Trustee to the certificate-holders on each periodic distribution date.
a) Upon maturity or redemption date, the Government as an Obligor will purchase the Wakalah sukuk assets from the Trustee at the exercise price on the scheduled maturity date of the Trust Certificates.
b) and c) The funds received from the exercise price will be used to redeem the sukuk from the certificate- holders 1 The Government has irrevocable rights to substitutes the Vouchers with new vouchers and/or replacement assets, provided that such assets are Shariah-compliant tangible assets as approved by Shariah Adviser at the time of substitution Source: Ministry of Finance, Malaysia fiscal outlooK 2022 167 Section 4 BI.indd 167 18/10/2021 6:55 PM section 4 DEBT MANAGEMENT The sukuk transaction involved legal documents based on Malaysian and English Law.
The main legal documents binding the transaction are as shown in Figure 3.

FIGURE 3.

Main Transaction Agreement Declaration of Trust Sets the Delegate’s terms of appointment.

The Issuer declares themselve as Trustee of the Trust Assets, including the Wakalah assets purchased with the sukuk proceeds for and on behalf of the certificate-holders.

Wakalah Agreement Defines the appoinment and duties of GOM as Wakeel to act as the Issuer’s agent in respect of the underlying assets for the sukuk.
Voucher Purchase Agreement Specifies transaction of Vouchers (representing an entitlement to a specified number of travel units) between the Trustee and the Issuer.

Purchase Undertaking Prescribes GOM’s purchase of trust assets from the Trustee as stipulated in the transaction agreement.

Substitution Undertaking Defines the undertaking pledged by the Trustee to transfer the trust assets to GOM for the purpose of new assets substitution that comply the eligibility requirements.
Source: Ministry of Finance, Malaysia Government of Malaysia’s SDG Sukuk Framework Since national development plan has always been geared towards economic, social and environmental agenda, the formulation of the Government of Malaysia SDG Sukuk Framework1 is aligned with its five-year national development plans, which utilises the government development budget.
The SDGs alignment process is realised through an expenditure mapping exercise involving the coordination of the action plans, initiatives and outcomes of national development plans to the SDGs’ goals, targets and indicators.

The Sustainability Sukuk is issued based on the newly established Framework.

The Framework was formulated based on four key components, namely use of proceeds; project evaluations and selections; management of proceeds; and reporting (Figure 4).
It also outlines the criteria for Eligible Social and Green Expenditure to be made with the Sukuk proceeds (Figure 5).

1 More information on the Government of Malaysia SDG Sukuk Framework and the Second Party Opinion can be found at www.mof.gov.my/en/ economy/sustainability 168 fiscal outlooK 2022 Section 4 BI.indd 168 18/10/2021 6:55 PM FIGURE 4.
Key Components of the Framework section 4 DEBT MANAGEMENT Project Evaluations and Selections The evaluations and selection process ensures that proceeds from any GOM SDG Sukuk are linked to Eligible Expenditures, as set forth in the Framework.

Management of Proceeds The proceeds of each GOM SDG Sukuk issued will be managed in accordance with Act 406 and can be used both for the financing and refinancing of Eligible Expenditures, where the utilisation will be tracked as stipulated in the Framework.
Reporting The Government will prepare the SDG Sukuk Report annually for each SDG Sukuk issued, from the beginning of the transaction until maturity of the SDG sukuk.

Use of Proceeds Proceeds from this issuance are used by the Government to finance Shariah compliant general purposes, which has eligible social and green focus as defined in the Framework and also for the purpose as described under the External Loans Act 1963 [Act 403] and Development Funds Act 1966 [Act 406].
Source: Ministry of Finance, Malaysia.

FIGURE 5.
Eligible Social and Green Expenditures Healthcare GOOD HEALTH AND WELL-BEING 3 Education and Training QUALITY EDUCATION 4 Construction or upgrading of health facilities Providing mobile healthcare or flying doctor services Providing pandemic-related support programmes and projects Construction or upgrading schools, universities and higher learning institutions Providing professional development and training Providing upskilling and reskilling training Awarding grants and scholarships SUSTAINABLE CITIES AND COMMUNITIES LIFE ON LAND Clean Transportation 11 Developing clean public transportation system Procurement of electric or hydrogen-powered vehicles for public transportation R&D and manufacturing of electric vehicles and associated infrastructure Sustainable Management of Natural Resources 15 Conservation of habitat and biodiversity through sustainable management Implementation of sustainable agriculture techniques and production ELIGIBLE SOCIAL EXPENDITURES ELIGIBLE GREEN EXPENDITURES Basic Infrastructure Support for SMEs Providing loans or other financial support for SMEs Providing funding and/or training to support export competitiveness Renewable Energy Green Buildings Development, manufacturing, installation and operation of solar and mini hydro projects Building solar energy projects Construction of government buildings or facilities that met the criteria of a recognised green building certification Construction of affordable housing Providing access to water and electricity supply Widening broadband infrastructure Construction or upgrading basic social amenities NO POVERTY CLEAN WATER AND SANITATION SUSTAINABLE CITIES AND COMMUNITIES 1 6 11 Source: Ministry of Finance, Malaysia DECENT WORK AND ECONOMIC GROWTH 8 AFFORDABLE AND CLEAN ENERGY INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLE CITIES AND COMMUNITIES 7 9 11 fiscal outlooK 2022 169 Section 4 BI.indd 169 18/10/2021 6:55 PM The Framework received a Second Party Opinion from Sustainalytics, which opined that the Framework is credible and impactful as well as aligned with the country’s current development plan.
Sustainalytics also considers the proceeds are expected to facilitate the country’s transition to a low-carbon economy and lead to positive social impacts in Malaysia.

The Framework was also declared as being aligned with the four core components of the Green Bond Principles 2018, the ASEAN Sustainability Bond Standards 2018 and Social Bond Principles 2020.
The Government will update the Framework regularly, taking into account latest developments in the upcoming Malaysia development plans particularly in relation to additional achievable SDG goals and development projects which meets international standards.

Sukuk Transaction A two-day virtual roadshow was held prior to the issuance covering Asia, the Middle East, Europe and the US.

The issuance received an overwhelming response, attracting orders from over 220 global and domestic investors.
This reflected investors’ confidence in Malaysia’s strong economic fundamentals despite a challenging economic environment due to the COVID-19 pandemic.

The strong demand also resulted in the lowest ever yield and spread for a USD sukuk issuance by Malaysia, with both the 10-year and 30-year tranches priced at 2.070% and 3.075%, respectively.

Investors’ Distribution and Profile Following the immense response from investors during the roadshow, the sukuk offerings were oversubscribed by 6.4 times.
The final allocation was well-distributed globally, with almost 90% of the 10-year Sustainability Sukuk allocated to investors in Asia, the Middle East and Europe, particularly Singapore, Hong Kong, the United Arab Emirates and the UK.

In terms of investors’ profiles, fund managers and insurance companies were the largest investors at 67%, followed by banks (18%) as well as central banks and governments (14%).

FIGURE 6.
Investors’ Proﬁle Distribution by Region Distribution by Investor Type 30-year 30-year 21% 12% 40% 33% 10-year 45% 10% 33% 6% ASIA EX-MALAYSIA MALAYSIA EMEA US Source: Ministry of Finance, Malaysia 170 3% 10% 4% 1% 14% 18% 10-year 67% 83% FUND MANAGERS AND INSURANCE COMPANIES CENTRAL BANKS AND GOVERNMENTS BANKS OTHERS Section 4 BI.indd 170 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management In addition, a total of 46% of the 30-year sukuk was distributed to investors in Asia, followed by Europe, the Middle East and Africa (33%) and the US (21%).
Fund managers and insurance companies also dominated the subscription of the 30-year tranche at 83%, followed by central banks and governments (10%) and banks (4%), as shown in Figure 6.

Conclusion Since the successful global sukuk issuance in 2016, Malaysia re-entered the market with the Government’s sixth USD-denominated sukuk issuance.

Despite the COVID-19 pandemic impacting the global economy, the Government’s resilient credit profile has resulted in the lowest yield and spread to the US Treasury.
The issuance of the world’s first sovereign USD Sustainability Sukuk demonstrates the Government’s unwavering commitment to building a sound financing system to support the national sustainable development agenda.

The issuance has further reinforced Malaysia’s position as a leading international Islamic financial hub in the global market.

References Environmental Finance.

(2021).

Sustainable Bonds Insight 2021.

Retrieved from https://www.


environmental-finance.com/assets/files/research/sustainable-bonds-insight-2021.pdf Islamic Corporation for the Development of the Private Sector (2021).

Islamic Finance Development Report 2020.

Retrieved from https://icd-ps.org/uploads/files/ ICDRefinitiv%20IFDI%20Report%20 20201607502893_2100.pdf International Monetary Fund.

(2021).

World Economic Outlook Update July 2021.

Fault Lines Widen In The Global Recovery.


Retrieved from https://www.imf.org/en/Publications/WEO/Issues/2021/07/27/ worldeconomic-outlook-update-july-2021 Ministry of Finance Malaysia.

(2021).

Second-Party Opinion: The Government of Malaysia SDG Sukuk Framework.

Ministry of Finance Malaysia.

(2021).

The Government of Malaysia SDG Sukuk Framework.

Navina Balasingam.

(2021).

Advancing Sustainable Finance in Malaysia – the Year in Review.
Retrieved from https://www.bixmalaysia.com/Learning-Center/Articles-Tutorials/Advancing-Sustainable- Finance-in-Malaysia-%E2%80%93-the-Ye Securities Commission Malaysia.

(2019).

Sustainable and Responsible Investment Sukuk Framework: An Overview.

United Nations.

(2015).

Addis Ababa Action Agenda.

Retrieved from https://www.un.org/esa/ffd/wp- content/uploads/2015/08/AAAA_Outcome.pdf United Nations.

(2015).

United Nations Summit on Sustainable Development.


Retrieved from https:// sustainabledevelopment.un.org/rio20 Section 4 BI.indd 171 18/10/2021 6:55 PM 171 fiscal outlook 2022section 4 debt management Federal Government Debt The issuances and management of the Federal Government debt are governed under several legislations according to the types of instruments.
Conventional domestic securities, namely MGS and MTB are issued under the Loan (Local) Act 1959 [Act 637] and Treasury Bills (Local) Act 1946 [Act 188], respectively, while the Government Funding Act 1983 [Act 275] regulates Islamic instruments issuance, namely MGII and MITB.

In addition, the External Loans Act 1963 [Act 403] governs the issuance of offshore borrowings.

These legislations also stipulate the usage of proceeds and the limits on the amount of outstanding debts for each instrument.
As at end-June 2021, the overall Federal Government debt stood at RM958.4 billion or 63.3% to GDP.

In terms of statutory debt limits, accumulated domestic debts of MGS, MGII and MITB constituted 58.8% to GDP, below the 65% threshold governed under Act 830.

Meanwhile, the MTB has reached the RM10 billion ceiling as provided for under Act 188.

Offshore borrowings at RM33.6 billion is still within the permissible amount of RM35 billion under Act 403. taBle 4.2.
Debt Legislative Guidelines The Federal Government debt is mainly denominated in ringgit, constituting 96.5% of the total, while the remaining 3.5% is in foreign currency.

Domestic debt stood at RM924.8 billion, comprising mainly MGS (51.4%) and MGII (42.3%), with maturities ranging between 3 to 30 years.

In contrast, treasury bills, comprising MTB (RM10 billion) and MITB (RM24 billion), are short-dated instruments with 3-, 6-, 9- or 12-month maturity totalling RM34 billion.
In addition, the outstanding balance of the SPK, which was issued by the Government before the establishment of the Public Sector Home Financing Board (LPPSA), reduced further to RM24.1 billion and will be fully redeemed by 2024.

Offshore borrowings, comprising market and project loans mainly denominated in US dollar (63%) and yen (36.5%), increased to RM33.6 billion as at end-June 2021 due to the USD global sukuk issuance.
Market loans, consisting of global sukuk and Samurai bond, stood at RM28.7 billion, while projects loans totalled RM4.9 billion, mainly for financing existing programmes and projects for universities, sewerage plants and water transfer infrastructure under bilateral and multilateral arrangements.
act statutorY liMit enD-June 2021 Loan (Local) Act 1959 Government Funding Act 1983 Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 Outstanding MGS, MGII and MITB not exceeding 65% to GDP 58.8% to GDP (RM890.7 billion) External Loans Act 1963 Offshore borrowings not exceeding RM35 billion RM33.6 billion Treasury Bills (Local) Act 1946 MTB not exceeding RM10 billion RM10 billion Source: Ministry of Finance, Malaysia 172 Section 4 BI.indd 172 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management taBle 4.3.
Federal Government Debt by Instrument 2020 – 2021 coMPonent Domestic debt MGS MGII1 SPK Treasury bills Offshore borrowings Market loans Project loans Total Memorandum item: rM Milllion sHare (%) sHare to GDP (%) Non-resident holdings of ringgit-denominated debt securities 208,190 233,826 24.5 25.3 14.7 15.4 1 Including Sukuk Prihatin 2 End-June 2021 Source: Ministry of Finance, Malaysia For 2021, the debt service charges (DSC) to revenue ratio is estimated to increase to 17.6% (2020: 15.3%) due to the anticipated reduction in revenue collection as most of the economic sectors was not allowed to operate during the MCO.
The financing costs for domestic debt instruments is expected to reach RM38.1 billion, while the balance of RM0.9 billion is for foreign-currency loans.

The weighted average interest rate for outstanding domestic debt is estimated to be lower at 3.957% (2020: 4.032%), reflecting the low- interest-rate environment, despite higher reopenings for current year issuances.

In terms of debt maturity profile, the weighted average time to maturity shortened to 8.1 years as at end-June 2021 (2020: 8.6 years).
The share of medium- and long-term papers with a remaining maturity of 6 years and above decreased to 52.1% (end-2020: 56.6%), while the share of securities with a remaining maturity of 5 years and below increased to 47.9% (end-2020: 43.4%).

This is in line with the Government debt management strategy to balance the market demand with immediate financing needs.

As at end-June 2021, the share of resident holdings to total debt slightly decreased to 72.6%.
Resident holdings amounted to RM696.1 billion, mainly consisting of large and long-term institutional investors, such as Employees Provident Fund (24.1%), insurance companies (4.6%) and Retirement Fund (Incorporated) (2.9%).

Other resident holders include banking institutions (33.6%), development financial institutions (1.9%) and others (5.5%).

Non-resident holdings remained stable at RM262.3 billion, accounting for 27.4% of total debt.
Long term institutions, such as pension funds, insurance companies as well as central bank, supranational and sovereigns, held a sizeable share of 13.6%, while fund managers accounted for 9.4%.

The balance was contributed by banking institutions with 3.6% holdings and other non-residents (0.8%).

Furthermore, non- resident investment in MGS was sustained at 40.4% of the total MGS outstanding (end-2020: 40.6%), reflecting renewed investors’ confidence and interest in Government bonds.
173 Section 4 BI.indd 173 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management taBle 4.4.
Federal Government Debt by Holder 2020 – 2021 coMPonent Resident Employees Provident Fund Retirement Fund (Incorporated) Insurance companies Banking institutions Development financial institutions Others1 Non-resident Fund manager Central bank, supranational and sovereigns Banking institutions Pension funds Insurance companies Others2 Total rM Million sHare (%) sHare to GDP (%) Includes other non-bank financial institutions, statutory bodies, nominees and trustee companies, co-operatives, securities placed by institutional investors at the central bank and unclassified items 2 Include nominees/custodians, individuals, non-financial corporations, multilateral and bilateral institutions as well as unidentified sectors 3 End-June 2021 Source: Ministry of Finance, Malaysia feature article Malaysia’s Debt Sustainability Analysis 2021 Introduction The COVID-19 pandemic has severely affected the global economy and led countries to implement expansionary fiscal measures, particularly providing support to households, businesses and health services.
With limited fiscal space, most countries have resorted to raising additional borrowings to cater for additional expenditure to save lives and livelihood, businesses and the economy.

Thus, assessing debt sustainability is imperative to ensure medium and long-term fiscal robustness in weathering the impact of external economic shocks.
Debt sustainability for a country can be defined as a situation in which a sovereign is expected to be able to continue servicing its current and future payment obligations without exceptional financial assistance or going into default.
In general, Debt Sustainability Analysis (DSA) framework, developed by the International Monetary Fund (IMF), aims to: 174 Section 4 BI.indd 174 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management a) Assess the current debt situation, its maturity structure, whether it has fixed or floating rates, whether it is indexed, and by whom it is held; b) c) Identify vulnerabilities in the debt structure or the policy framework far enough in advance so that policy corrections can be introduced before payment difficulties arise; and In cases where such difficulties have emerged or are about to emerge, examine the impact of alternative debt-stabilising policy paths.
Based on this framework, the debt burden threshold for emerging markets is benchmarked at a debt-to-GDP ratio of 70% and gross financing needs-to-GDP ratio of 15%.

In the last decade, the two main factors contributing to debt creation are primary deficit and real interest rate.

Meanwhile, real GDP growth has led to a lower fiscal deficit and subsequently lowered the debt ratio, indicating an inverse correlation between the debt-to-GDP ratio and economic growth.
In contrast, for 2020, the COVID-19 pandemic has resulted in a GDP contraction, thus disrupting the fiscal consolidation path.

Hence, as illustrated in Figure 1, macro-fiscal factors namely primary deficit, real GDP growth and real interest rate, contributed to the surge of debt-to- GDP ratio in 2020.

FIGURE 1.
FIGURE 1.

Debt-Creating Flows (% GDP) 12 10 8 6 4 2 0 -2 -4 -6 -8 -10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 PRIMARY DEFICIT REAL INTEREST RATE REAL GDP GROWTH EXCHANGE RATE DEPRECIATION RESIDUAL CHANGE IN GROSS DEBT Source: Ministry of Finance, Malaysia and IMF Scenario Analyses In the baseline scenario, the gross financing needs are estimated at 13.8% to GDP in 2021 and are expected to reduce to 7.1% by 2026.
Consequently, the overall debt-to-GDP ratio1 is estimated at around 65% in 2021 and projected to stabilise to around 64% by 2026.

These projections are still below the DSA’s debt and gross financing needs benchmark of 70% and 15% to GDP, respectively.
This scenario is based on the following macro-fiscal assumptions: 1 For the purpose of this DSA, debt coverage only refers to Federal Government debt 175 Section 4 BI.indd 175 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management A. Baseline Scenario Analysis Macro-fiscal VariaBles aVeraGe (2021-2026) Real GDP growth (% per annum) Inflation (% per annum) Primary Balance (% to GDP) Effective Interest Rate (%) 5.1% 2.1% -2.1% 4.3% In addition to the baseline scenario, the DSA also simulates alternative scenarios to estimate debt ratio and gross financing requirements on the following assumptions: i.
Constant Primary Balance Scenario This scenario assumes the primary balance remains constant with no fiscal consolidation over the medium term.

With this assumption, the debt level is projected to reach 74.4% to GDP by 2026, exceeding the DSA’s debt benchmark of 70%.

The gross financing requirements will also increase to 13.8% to GDP in 2021 and estimated to reduce to 10.6% by 2026. ii.
Historical Scenario Under this scenario, it is assumed that the historical trend of the macro-fiscal variables will be maintained over the projection years.

The debt-to-GDP ratio is forecasted to slightly exceed the DSA’s debt benchmark at 70.7% by 2026, while gross financing needs are projected to decline to around 9% to GDP by 2026.

This indicates that assuming the previous fiscal consolidation effort is replicated, the Government may require a longer time frame to reduce its debt-to-GDP ratio.
All the scenarios are featured graphically, as shown in Figure 2 below: FIGURE 2.
Baseline and Alternative Scenarios GROSS NOMINAL DEBT (% GDP) 80 75 70 65 60 55 50 2019 Projection 2020 2021 2022 2023 2024 2025 2026 BASELINE HISTORICAL CONSTANT PRIMARY BALANCE Source: Ministry of Finance, Malaysia and IMF 176 GROSS FINANCING NEEDS (% GDP) 16 14 12 10 8 6 4 2019 Projection 2020 2021 2022 2023 2024 2025 2026 Section 4 BI.indd 176 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management Sensitivity Analyses Stress tests are conducted to simulate the impact of macro-fiscal shocks on Malaysia’s debt sustainability.
Furthermore, additional stress tests are applied by simulating combined macro-fiscal shock as well as contingent liabilities shock.

The outcome of the analysis highlights the Government’s level of indebtedness in the event of any shocks, thus guiding the formulation of mitigation measures before such shocks arise.

i.
i.

Primary Balance Shock Scenario Assuming the primary deficit is higher at 3.6% and 2.7% to GDP in 2022 and 2023, the debt-to- GDP ratio is projected to peak at 66.7% in 2023 and gradually reduce to 65.6% by 2026.

Gross financing needs will decline to 7.4% by 2026.

Both indicators remain below the DSA benchmark.

ii.
ii.

Real GDP Growth Shock Scenario Assuming real GDP growth slows down to 2.5% and 1.9% in 2022 and 2023, the debt level is estimated to peak at 73.6% to GDP by 2023 and will remain elevated at 71.1% in 2026, exceeding the DSA’s debt benchmark of 70%.

Gross financing needs will reach 13.6% to GDP in 2022 and gradually decline to 7.8% by 2026. iii.
Real Interest Rate Shock Scenario Assuming effective interest rate increases by an average of 110 basis points annually from 2023 until 2026, the debt-to-GDP ratio will exceed the DSA benchmark by 2025 at 70.2%.

Moreover, the gross financing needs are higher than other shock scenarios in 2024 to 2026, ranging between 9% and 11% to GDP.

iv.
iv.

Exchange Rate Shock Scenario Assuming the exchange rate spiked by 30% from the baseline assumption in 2022, the debt ratio is projected to average at 61.7% to GDP throughout the projection years.

Gross financing requirements will continue to decline from 11.8% to GDP in 2022 to 6.8% by 2026.

The shock scenario has the least impact on the debt parameter compared to other shock scenarios due to the low composition of foreign-denominated instruments.
v. Combined Macro-Fiscal Shock Scenario Assuming all the macro-fiscal shocks occur simultaneously in 2022, the debt is projected to increase to 75.3% to GDP in 2023 and subsequently surge to 81.5% by 2026, significantly surpassing the DSA benchmark.

Gross financing needs are expected to remain high at around 12% to GDP throughout the projection period.

vi.
vi.

Contingent Liability Shock Scenario Assuming the Federal Government is obliged to provide an additional allocation of around 13% to GDP in 2022 due to the materialisation of contingent liability, the debt ratio will immediately accelerate to 82.6% to GDP with gross financing requirement also escalating to 26.9% to GDP during the same year.

The debt level remain elevated during the projection period, far exceeding the DSA benchmark, representing the worst case of all shock scenarios.
177 Section 4 BI.indd 177 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management FIGURE 3.
Macro-Fiscal Stress Tests GROSS NOMINAL DEBT GROSS NOMINAL DEBT GROSS FINANCING NEEDS (% GDP) 80 75 70 65 60 55 (% Revenue) 600 500 400 (% GDP) 16 14 12 10 8 6 50 2021 2022 2023 2024 2025 2026 300 2021 2022 2023 2024 2025 2026 4 2021 2022 2023 2024 2025 2026 BASELINE REAL EXCHANGE RATE SHOCK REAL GDP GROWTH SHOCK REAL INTEREST RATE SHOCK PRIMARY BALANCE SHOCK Source: Ministry of Finance, Malaysia and IMF FIGURE 4.
Additional Stress Tests GROSS NOMINAL DEBT GROSS NOMINAL DEBT GROSS FINANCING NEEDS (% GDP) (% Revenue) (% GDP) 90 85 80 75 70 65 60 55 50 700 600 500 400 300 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 BASELINE COMBINED MACRO-FISCAL SHOCK CONTINGENT LIABILITY SCHOCK Source: Minisrty of Finance, Malaysia and IMF Risk Assessment 30 25 20 15 10 5 0 2021 2022 2023 2024 2025 2026 A heat map provides signals on the impact of external shocks to debt burden indicators under the baseline and shock-imputed scenarios.
In addition, it also summarises the outcome of DSA on debt and gross financing requirements, as well as risk assessment on the debt profile.

The risk assessment thresholds for each indicator are as follows: 178 Section 4 BI.indd 178 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management fiGure 5.
Heat Map Debt level Real GDP Growth Shock Primary Balance Shock Real Interest Rate Shock Real Exchange Rate Shock Contingent Liability Shock Gross financing needs Real GDP Growth Shock Primary Balance Shock Real Interest Rate Shock Real Exchange Rate Shock Contingent Liability Shock Debt profile Market Perception External Financing Requirements Change in the Share of Short- Term Debt Public Debt Held by Non-Residents Foreign Currency Debt HEAT MAP DEBT LEVEL GROSS FINANCING NEEDS DEBT PROFILE Low Risk If the debt level does not exceed 70% to GDP under baseline or specific shock scenarios If the gross financing needs do not exceed 15% to GDP under baseline or specific shock scenarios If the country’s parameter value is less than the lower risk-assessment benchmarks Moderate Risk If the debt level exceeds 70% to GDP under the specific shock scenario but not baseline If the gross financing needs exceed 15% to GDP under the specific shock scenario but not baseline If the country’s parameter value is in between the lower and upper risk- assessment benchmarks High Risk If the debt level exceeds 70% to GDP under the baseline scenario If the gross financing needs exceed 15% to GDP under the baseline scenario If the country’s parameter value exceeds the upper risk-assessment benchmarks Source: Ministry of Finance, Malaysia and IMF As illustrated in the heat map, primary balance and real exchange rate shocks pose low-risk exposure to Federal Government debt and gross financing needs.
However, real GDP growth and real interest rate shocks result in moderate risk exposure to the debt level, while contingent liability shock presents a moderate risk to debt level and gross financing needs.

In terms of debt profile vulnerabilities, it is based on lower and upper risk-assessment benchmarks for each debt profile parameter, as demonstrated in Figure 6.

FIGURE 6.
Debt Proﬁle Vulnerabilities 65% 600 200 183 bps Bond Spread (in basis point) 15 5 External Financing Requirement (% to GDP) MALAYSIA LOWER EARLY WARNING UPPER EARLY WARNING Source: Ministry of Finance, Malaysia and IMF 1.2% 1 0.5 Annual Change in Short Term Public Debt (% to total) 26% 45 15 60 20 3% Public Debt Held by Non-Residents (% to total) Public Debt in Foreign Currency (% to total) 179 Section 4 BI.indd 179 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management Based on the assessment, the annual change in short-term debt is susceptible to high risk due to the increased proportion of short-term debt in 2020 compared to the historical average.
Similarly, the external financing requirement also carries a high-risk exposure to Malaysia’s debt profile.

Nevertheless, the availability of ample external assets which can be utilised to meet these obligations will mitigate this risk.

In terms of market perception, Malaysia is assessed as low risk due to its lower-than-benchmarked average long-term bond spread over US bonds, indicating sustained investor confidence in Malaysia’s debt instrument.
In addition, its debt in foreign currency also poses a low risk given its minimal composition of foreign-denominated debt, at about 3% to GDP.

Nevertheless, the debt held by non-residents imposes a moderate risk, albeit mitigated by the presence of a deep and liquid domestic debt market.
Overall, the DSA simulation demonstrates increased debt vulnerabilities to the Government in the event of any shocks, thus limiting the fiscal space and the ability to raise additional borrowing for counter-cyclical responses.

Furthermore, the higher debt level will lead to higher debt service charges, thus restraining the Government’s capacity to allocate for other expenditures.
In this regard, the Government remains committed to fiscal consolidation in the medium term as outline in the 12th Malaysia Plan with a deficit target of 3.5% to GDP by 2025.

Conclusion The DSA assessment has taken into account the impact of the COVID-19 crisis in the macro-fiscal parameters for 2020.

The outcome of this simulation highlights the increased risk exposure of the Government’s indebtedness in the medium term in the event of materialisation of external shocks.
Nevertheless, the Government’s immediate priority is to return the nation to its potential growth trajectory while allowing society and businesses to adapt to new norms and invest for future growth to provide new job opportunities.

The continuous provision of fiscal support in the medium term is projected to lead to a more gradual pace of fiscal consolidation, resulting in a moderate decline in the debt-to-GDP ratio, as illustrated in the baseline scenario.
However, the planned fiscal reforms, anchored by the introduction of the Fiscal Responsibility Act, adoption of Medium-Term Revenue Strategy and expenditure reviews, will accelerate the resumption of fiscal consolidation post-crisis.

These initiatives will build sufficient fiscal buffers in ensuring the country’s fiscal and debt sustainability in the medium and long term.
References International Monetary Fund (IMF) (2013) Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries.

Retrieved from https://www.imf.org/external/np/pp/eng/2013/050913.pdf International Monetary Fund (IMF) (2017).

Debt Sustainability Analysis: Introduction.

Retrieved from https://www.imf.org/external/pubs/ft/dsa/ International Monetary Fund (IMF) (2019).

Article IV Staff Report.


Retrieved from https//www.imf.org/ en/Publications/CR/Issues/2019/03/08/Malaysia-2019-Article-IV-Consultation-Press Release-Staff- Report-and-Statement.

Ministry of Finance.

(2019).

Fiscal Outlook and Federal Government Revenue Estimates 2020: Malaysia’s Debt Sustainability Analysis (pp:122-128).

Kuala Lumpur.

Percetakan Nasional Malaysia Berhad.

International Monetary Fund (IMF) (2020).

Finance & Development September 2020.

Back to Basics: What is Debt Sustainability?.


Retrieved from https://www.imf.org/external/pubs/ft/fandd/2020/09/ pdf/what-is-debt-sustainability-basics.pdf International Monetary Fund (IMF) (2021).

Article IV Staff Report.


Retrieved from https//www.imf.org/ en/Publications/CR/Issues/2021/03/08/Malaysia-2021-Article-IV-Consultation-Press Release-Staff- Report-and-Statement 180 Section 4 BI.indd 180 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management External Debt External debt comprises the nation’s offshore borrowing, non-resident holdings of ringgit- denominated debt securities, non-resident deposits and other external debt.
As at end- June 2021, the external debt increased to RM1,021 billion or 67.4% to GDP, mainly attributed to higher offshore borrowings from the public sector as well as non- resident holdings of ringgit-denominated debt securities.

Offshore borrowings remained the largest component of external debt at RM589.5 billion, with a share of 57.8%.
The higher public sector offshore borrowings were due to the issuance of the global sukuk by the Federal Government and foreign currency bonds and sukuk by public corporations.

Meanwhile, non- resident holdings of ringgit-denominated debt securities and deposits collectively accounted for RM338.4 billion, with a higher share of 33.2% of the total.

In terms of maturity profile, the medium- to long-term external debt stood at 62.2% of the total, reflecting low refinancing risk.
Short-term external debt accounted for 37.8%, backed by an adequate level of international reserves.

Furthermore, the external risk is also mitigated by sizeable external assets and export earnings.

taBle 4.5.
External Debt 2020 – 2021 coMPonent Offshore borrowings Medium-and long-term debt Public sector Federal Government Public corporations Private sector Short-term debt Non-resident holdings of ringgit-denominated debt securities Medium-and long-term debt Federal Government Others1 Short-term debt Non-resident deposits Others2 Total rM Million sHare (%) sHare to GDP (%) Include private sector and public corporations 2 Comprise trade credits, IMF allocation of Special Drawing Rights and miscellaneous 3 End-June 2021 Note: Total may not add up due to rounding Source: Bank Negara Malaysia Section 4 BI.indd 181 18/10/2021 6:55 PM 181 fiscal outlook 2022section 4 debt management Public Sector Debt Public sector debt comprises outstanding debt obligations of the Federal Government, state governments, non-financial public corporations (NFPCs), and sovereign-guaranteed debts of statutory bodies.
As at end-June 2021, public sector debt increased to RM1,355 billion or 89.5% to GDP, mainly contributed by higher Federal Government debt resulting from borrowings to finance deficit and COVID-19 assistance and stimulus packages announced during the year.

The Federal Government debt remains the largest component with a share of 70.7% of the total, followed by NFPCs (22.9%) and statutory bodies guaranteed debts (6.4%).
The net increase in NFPCs debt to RM309.9 billion was attributed to the loan drawdown for ongoing infrastructure projects as well as issuances of bonds abroad by public corporations.

In addition, the statutory bodies’ debt increased to RM86.7 billion due to additional guaranteed loans raised by the Federal Land Development Authority (FELDA) and LPPSA for their investment and refinancing purposes.

taBle 4.6.
Public Sector Debt 2020 – 2021 coMPonent rM Million sHare (%) sHare to GDP (%) 2020 20211 2020 20211 2020 20211 Federal Government Domestic Offshore Statutory bodies Domestic of which: Guaranteed Offshore 879,560 958,388 851,284 924,784 28,276 80,660 80,660 80,660 - 33,604 86,735 86,735 86,735 - Non-financial public corporations 294,875 309,948 Domestic of which: Guaranteed Offshore of which: Guaranteed 181,809 180,440 181,809 180,440 113,066 129,508 25,106 26,510 70.1 67.8 2.3 6.4 6.4 6.4 - 23.5 14.5 14.5 9.0 2.0 70.7 68.2 2.5 6.4 6.4 6.4 - 22.9 13.3 13.3 9.6 2.0 Total 1,255,095 1,355,071 100.0 100.0 1 End-June 2021 Source: Ministry of Finance, Malaysia 62.1 60.1 2.0 5.7 5.7 5.7 - 20.8 12.8 12.8 8.0 1.8 88.6 63.3 61.1 2.2 5.7 5.7 5.7 - 20.5 11.9 11.9 8.6 1.8 89.5 Outlook for 2022 The Government will continue its expansionary fiscal policy in the 2022 Budget to ensure the rakyat’s well-being, protecting businesses continuity and revitalising the economy.
In addition, the Twelfth Malaysia Plan (12MP), 2021 – 2025, with a development expenditure ceiling of RM400 billion, is expected to increase Federal Government borrowings.

As such, gross financing requirements, including additional allocation for the COVID-19 Fund, are expected to remain sizeable at around 12% to GDP.
182 Section 4 BI.indd 182 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management Given the sufficient liquidity, the Government’s borrowing strategy will continue to prioritise domestic market issuance to balance the financing costs with acceptable risk exposure over the medium term.

The composition of conventional and Shariah-compliant instruments will be distributed over a range of maturities to ensure a well-spread maturity spectrum in view of market demand.
Furthermore, the accommodative monetary policy, availability of a deep domestic market and the diversity of investor base will further support the Government’s funding needs.

The COVID-19 pandemic has elevated the Federal Government’s debt level due to the provision of additional assistance and stimulus packages.
Thus, the Federal Government overall debt is projected to reach 66% to GDP, while its statutory debt at 63.4% by the end of 2022, lower than the new debt threshold of 65% to GDP as approved by the Parliament.

In this regard, the Government remains committed to adhering to the statutory debt limit stipulated in the respective Acts.

Moving forward, the degree of fiscal consolidation will be contingent on the pace of economic recovery.
Subsequently, the Government aims to gradually reduce its level of indebtedness and strengthen debt affordability.

Conclusion The Federal Government has demonstrated a credible track record in consolidating its debt level post-crisis, aided by pragmatic fiscal policy and strong execution of national development plans.
As the country relies on expansionary measures to ensure a durable and sustainable recovery, it is crucial for the Government to optimise the utilisation of resources to bolster the economy while cognisant of its medium-term fiscal sustainability.

Thus, the gradual reopening of economic sectors will facilitate the transition towards the new norm, which will further boost growth and ease the need for further fiscal support.
Debt management policy will continue to uphold the principles of accountability and transparency while ensuring debt sustainability in the medium term.

Section 4 BI.indd 183 18/10/2021 6:55 PM 183 fiscal outlook 2022section 4 debt management % 100 80 60 40 20 0 FIGURE 4.1.

Issuance by Maturity FIGURE 4.2.


BTC Ratios of MGS and MGII RM billion 25 Ratio 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 3.987 3.196 2.683 2.34 1.75 50.9% 49.2% 57.0% 49.8% 41.8% 2017 2018 2019 2020 2021 T-BILLS 3- TO 7-YEAR 10-YEAR 15- TO 20-YEAR 30-YEAR 20 15 10 5 0 2017 2018 2019 2020 20211 TOTAL MONTHLY ISSUANCE BTC (RIGHT SCALE) AVERAGE BTC (RIGHT SCALE) FIGURE 4.3.

MGS Benchmark Yield Curve FIGURE 4.4.


MGS Indicative Yields % 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 3 5 7 10 15 20 30 Year 2019 2020 20211 % 5.5 4.6 3.7 2.8 1.9 1.0 2017 2018 2019 2020 20211 3-YEAR 5-YEAR 10-YEAR 20-YEAR OPR FIGURE 4.5.
Federal Government Debt Composition RM billion 1,000 % GDP 70 800 600 400 200 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20212 OFFSHORE BORROWINGS OTHER DOMESTIC DEBT MGII MGS STATUTORY DEBT-TO-GDP (RIGHT SCALE) STATUTORY DEBT CEILING (RIGHT SCALE) 60 50 40 30 20 10 0 1End-August 2021 2End-June 2021 Source: Ministry of Finance, Malaysia, Bank Negara Malaysia and Bloomberg 184 Section 4 BI.indd 184 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management FIGURE 4.6.
Federal Government Debt by Holder1 FIGURE 4.7.
Non-Resident Holdings of Ringgit-Denominated Debt Securities RM billion 100 34.4% 80 60 40 20 0 r e g a n a m d n u F 24.1% 5.5% 1.9% 2.9% 4.6% 27.4% 26.9% 33.6% EPF INSURANCE COMPANIES DFIs NON RESIDENT BANKING INSTITUTIONS KWAP OTHERS 31.1% 15.7% 13.0% 2.9% 2.9 , k n a b l a r t n e C % 60 50 40 30 20 10 0 40.4 25.3 2017 2018 2019 2020 20211 MGS DOMESTIC DEBT FIGURE 4.8.
Federal Government Debt by Remaining Maturity FIGURE 4.9.

Debt Service Charges RM billion 500 RM billion 50 % revenue 20 400 300 200 100 0 30.8% 29.7% 29.1% 19.9% 22.1% 2017 2018 2019 2020 20211 < 5 YEARS 6-10 YEARS 11-15 YEARS ≥16 YEARS 40 30 20 10 0 FIGURE 4.10.
Debt Maturity Proﬁle RM billion 16 12 8 4 0 2017 2018 2019 2020 2021 OFFSHORE BORROWING DOMESTIC LOANS % REVENUE (RIGHT SCALE) MGS MGII OTHER DOMESTIC DEBT OFFSHORE BORROWINGS 1End-June 2021 Source: Ministry of Finance, Malaysia 185 Section 4 BI.indd 185 18/10/2021 6:55 PM fiscal outlook 2022section 4 debt management Section 4 BI.indd 186 18/10/2021 6:55 PM sectio n 5 Fiscal Risk and Liability 189 ov e rv i e w 189 de bt a nd l i a bi l i t i e s e xposur e 19 0 gov e r nme nt gua r a nte e s 192 1m a l ays i a de v e lopme nt be r h a d 193 othe r l i a bi l i t i e s 193 conclus ion Section 5 Teks BI.indd 187 18/10/2021 6:16 PM Section 5 Teks BI.indd 188 18/10/2021 6:16 PM section 5 Fiscal Risk and Liability Overview The prolonged COVID-19 pandemic has disrupted business activities and the livelihood of the rakyat.
The situation requires the Government to further support economic activity through various stimulus and assistance packages, either from direct fiscal injection or non-fiscal measures such as special relief funds and micro-credit schemes as well as through quasi-fiscal instruments such as guarantee facilities for businesses.
The current situation, where the pandemic is still unfolding, and the provision of fiscal stimulus and assistance measures needs to be continued, has elevated the Government’s risk exposure.

Nevertheless, mitigating measures, in particular rigorous evaluation as well as continuous monitoring and adjustments of financials and debts, are implemented to reduce the impact of the exposure.
Government guarantees continue to increase, albeit at a much slower pace, as existing development and infrastructure projects are being carried out sparingly.

The continuation of strategic infrastructure projects is to catalyse recovery momentum while spurring economic activities amid the pandemic.
However, the extended movement restrictions imposed to curb the spread of the pandemic have increased the Government’s risk exposure in terms of support provided to entities operating in the services sector, such as the public transport operators and highway concessionaires.

The situation demands the Government to heighten the monitoring and evaluation of financial conditions of these companies to quantify the risks and formulate mitigating measures to reduce its fiscal exposure.
In the effort to contain the exposure of other liabilities, the Government has proceeded with the recovery of 1Malaysia Development Berhad’s (1MDB) assets.

The actions consist of negotiations with related parties, legal proceedings and civil suits.

The recovery exercise has enabled the Government to reduce the financial impact from 1MDB’s liabilities on the fiscal position.

The Government will continue to pursue recovery actions to mitigate this risk exposure from 1MDB’s obligations.
Debt and Liabilities Exposure The debt and liabilities exposure of the Federal Government discloses the overall indebtedness of the Government.

The position comprises the Federal Government debt and other liabilities in the form of committed guarantees, 1MDB’s debt as well as cash commitments of projects under public-private partnership (PPP), private finance initiative (PFI) and PBLT Sdn.

Bhd.

(PBLT).
Bhd.

(PBLT).

The reporting of a comprehensive debt and liabilities position is also consistent with the Government’s efforts to progress towards accrual accounting standards and statistical treatment under the International Public Sector Accounting Standards (IPSAS) as well as the Public Sector Debt Statistics by the International Monetary Fund (IMF).

As at end- June 2021, the Federal Government debt and liabilities exposure was estimated at RM1,333.7 billion or 88.1% to GDP.

tABLe 5.1.
Federal Government Debt and Liabilities Exposure, 2020 – 2021 coMPonent Federal Government debt Committed guarantees 1MDB Other liabilities (PPP, PFI, PBLT) RM BiLLion sHARe to GDP (%) 2020 20211 2020 20211 879.6 958.4 62.1 63.3 185.7 190.4 13.1 12.6 31.1 32.0 2.2 2.1 171.8 152.9 12.1 10.1 Total 1,268.2 1,333.7 89.5 88.1 1 End-June Source: Ministry of Finance, Malaysia 189 Section 5 Teks BI.indd 189 18/10/2021 6:16 PM fiscal outlook 2022section 5 fiscal risk and liability Government Guarantees Government guarantee (GG) is one of the fiscal tools mobilised by the Federal Government to provide a guarantee on financing raised by an entity to execute strategic infrastructure projects and programmes which will boost economic and social impact on national development.
GG issuance is governed under the Loans Guarantee (Bodies Corporate) Act 1965 [Act 96], which requires each guaranteed entity to be gazetted as a body corporate under the Act.

Currently, the GG facility is only granted to government-related entities, such as government-linked companies (GLCs), statutory bodies as well as agencies under state governments.
As at end-June 2021, total outstanding GGs increased slightly to RM300.4 billion or 19.8% to GDP (2020: RM294.7 billion; 20.8% to GDP), mainly attributed to new issuances by the Public Sector Home Financing Board (LPPSA) and DanaInfra Nasional Berhad (DanaInfra) to finance civil servants housing tABLe 5.2.

Major Recipients of Loan Guarantees, 2020 – 2021 loan facility and ongoing public infrastructure projects, respectively.
In terms of proportion by segment, more than half (54.2%) of the GGs issued are for infrastructure-related financing, followed by services (26.6%), investment holding (8.3%), utilities (6.8%) and others (4.1%).

The ten main GGs constituted more than 80% of the total guarantees.

The weighted average time to maturity of the GGs stood at 10.9 years as at end-June 2021, while in terms of maturity profile, 52.8% is expected to mature within ten years, whereas 47.2% is expected to mature beyond ten years.
Currency risk is largely reduced as more than 90% of the GGs is denominated in ringgit while the remaining is a mixture of other currencies, such as renminbi, yen and the US dollar.

Conventionally, GG is a facility given to financially sustainable entities to undertake strategic projects that have a longer gestation period.
It also facilitates the entities in accessing borrowing at a more competitive entitY Total loan guarantees of which: RM MiLLion sHARe (%) 2020 20211 2020 20211 294,675 300,435 100.0 100.0 sHARe to GDP (%) 2020 20.8 20211 19.8 DanaInfra Nasional Berhad 72,320 76,020 National Higher Education Fund Corporation Prasarana Malaysia Berhad Public Sector Home Financing Board Malaysia Rail Link Sdn.
Bhd.

Projek Lebuhraya Usahasama Berhad Khazanah Nasional Berhad Pengurusan Air SPV Berhad Suria Strategic Energy Resources Sdn.

Bhd.

GovCo Holdings Berhad Total of major recipients 1 End-June Source: Ministry of Finance, Malaysia 190 Section 5 Teks BI.indd 190 18/10/2021 6:16 PM fiscal outlook 2022section 5 fiscal risk and liability financing rate.
However, in certain situations, entities with GG facilities may also require funding from the Government to assist them in debt servicing, working capital assistance or cash flow support.

Hence, GGs provided to such entities are categorised as committed guarantees.

The entities under this category are provided guarantees under Act 96 or financial undertakings under Section 141 of the Financial Procedure Act 1957 [Act 61].
As at end-June 2021, committed guarantees saw a slight increase to RM190.4 billion (12.6% to GDP) from RM185.7 billion (13.1% to GDP) in 2020, primarily due to issuances by DanaInfra and Malaysia Rail Link Sdn.

Bhd.

in carrying out existing transport infrastructure projects.

With various movement restrictions enforced to contain the spread of COVID-19, there is an increased risk from GG recipients, particularly those operating in the services sector.

Hence, Turus Pesawat Sdn.


Bhd., a Minister of Finance Incorporated (MOF Inc.) company that funds aircraft procurement for Malaysia Airlines, was classified as a committed guarantee, in line with its restructuring exercise, which involves funding from the Government for debt repayment.

In this regard, the Government will continuously monitor the impact of the COVID-19 crisis on all GG recipients in assessing the risks of the entities requiring assistance from the Government.
Concurrently, the financial performance of the companies under committed guarantees is closely monitored while ensuring implementation of a recovery plan to reduce the risk exposure to the Government.

The entities will be removed from the list under committed guarantees once they no longer require financial assistance from the Government.

tABLe 5.3.

Committed Guarantees, 2020 – 2021 entitY DanaInfra Nasional Berhad Prasarana Malaysia Berhad Malaysia Rail Link Sdn.

Bhd.2 Urusharta Jamaah Sdn.

Bhd.


Suria Strategic Energy Resources Sdn.

Bhd.2 GovCo Holdings Berhad Jambatan Kedua Sdn.

Bhd.2 Turus Pesawat Sdn.

Bhd.

MKD Kencana Sdn.

Bhd.

SRC International Sdn.

Bhd.

Sentuhan Budiman Sdn.

Bhd.

TRX City Sdn.

Bhd.

Assets Global Network Sdn.

Bhd.
Total 1 End-June 2 Subject to exchange rate valuation Source: Ministry of Finance, Malaysia RM MiLLion sHARe (%) Section 14(1) Act 61: No guarantee involving a financial liability shall be binding upon the Federal Government, unless it is entered into with the written authority of the Treasury or in accordance with federal law.
191 Section 5 Teks BI.indd 191 18/10/2021 6:16 PM fiscal outlook 2022section 5 fiscal risk and liability 1Malaysia Development Berhad 1MDB was established as a MOF Inc. company in 2009 to spearhead strategic development in the country.

However, its heavy reliance on debt capital and poor corporate governance led to cash flow complications beginning late- 2014 and subsequently requiring assistance from the Government.

As at end-June 2021, 1MDB’s outstanding debt remained at RM32 billion.
A total of RM18.2 billion worth of assets linked to 1MDB has since been seized or recovered and placed into the Assets Recovery Trust Account under the custody of the Accountant General’s Department.

The assets recovered include the seizure of physical assets and cash as well as cash settlements by related parties with the United States Department of Justice, settlement proceeds from financial institutions and other parties such as audit firms, and cash recovered from individuals and companies.
In addition to the settlement proceeds paid to the Government, the former arranger of bond issuances for 1MDB, Goldman Sachs, will assist and guarantee a minimum of USD1.4 billion asset recovery.

As of September 2021, the Government has paid up to RM12.8 billion for 1MDB’s financial commitments and debt servicing via loans and advances from the Government or MOF 1MDB’S Asset Recovery Progress tABLe 5.4.
1MDB’s Debt, as at end-June 2021 coMPonent RAte (%) MAtURitY PeRioD PRinciPAL (UsD BiLLion) (RM BiLLion) Government Guarantee Sukuk 5.75 IPIC-MOF Inc. 1MDB Energy Ltd 5.99 May 2039 May 2022 1MDB Energy (Langat) Ltd 5.75 October 2022 - 5.00 1.75 7.271 1.75 7.271 Letter of Support Global bond 4.44 March 2023 3.00 12.461 Total 32.00 1 Subject to exchange rate valuation Source: Ministry of Finance, Malaysia Inc., amounting to almost RM10 billion as well as utilisation of the Trust Account.
The outstanding balance of the Trust Account, which also earns placement profits (hibah), stood at RM15.3 billion and is currently sufficient to cover 1MDB’s obligations up to 2022.

1MDB’s overall outstanding financial obligations, composing of both principal (RM32.2 billion) and interests or profits on the debt (RM7.1 billion), amounted to RM39.3 billion.
2019 RM1.47 billion 2020 RM12.68 billion Jan - Sept 2021 RM4.08 billion 192 Section 5 Teks BI.indd 192 18/10/2021 6:16 PM fiscal outlook 2022section 5 fiscal risk and liability Other Liabilities Other financial liabilities of the Government include commitments under the PPP and PFI projects as well as financing raised by PBLT to develop infrastructure projects for the Royal Malaysia Police.
Projects implemented under the PPP approach may involve a certain fiscal cost to the Government, while some are fully funded by the private sector.

As at end- June 2021, one new project was added to the list of PPP projects, namely electronic land management system (e-Tanah) for Perak with a commitment of about RM249 million up to 2032.

The total outstanding cash commitments based on 98 PPP projects agreements from 2021-2047 were estimated at RM102.8 billion.
Liabilities under PFI projects are in the form of financing provided by the Employees Provident Fund (EPF) and Retirement Fund Incorporated (KWAP) to facilitate the implementation of infrastructure development projects, including construction and refurbishment of schools, hospitals, universities and training centres as well as maintenance of government buildings.

As at end-June 2021, outstanding PFI liabilities were estimated at RM46.1 billion.
PBLT, a wholly-owned company by MOF Inc., was established in 2005 to raise funding and undertake infrastructure projects, including the construction of quarters, police stations, training centres and other facilities for the police force.

There has been no new funding raised by PBLT since 2015, and the outstanding liabilities of PBLT were estimated at RM4 billion as at end-June 2021.
Conclusion Moving forward, risk disclosure by the Government will continue to be enhanced to provide a more comprehensive assessment of the Government’s exposure.

With heightened risk exposure stemming from the effects of the pandemic, increased oversight and scrutiny as well as the formulation of mitigation measures is pertinent to cushion the impact on Government’s fiscal position.
As such, the Government is embarking on reforms to strengthen its fiscal discipline and enhance its governance, particularly in the management of state-owned enterprises, to minimise the risk exposure from possible distressed companies.

Section 5 Teks BI.indd 193 18/10/2021 6:16 PM 193 fiscal outlook 2021section 5 fiscal risk and liability FIGURE 5.1.

Outstanding Loan Guarantees FIGURE 5.2.


Maturity Proﬁle of Loan Guarantees1 RM billion 300 % GDP 24 250 200 150 100 50 0 19.8% 2016 2017 2018 2019 2020 20211 LOAN GUARANTEES % GDP (RIGHT SCALE) 20 16 12 8 4 0 Share (%) 35.4% 36.1% 16.7% 11.8% RM billion 120 100 80 60 40 20 0 < 5 years 6 - 10 years 11 - 15 years > 16 years FIGURE 5.3.

Loan Guarantees by Segment1 2.2% 1.9% 6.8% 8.3% INFRASTRUCTURE SERVICES INVESTMENT HOLDING UTILITIES FINANCIAL PLANTATION RM300.4 billion 54.2% 26.6% FIGURE 5.4.
Outstanding PPP Obligations by Sector1 2.5% 3.8% SOCIAL GENERAL ADMINISTRATION 31.2% ECONOMIC SECURITY 30.8% RM102.8 billion 62.5% 1End-June 2021 Source: Ministry of Finance and Public Private Partnership Unit (UKAS), Prime Minister’s Department, Malaysia 194 Section 5 Teks BI.indd 194 18/10/2021 6:16 PM fiscal outlook 2022section 5 fiscal risk and liability sectio n 6 Consolidated Public Sector 197 consolidated public sector Information Box - Government Finance Statistics 203 general government 20 4 state governments 20 4 non-financial public corporations Section 6 Teks BI.indd 195 18/10/2021 6:22 PM Section 6 Teks BI.indd 196 18/10/2021 6:22 PM section 6 Consolidated Public Sector Consolidated Public Sector Malaysia’s consolidated public sector (CPS) consists of general government units and non-financial public corporations (NFPCs).
The purpose of reporting CPS financial position is to estimate the overall size of the public sector, measure the impact of its activities on the economy and identify the sources of fiscal risks.

The CPS framework requires all intra-transfers and net lending to be netted off from each public sector unit to represent its financial position as a consolidated entity.

The assessment of the financial performance of the general government differs from the assessment of NFPCs.
As a social-oriented unit, general government balance tend to incur deficit due to sizeable development expenditure (DE), reflecting significant capital investments to yield long-term social and economic benefits.

In contrast, NFPCs’ deficit reflects capital expenditure that is commercial in nature for income generation.

In 2021, the CPS current surplus is anticipated to rise to RM61.8 billion (2020: RM55.9 billion), mainly due to higher Federal Government revenue.
In addition, the consolidated DE of the public sector is expected to rise by 19.3% to RM140.1 billion (2020: RM117.5 billion), in line with higher investments to revive economic activities, particularly by the Federal Government and NFPCs.

After taking into account the COVID-19 Fund expenditure and netting off intra-transactions between units, the overall deficit of the public sector is anticipated to rise to RM117.4 billion or 7.7% to GDP in 2021 (2020: RM99.5 billion; 7%).

tABLe 6.1.
Consolidated Public Sector Financial Position, 2020 - 2022 Revenue Operating expenditure Current balance NFPCs current surplus Public sector current balance Development expenditure General government NFPCs COVID-19 Fund1 Overall balance % to GDP RM MiLLion cHAnGe (%) 2020 20212 20223 2020 20212 20223 248,349 254,334 257,268 263,556 258,830 271,947 -15,207 71,152 55,945 -4,496 66,260 61,764 -14,679 87,969 73,290 117,460 140,095 155,478 55,621 61,839 37,980 66,158 73,937 39,039 80,766 74,712 23,000 -99,495 -117,370 -105,188 -7.0 -7.7 -6.4 -1.7 -11.6 -66.6 -44.6 -12.6 -4.0 -19.2 2.4 -1.8 -70.4 -6.9 19.3 18.9 19.6 2.8 1.2 5.1 226.5 32.8 11.0 22.1 1.0 -41.1 1 A specific trust fund established under Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 to finance economic stimulus packages and recovery plan 2 Revised estimate 3 Budget estimate, excluding 2022 Budget measures Source: Ministry of Finance, Malaysia 197 Section 6 Teks BI.indd 197 18/10/2021 6:22 PM fiscal outlook 2022Section 6 consolidated public sector INFORMATION BOX Government Finance Statistics Introduction As the custodian of member countries’ fiscal statistics, the International Monetary Fund (IMF) has published the Government Finance Statistics Manual 2014 (GFSM 2014).
Based on the accrual accounting standard, their methodology provides internationally comparable financial data to support fiscal analyses.

This include, for example, taxes proportion to total revenue when assessing revenue sustainability or social assistance benefits when measuring fiscal injections into the economy during a crisis.

More importantly, GFSM 2014 facilitates countries to monitor and evaluate the impact of fiscal policies on the economy as well as crafting effective policy responses.
GFSM 2014 is harmonised with other international statistical manuals in aligning the basic concepts, classifications, and definitions to ensure consistency between macroeconomic and fiscal data.

Compared to the previous edition, GFSM 2014 also improves on comprehensiveness of data presentation.
In view of the importance of aligning to the guideline, the Malaysian Government is in the process of adopting GFSM 2014 through the implementation of accrual accounting to enhance the quality of public sector financial reporting.

FIGURE 1.
FIGURE 1.

Government Finance Statistic Manual 2014 and Other Related Macroeconomic Statistical System Linkages between sectors of the economy, economic processes of production, income generation and distribution, consumption of goods and services, and accumulation of assets and liabilities.

System of System of National Accounts National Accounts 2008 2008 (2008 SNA) (2008 SNA) Summarises economic transactions between residents of an economy and nonresidents during a specific period.
Monetary and Monetary and Financial Statistics Financial Statistics Manual and Manual and Compilation Compilation Guide 2016 Guide 2016 Assesses monetary conditions and the impact of monetary policy on the money and capital markets.
Balance of Balance of Payments and Payments and International International Investment Investment Position Manual, Position Manual, Sixth Edition Sixth Edition (BPM6), 2009 (BPM6), 2009 Shows the value of the financial assets and liabilities stock positions between residents of an economy and non residents at a reporting date.
Government Government Finance Statistics Finance Statistics Manual 2014 Manual 2014 (GFSM 2014) (GFSM 2014) Measures the impact of economic events on government finances, and the impact of government activities on the economy through taxation, expenditure, borrowing and lending.
Note: For consistency of debt-related issues, GFSM 2014 is also supplemented with the Public Sector Debt Statistics: A Guide for Compilers and Users (PSDS Guide) and the External Debt Statistics: Guide for Compilers and Users 2013 (2013 EDS Guide) Source: GFSM 2014, IMF 198 Section 6 Teks BI.indd 198 18/10/2021 6:22 PM fiscal outlook 2022Section 6 consolidated public sector Coverage of Government Finance Statistics Government finance statistics reporting covers the public sector, comprising all units of the general government and public corporations.
This comprehensive coverage enables a government to identify fiscal risks associated with all public sector entities.

The capability of identifying the risks may assist policymakers in managing internal and external shocks to the economy.

While general government data is important for international assessments of government financial performance, interest in public corporations is also growing.

FIGURE 2.
FIGURE 2.

Main Components of The Public Sector Public Sector General Government Public Corporations Central Government* State Governments Local Governments Public Nonfinancial Corporations Public Financial Corporations Note: *Central government consists of budgetary central government (BCG) and extrabudgetary funds.

In the context of Malaysia, BCG is the Federal Government while extrabudgetary funds are Federal Statutory Bodies.

Source: Government Finance Statistics Manual 2014, IMF FIGURE 3.
Government Finance Statistics Manual 2014 Analytic Framework Stocks Flows Stocks Opening balance sheet Transactions Other economic flows Closing balance sheet Expenditure Net worth Nonfinancial assets Financial assets Liabilities Source: GFSM 2014, IMF Revenue Expense = Net operating balance Change in net worth Change in net worth Net worth Investment nonfinancial assets Nonfinancial assets Nonfinancial assets Nonfinancial assets = Net lending / net borrowing Holding gains/losses Other volume changes Acquisition of financial assets Financial assets Financial assets Financial assets Incurrence of liabilities Liabilities Liabilities Liabilities 199 Section 6 Teks BI.indd 199 18/10/2021 6:22 PM fiscal outlook 2022Section 6 consolidated public sector GFSM 2014 framework underlines the integrated balance sheet approach by incorporating all flows and stock positions on an accrual basis while maintaining cash-flow data to evaluate the liquidity of a government.
The framework summarises the overall performance and financial position of the general government or the public sector using balancing items measured within the framework, such as the net operating balance, net lending/net borrowing, and the change in net worth.

GFSM 2014 reporting also produces core statements, as shown in Figure 4.

FIGURE 4.
Government Finance Statistics Manual 2014 Core Statements Summary of transactions in a given reporting period (revenue, expense, change in stock of capital assets and financing) Statement of Operations Integrated Statement of Flows and Stock Position Shows the stock positions of assets, liabilities, and net worth of public sector unit at the beginning and end of accounting period Statement of Total Changes in Net Worth Statement of Sources and Uses of Cash Source: GFSM 2014, IMF Shows the influence on the financial position: Transactions Other economic flows i.
Holding gains/losses ii.
Other volume changes in assets/ liabilities Shows the total amount of cash generated or spent through operations and transactions in nonfinancial assets, financial assets and liabilities (other than cash) Update on the Adoption of GFSM 2014 in Malaysia GFSM 2014 implementation in Malaysia is a collaboration mainly between the Ministry of Finance (MOF) and Accountant General’s Department of Malaysia (AG), supported by the Economic Planning Unit, Department of Statistics of Malaysia and Bank Negara Malaysia.
The Government has received three series of technical assistance from the IMF, funded by the Government of Japan through Japan International Cooperation Agency, to assist migration efforts from GFSM 1986 (cash basis) to GFSM 2014 (accrual basis).

The most recent technical assistance was held virtually in early 2021, where efforts were focused on synchronising AG’s accrual accounting codes for Federal Government to GFSM 2014 codes and improving data reporting for other public sector units.
Currently, the MOF submits annual fiscal data on a cash basis at budgetary central government (BCG) level for GFSM 2014 data submission, while the progress of other public sector units for the reporting is shown in Table 1.

200 Section 6 Teks BI.indd 200 18/10/2021 6:22 PM fiscal outlook 2022Section 6 consolidated public sector tABLe 1.
Status for Government Finance Statistics Manual 2014 Reporting: Malaysia institUtionAL sectoRs Budgetary central government (BCG) – Federal Government Extrabudgetary funds – Federal Statutory Bodies State governments Local governments • Oﬃ cial GFSM 2014 • Statistical discrepancy • Oﬃ cial GFSM 2014 submission based on cash data • Development of Chart of Accounts to map AG accrual accounting codes to GFSM 2014 codes • Development of BCG data compilation sheet for GFSM 2014 reporting • Redesign, restructure and adopt new data collection template to align with GFSM 2014 classifi cation submission based on accrual data checking of BCG data for GFSM 2014 reporting, simulated using Federal Government’s 2018 accrual data • Refi nement of data collection template • Checking of consolidated data for statistical discrepancy • Revision of Federal Statutory Bodies’ coverage to be more comprehensive • Engagement with state governments to improve data collection as per GFSM 2014 requirements • Redesign, restructure and adopt new data collection template to align with GFSM 2014 classifi cation • Comprehensive coverage of local governments • Refi nement of data collection template • Checking of consolidated data for statistical discrepancy Completed In progress Action required Source: Ministry of Finance, Malaysia and Tillmann-Zorn, H. (2021).
Report on The Government Finance Statistics Technical Assistance Mission (February 1 – March 31, 2021), IMF Currently, Malaysia reports GFSM 2014 data at the BCG level based on Federal Government cash data.

Likewise, state governments are also adopting cash accounting, while Federal Statutory Bodies, local governments and public corporations have adopted accrual-based reporting.

The implementation of accrual accounting at the Federal Government level will expedite the progress of GFSM 2014 reporting.
Moving forward, accrual accounting-related Acts are expected to be tabled in Parliament by the end of 2021, followed by the publication of the Federal Government’s accrual financial statements by the AG.

Depending on the availability and readiness of resources, countries have different timelines for implementing GFSM 2014, as shown in Table 2.
In supporting the full implementation of the framework, important aspects for consideration include converting the existing cash-based to accrual-based accounting system, adopting the GFSM 2014 classification structure for all economic flows, and improving the data availability of the balance sheet.

201 Section 6 Teks BI.indd 201 18/10/2021 6:22 PM fiscal outlook 2022Section 6 consolidated public sector tABLe 2.
ASEAN Countries’ Reporting for Government Finance Statistics Manual 2014 coUntRies BUDGetARY centRAL GoVeRnMent (BcG) centRAL GoVeRnMent GeneRAL GoVeRnMent 1 2 3 4 Brunei Cambodia Indonesia Lao PDR 5 Malaysia 6 Myanmar 7 8 9 Philippines Singapore Thailand 10 Viet Nam NA / NA / /* / / / / NA NA / / NA NA / NA / / NA NA NA / NA NA / NA / / NA Note: *Submission is based on cash data since Malaysia is in the pre-transition period of implementing accrual accounting for BCG level (Federal Government) NA: Not Available Source: IMF Data - Government Finance Statistics, IMF Conclusion Overall, GFSM 2014 provides an inclusive and analytical framework towards enhancing transparency and improving public sector financial reporting.
Events such as episodes of economic and financial crises, which have resulted in rising fiscal deficits and debt levels, highlight the importance of comparable, reliable and timely financial statistics for early risk detection and formulation of appropriate prevention measures.

GFSM 2014 reporting is essential for fiscal analysis and plays an important role in sound fiscal management and economic policies.
Implementation of accrual accounting benefits public sector financial reporting in terms of full compliance with GFSM 2014.

Thus, detailed information obtained from GFSM 2014 reporting allows policymakers to effectively analyse and make decisions for sustainable policies for economic development.
Furthermore, it will support the enactment of the Fiscal Responsibility Act, which aims to strengthen fiscal institutions through better governance, accountability and transparency based on international best practices.

References International Monetary Fund.

(2014).

Government Finance Statistics Manual 2014.

Tillmann-Zorn, H. (2019).

Report on The Government Finance Statistics Technical Assistance Mission and Preceding Remote Support (March 4-8, 2019).

International Monetary Fund.


Tillmann-Zorn, H. (2021).

Report on The Government Finance Statistics Technical Assistance Mission (February 1 – March 31, 2021).

International Monetary Fund.

International Monetary Fund.

(2021).

IMF Data – Government Finance Statistics.

Retrieved from https://data.imf.org/?sk=89418059-d5c0-4330-8c41-dbc2d8f90f46&sId=1435762628665 International Federation of Accountants.

(2021).

Public Sector Financial Accountability Index – 2020 Financial Reporting Basis.
Retrieved from https://www.ifac.org/what-we-do/global-impact-map/ accountability 202 Section 6 Teks BI.indd 202 18/10/2021 6:22 PM fiscal outlook 2022Section 6 consolidated public sector General Government The general government sector in Malaysia comprises the Federal Government, state governments, local governments and Federal Statutory Bodies1 that undertake principal economic functions of the government.
The functions include providing non-commercial public goods and services, ensuring income and wealth redistribution, and financing activities primarily through taxation or transfers.

The purpose of reporting the general government’s financial position is to evaluate its performance and the overall impact of government operations on the economy.
The consolidated general government revenue is expected to decline by 3.3% to RM282.9 billion in 2021, particularly due to the lower revenue of the Federal Government and Federal Statutory Bodies.

Similarly, the consolidated operating expenditure (OE) is estimated to be lower by 1.8% at RM259.3 billion, mainly attributed to the expenditure rationalisation by the Federal Government.
With revenue declining at a faster pace than OE, the general government’s current surplus is expected to fall to RM23.5 billion (2020: RM28.3 billion).

In contrast, the consolidated DE is projected to rise by 22.3% to RM68.5 billion, mainly due to higher Federal Government DE.

With the Federal Government’s additional spending from the COVID-19 Fund, total expenditure is expected to increase to RM366.8 billion (2020: RM358.1 billion).
Consequently, after netting off intra-transfers and net lending, the general government’s overall deficit is expected to increase to RM84 billion or 5.5% to GDP in 2021 (2020: RM65.6 billion; 4.6%).

The general government’s overall deficit is primarily financed by Federal Government borrowings and accumulated reserves.
All state governments2 and Federal Statutory Bodies may borrow only from or with the approval of the Federal Government, while local governments3 may borrow with the consent of the respective state governments.

Thus, the credit risk exposure of the general government is contained at the Federal Government level.

tABLe 6.2.
Consolidated General Government Financial Position, 2020 – 2022 RM MiLLion cHAnGe (%) 2020 20212 20223 2020 20212 20223 Revenue 292,427 282,859 294,347 -10.4 Operating expenditure 264,090 259,316 272,317 -11.5 -3.3 -1.8 4.1 5.0 Current balance Development expenditure COVID-19 Fund1 Overall balance % to GDP 28,337 55,987 37,980 23,543 68,464 39,039 22,030 82,052 -3.7 22.3 19.8 23,000 2.8 -41.1 -65,630 -83,960 -83,022 -4.6 -5.5 -5.1 1 A specific trust fund established under Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 to finance economic stimulus packages and recovery plan 2 Revised estimate 3 Budget estimate, excluding 2022 Budget measures Source: Ministry of Finance, Malaysia 1 Federal Statutory Bodies are governed by Federal ministries and are subjected to respective acts to carry out specific Government functions in various sectors, including education, health and agriculture.
Revenues comprise mainly grants from the Federal Government.

2 Articles 111 and 112 of the Federal Constitution (except Sabah and Sarawak, which are allowed to borrow, upon the approval by the Central Bank).

3 Section 41 and 42 of the Local Government Act 1976.
203 Section 6 Teks BI.indd 203 18/10/2021 6:22 PM fiscal outlook 2022Section 6 consolidated public sector State Governments The state governments’ consolidated revenue in 2021 is estimated to increase by 3% to RM35.4 billion or 2.3% to GDP, of which RM28.7 billion or 81.1% is from state-generated revenue (2020: RM27 billion; 78.5%), while the balance is from Federal Government transfers and grants.
The main sources of their revenue are sales tax, petroleum royalties, investment income, land premiums and land taxes.

In terms of state-generated revenue, Sarawak, Sabah, Selangor, Terengganu and Johor are the main contributors, accounting for 85.5% or RM24.5 billion.

Tax revenue is estimated at RM9.5 billion or 26.7% of the total consolidated revenue.

Direct tax collection is projected at RM3.5 billion, mainly tax on natural resources such as land, mines and forestry.
Indirect tax is expected to record RM6 billion or 63.3% of tax revenue, mainly attributed to sales tax4 on petroleum products amounting to RM4.2 billion.

Non-tax revenue is expected to register RM12.6 billion or 35.6% of the total consolidated revenue.

The main components are petroleum royalties (RM3.7 billion), investment income (RM3.2 billion) and land premiums (RM2.1 billion).

Non-revenue receipts of RM13.3 billion comprise mainly grants from the Federal Government.
The grants include Capitation Grants, which is based on annual population projection, operating grants under the Concurrent List of the Federal Constitution and service charges for the involvement of states’ employees in Federal development projects.

The consolidated state government OE is projected to increase by 8.7% to RM15.2 billion (2020: 13.2%; RM14 billion) mainly due to higher supplies and services as well as emoluments.
Similarly, consolidated DE is expected to increase by 22.6% to RM12 billion (2020: -11.5%; RM9.8 billion).

For the year, major development projects undertaken include developing rural areas in Sarawak, agriculture programmes and projects in Sabah, construction and upgrading roads in Selangor, and implementing water supply projects in Pahang and Kedah.

Hence, the consolidated total expenditure of state governments is forecast to be higher by 14.4% to RM27.2 billion.
Overall, the consolidated state governments’ current balance is estimated at RM20.2 billion or 57% of total consolidated revenue.

The state governments’ overall balance is also estimated to register a surplus of RM8.7 billion.

tABLe 6.3.
Consolidated State Governments’ Financial Position, 2020 - 2021 RM MiLLion cHAnGe (%) 2020 20211 2020 20211 Revenue 34,414 35,435 2.1 Operating expenditure 14,003 15,221 13.2 3.0 8.7 Current balance 20,411 20,214 Gross development expenditure 9,782 11,996 -11.5 22.6 Development Fund Water Supply Fund 9,774 11,832 -11.3 21.1 8 164 -78.4 1950.0 Less: Loan recovery 666 476 -11.5 -28.5 Net development expenditure 9,116 11,520 -11.5 26.4 Overall balance 11,295 8,694 % to GDP 0.8 0.6 1 Estimate Source: Ministry of Finance, Malaysia Non-Financial Public Corporations The inevitable economic downturn has forced many economic sectors to adapt quickly to survive the crisis, particularly from the impact of the movement control restrictions to curb the spread of the pandemic.
While 4 Sales tax in Sabah and Sarawak is under the jurisdiction of the respective states and is one of the main sources of revenue for the states as stipulated in the Federal Constitution, Tenth Schedule, Part V, Additional Sources of Revenue Assigned to States of Sabah and Sarawak.
204 Section 6 Teks BI.indd 204 18/10/2021 6:22 PM fiscal outlook 2022Section 6 consolidated public sector continuing to operate, the non-financial public corporations (NFPCs) are also adapting to the new normal and better prepared to face future disruptions.

As at end-2020, the consolidated net assets of NFPCs were lower at RM457.4 billion (2019: RM515.1 billion) due to high impairment.
Nevertheless, the availability of quality assets and robust revenue streams enable the NFPCs to finance their investments through retained earnings and borrowings.

FIGURE 6.1.
FIGURE 6.1.

NFPCs’ Assets and Liabilities, End-2020 RM billion 1,000 800 600 400 200 0 RM977.1 bilion Net assets: RM457.4 bilion RM519.7 billion Including debt: RM247.2 billion TOTAL ASSETS TOTAL LIABILITIES Source: Ministry of Finance, Malaysia With some countries and sectors recovering faster than others, the NFPCs’ consolidated financial position is expected to record a modest current surplus of RM40.5 billion in 2021 (2020: RM28 billion), compared to the pre-crisis level averaging RM60 billion.
Nevertheless, the global economic, regulatory, and political dynamics require NFPCs to incur a significant capital expenditure of RM73.9 billion.

Hence, the overall deficit for 2021 is projected to slightly improve at RM33.4 billion (2020: RM33.9 billion) or 2.2% to GDP.

Most economic sectors continue to grow at a slower pace due to Movement Control Order (MCO).
However, the telecommunication, healthcare and energy subsectors are expected to record better performance as providers of essential services during the pandemic.

Meanwhile, the pandemic has led companies, in particular, in the transportation and utility subsectors to reformulate their business strategies through digitalisation.
Consequently, NFPCs’ revenue is projected to register a slower growth of 4.4% to RM310.2 billion or 20.5% to GDP as most NFPCs’ business portfolio is not under telecommunications, healthcare, and energy subsectors.

The NFPCs’ total expenditure for 2021 is estimated to increase to RM343.6 billion (2020: RM331 billion) or 22.7% to GDP in line with business expansion and investment requirements.

Of the total, current expenditure is expected to account for 78.5%, while the balance is for capital expenditure.
Given the Government’s policy to support the economy and gradually relax the MCO through the National Recovery Plan, NFPCs will continue their investment activities.

Among the ongoing projects include the Mass Rapid Transit Putrajaya Line and Light Rail Transit Line 3.

However, the MCO affects other projects such as the construction of the gas development project in Sabah and Sarawak, hydropower development, and digitalisation infrastructure.
With further widening of vaccination program coverage and the gradual reopening of the economy, NFPCs are expected to normalise their operations and improve their financial performance in 2022. tABLe 6.4.
Consolidated Non-Financial Public Corporations1 Financial Position, 2020 – 2021 RM MiLLion cHAnGe (%) 2020 20212 2020 20212 Revenue 297,146 310,154 -22.8 Current expenditure 269,172 269,627 -18.4 4.4 0.2 Current balance 27,974 40,527 Capital expenditure 61,839 73,937 -19.2 19.6 Overall balance -33,865 -33,410 % to GDP -2.4 -2.2 1 Refers to 26 major NFPCs 2 Estimate Source: Ministry of Finance, Malaysia 205 Section 6 Teks BI.indd 205 18/10/2021 6:22 PM fiscal outlook 2022Section 6 consolidated public sector Section 6 Teks BI.indd 206 18/10/2021 6:22 PM Statistik Kewangan Awam Public Finance Statistics 4.
Jadual Fiskal 2022.indd 207 18/10/2021 6:09 PM 207 tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 4.

Jadual Fiskal 2022.indd 208 18/10/2021 6:09 PM SENARAI STATISTIK KEWANGAN AWAM LIST OF PUBLIC FINANCE STATISTICS No.

Jadual Table No.
Kewangan Kerajaan Persekutuan Federal Government Finance Hasil Kerajaan Persekutuan Federal Government Revenue Perbelanjaan Mengurus Kerajaan Persekutuan mengikut Komponen Federal Government Operating Expenditure by Component Perbelanjaan Mengurus Kerajaan Persekutuan mengikut Sektor Federal Government Operating Expenditure by Sector Perbelanjaan Pembangunan Kerajaan Persekutuan mengikut Sektor Federal Government Development Expenditure by Sector Pinjaman Bersih Kerajaan Persekutuan Federal Government Net Borrowings Hutang Kerajaan Persekutuan mengikut Pemegang Federal Government Debt by Holder Hutang Luar External Debt Jaminan Pinjaman Loan Guarantees Kedudukan Kewangan Sektor Awam Disatukan Consolidated Public Sector Financial Position Kedudukan Kewangan Kerajaan Negeri Disatukan Consolidated State Governments Financial Position Kedudukan Kewangan Kerajaan Tempatan Disatukan Consolidated Local Governments Financial Position Kedudukan Kewangan Badan Berkanun Disatukan Consolidated Statutory Bodies Financial Position Kedudukan Kewangan Syarikat Awam Bukan Kewangan Disatukan Consolidated Non-Financial Public Corporations Financial Position 1.1 2.1 3.1 3.2 3.3 4.1 4.2 4.3 5.1 6.1 6.2 6.3 6.4 6.5 209 4.
Jadual Fiskal 2022.indd 209 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 4.

Jadual Fiskal 2022.indd 210 18/10/2021 6:09 PM 1.1.

KEWANGAN KERAJAAN PERSEKUTUAN RM juta 1.1.
FEDERAL GOVERNMENT FINANCE RM million Hasil Revenue % perubahan % change Perbelanjaan mengurus Operating expenditure % perubahan % change Baki semasa Current balance Perbelanjaan pembangunan kasar Gross development expenditure % perubahan % change Perbelanjaan langsung Direct expenditure % perubahan % change Pinjaman kasar Gross lending Tolak: Terimaan balik pinjaman Less: Loan recovery Perbelanjaan pembangunan bersih Net development expenditure % perubahan % change Kumpulan Wang COVID-191 COVID-19 Fund1 Baki keseluruhan Overall balance % KDNK % GDP Baki primer2 Primary balance2 % KDNK % GDP Sumber pembiayaan Sources of financing Pinjaman bersih luar pesisir Net offshore borrowings Pinjaman bersih dalam negeri Net domestic borrowings Perubahan aset3 Change in assets3 2018 2019 2020 20214 20225 232,882 264,415 225,076 221,023 234,011 5.7 13.5 -14.9 -1.8 5.9 230,960 263,343 224,600 219,600 233,500 6.1 14.0 1,922 1,072 -14.7 476 -2.2 1,423 6.3 511 56,095 54,173 51,360 62,000 75,600 25.0 -3.4 -5.2 20.7 21.9 54,405 52,058 49,331 60,814 73,617 28.7 1,690 788 -4.3 2,115 1,603 -5.2 2,029 1,259 22.2 22.6 1,186 1,983 800 600 55,307 52,570 50,101 61,200 75,000 28.5 – -4.9 – -4.7 22.2 22.5 38,019 39,000 23,000 -53,385 -51,498 -87,644 -98,777 -97,489 -3.7 -3.4 -6.2 -6.5 -6.0 -22,838 -18,565 -53,149 -59,777 -54,389 -1.6 -1.2 -3.8 -3.9 -3.3 -320 6,977 -331 1,601 54,427 44,755 86,921 98,800 -722 -234 1,054 -1,624 – – – 1 Kumpulan wang amanah khusus di bawah Akta Langkah-Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 untuk membiayai pakej rangsangan dan pelan pemulihan ekonomi 2 Tidak termasuk bayaran khidmat hutang 3 (+) menunjukkan pengurangan aset; (-) menunjukkan pertambahan aset 4 Anggaran disemak 5 Anggaran belanjawan tidak termasuk langkah Bajet 2022 1 A specific trust fund established under Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 to finance economic stimulus packages and recovery plan 2 Excluding debt service charges 3 (+) indicates drawdown of assets; (-) indicates accumulation of assets 4 Revised estimate 5 Budget estimate, excluding 2022 Budget measures 211 4.
Jadual Fiskal 2022.indd 211 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 2.1.

HASIL KERAJAAN PERSEKUTUAN RM juta 2.1.
FEDERAL GOVERNMENT REVENUE RM million 2018 % 2019 % 2020 % 20213 % 20224 % Cukai langsung Direct tax % perubahan % change Cukai pendapatan Income taxes Syarikat Companies Individu Individual 130,034 (55.8) 134,723 (51.0) 112,511 (50.0) 120,048 (54.3) 127,334 (54.4) 12.1 3.6 -16.5 6.7 6.1 122,486 (52.6) 126,507 (47.8) 104,884 (46.6) 111,811 (50.6) 118,722 (50.7) 66,474 (28.5) 63,751 (24.1) 50,065 (22.2) 60,588 (27.4) 65,499 (28.0) 32,605 (14.0) 38,680 (14.6) 38,953 (17.3) 36,400 (16.5) 37,510 (16.0) Petroleum 20,082 (8.6) 20,783 (7.9) 12,772 (5.7) 11,500 (5.2) 12,400 (5.3) Pegangan dan lain-lain Withholding and others Lain-lain1 Others1 Cukai tidak langsung Indirect tax % perubahan % change Duti eksport Export duty Petroleum Lain-lain Others Duti import Import duty Duti eksais Excise duties Cukai jualan Sales tax Cukai perkhidmatan Service tax Cukai barang dan perkhidmatan Goods and services tax Lain-lain Others Hasil bukan cukai2 Non-tax revenue2 % perubahan % change Jumlah Total % perubahan % change 3,325 (1.4) 3,293 (1.2) 3,094 (1.4) 3,323 (1.5) 3,313 (1.4) 7,548 (3.2) 8,216 (3.2) 7,627 (3.4) 8,237 (3.7) 8,612 (3.7) 44,026 (18.9) 45,843 (17.3) 41,887 (18.6) 41,782 (18.9) 44,040 (18.8) -28.6 4.1 -8.6 -0.3 5.4 1,725 (0.7) 1,126 (0.4) 746 (0.3) 1,406 (0.6) 1,610 (0.7) 1,513 (0.6) 1,091 (0.4) 634 (0.3) 626 (0.3) 850 (0.4) 212 (0.1) 35 (0.0) 112 (0.0) 780 (0.3) 760 (0.3) 2,897 (1.3) 2,733 (1.0) 2,346 (1.0) 2,330 (1.1) 2,500 (1.1) 10,779 (4.6) 10,511 (4.0) 9,855 (4.4) 9,760 (4.4) 10,200 (4.3) 3,971 (1.7) 15,385 (5.8) 14,767 (6.6) 14,241 (6.4) 14,560 (6.2) 1,473 (0.6) 12,283 (4.7) 12,006 (5.3) 12,287 (5.6) 13,000 (5.6) 20,236 (8.7) 0 (0.0) 0 (0.0) 0 (0.0) 0 (0.0) 2,946 (1.3) 3,805 (1.4) 2,167 (1.0) 1,758 (0.8) 2,170 (0.9) 58,822 (25.3) 83,849 (31.7) 70,678 (31.4) 59,193 (26.8) 62,637 (26.8) 37.6 42.5 -15.7 -16.2 5.8 232,882 (100.0) 264,415 (100.0) 225,076 (100.0) 221,023 (100.0) 234,011 (100.0) 5.7 13.5 -14.9 -1.8 5.9 1 Termasuk hasil daripada duti setem dan cukai keuntungan harta tanah 1 Include revenue from stamp
 duties and real property gains tax 2 Termasuk lesen, fi dan permit, bayaran perkhidmatan, sewaan, faedah dan pulangan pelaburan, denda dan penalti, hasil daripada Wilayah Persekutuan dan terimaan bukan hasil 2 Include licences, fees and permits, service fees, rental, interest and return on investment, fines and penalties, revenue from the Federal Territories and non-revenue receipts 3 Anggaran disemak 3 Revised estimate 4 Anggaran belanjawan tidak termasuk langkah Bajet 2022 4 Budget estimate, excluding 2022 Budget measures 212 4.
Jadual Fiskal 2022.indd 212 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 3.1.

PERBELANJAAN MENGURUS KERAJAAN PERSEKUTUAN MENGIKUT KOMPONEN RM juta 3.1.
FEDERAL GOVERNMENT OPERATING EXPENDITURE BY COMPONENT RM million Emolumen Emoluments Bayaran persaraan Retirement charges Bayaran khidmat hutang Debt service charges Dalam negeri Domestic Luar negeri External Pemberian dan serahan kepada kerajaan negeri Grants and transfers to state governments Pemberian di bawah Perlembagaan Constitutional grants Pemberian/pindahan lain1 Other grants/transfers1 Perkhidmatan dan bekalan Supplies and services Subsidi dan bantuan sosial Subsidies and social assistance Pembelian aset Asset acquisition Bayaran balik dan hapus kira Refunds and write-offs Pemberian kepada badan berkanun Grants to statutory bodies Lain-lain2 Others2 Jumlah Total % perubahan % change 2018 % 2019 % 2020 % 20213 % 20224 % 79,989 (34.6) 80,534 (30.6) 82,996 (36.9) 84,529 (38.5) 86,510 (37.0) 25,177 (10.9) 25,894 (9.8) 27,533 (12.3) 27,581 (12.6) 28,067 (12.0) 30,547 (13.2) 32,933 (12.5) 34,495 (15.4) 39,000 (17.8) 43,100 (18.5) 29,891 (12.9) 32,239 (12.2) 33,770 (15.0) 38,104 (17.4) 42,316 (18.1) 656 (0.3) 694 (0.3) 725 (0.4) 896 (0.4) 784 (0.4) 7,605 (3.3) 7,574 (2.9) 7,669 (3.4) 7,745 (3.5) 7,927 (3.4) 5,495 (2.4) 5,619 (2.1) 5,739 (2.5) 5,705 (2.6) 5,887 (2.5) 2,110 (0.9) 1,955 (0.7) 1,930 (0.9) 2,040 (0.9) 2,040 (0.9) 35,283 (15.3) 31,507 (12.0) 29,323 (13.0) 23,265 (10.6) 30,367 (13.0) 27,516 (11.9) 23,901 (9.1) 19,769 (8.8) 16,701 (7.6) 17,352 (7.4) 447 (0.2) 770 (0.3) 631 (0.3) 415 (0.2) 533 (0.2) 883 (0.4) 893 (0.3) 654 (0.3) 511 (0.2) 375 (0.2) 13,763 (6.0) 13,780 (5.2) 10,291 (4.6) 13,190 (6.0) 14,066 (6.0) 9,750 (4.2) 45,557 (17.3) 11,239 (5.0) 6,663 (3.0) 5,203 (2.3) 230,960 (100.0) 263,343 (100.0) 224,600 (100.0) 219,600 (100.0) 233,500 (100.0) 6.1 14.0 -14.7 -2.2 6.3 1 Termasuk pemberian/pindahan selain pemberian yang ditetapkan di bawah Perlembagaan Persekutuan 2 Termasuk pemberian kepada Kumpulan Wang Terkanun, syarikat awam, pertubuhan antarabangsa, tuntutan insurans dan pampasan serta lain-lain 3 Anggaran disemak 4 Anggaran belanjawan tidak termasuk langkah Bajet 2022 1 Include grants/transfers other than those listed in the Federal Constitution 2 Include grants to Statutory Funds, public corporations, international organisations, insurance claims and gratuities as well as others 3 Revised estimate 4 Budget estimate, excluding 2022 Budget measures 4.
Jadual Fiskal 2022.indd 213 18/10/2021 6:09 PM 213 tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 3.2.

PERBELANJAAN MENGURUS KERAJAAN PERSEKUTUAN MENGIKUT SEKTOR RM juta 3.2.
FEDERAL GOVERNMENT OPERATING EXPENDITURE BY SECTOR RM million Ekonomi Economic Pertanian Agriculture Tenaga dan kemudahan awam Energy and public utilities Perdagangan dan perindustrian Trade and industry Pengangkutan Transport Perhubungan Communications Alam sekitar Environment Lain-lain Others Sosial Social Pendidikan dan latihan Education and training 56,233 56,546 56,508 56,331 59,361 Kesihatan Health Perumahan Housing Lain-lain Others Keselamatan Security Pertahanan Defence Keselamatan dalam negeri Internal security Pentadbiran am1 General administration1 Lain-lain2 Others2 Jumlah Total % perubahan % change -14.7 -2.2 6.3 1 Termasuk perkhidmatan am, bayaran balik dan bayaran ganti serta perkhidmatan luar negeri 1 Includes general services, refund and reimbursement, and foreign affairs services 2 Termasuk bayaran khidmat hutang, bayaran persaraan dan bayaran pindahan 3 Anggaran disemak 4 Anggaran belanjawan tidak termasuk langkah Bajet 2022 2 Include debt service charges, retirement charges and transfer payments 3 Revised estimate 4 Budget estimate, excluding 2022 Budget measures 214 4.
Jadual Fiskal 2022.indd 214 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 3.3.

PERBELANJAAN PEMBANGUNAN KERAJAAN PERSEKUTUAN MENGIKUT SEKTOR RM juta 3.3.
FEDERAL GOVERNMENT DEVELOPMENT EXPENDITURE BY sECTOR RM million 2018 % 2019 % 2020 % 20213 % 20224 % Ekonomi Economic % perubahan % change Pertanian Agriculture Tenaga dan kemudahan awam1 Energy and public utilities1 Perdagangan dan perindustrian Trade and industry Pengangkutan Transport Perhubungan Communications Alam sekitar Environment Lain-lain Others Sosial Social % perubahan % change Pendidikan dan latihan Education and training Kesihatan Health Perumahan Housing Lain-lain Others Keselamatan Security % perubahan % change Pertahanan Defence Keselamatan dalam negeri Internal security Pentadbiran am2 General administration2 % perubahan % change Jumlah Total % perubahan % change 36,103 (64.4) 31,300 (57.8) 28,712 (55.9) 33,767 (54.5) 40,205 (53.2) 49.3 -13.3 -8.3 17.6 19.1 2,133 (3.8) 2,314 (4.3) 2,003 (3.9) 2,815 (4.5) 2,860 (3.8) 2,254 (4.0) 2,760 (5.1) 2,315 (4.5) 2,976 (4.8) 3,167 (4.2) 2,512 (4.5) 3,054 (5.6) 2,576 (5.0) 2,365 (3.8) 2,087 (2.8) 17,004 (30.3) 13,750 (25.4) 12,779 (24.9) 13,014 (21.0) 15,509 (20.5) 68 (0.1) 71 (0.1) 75 (0.1) 182 (0.3) 975 (1.3) 1,665 (3.0) 1,723 (3.2) 1,324 (2.6) 1,537 (2.5) 2,059 (2.7) 10,467 (18.7) 7,628 (14.1) 7,640 (14.9) 10,878 (17.6) 13,548 (17.9) 12,873 (22.9) 14,484 (26.7) 13,827 (27.0) 17,347 (28.0) 22,671 (30.0) 3.6 12.5 -4.5 25.5 30.7 6,505 (11.6) 7,629 (14.1) 6,737 (13.1) 8,118 (13.1) 11,955 (15.8) 1,773 (3.2) 1,827 (3.4) 3,983 (7.8) 4,397 (7.1) 4,457 (5.9) 1,285 (2.3) 2,126 (3.9) 1,015 (2.0) 1,582 (2.6) 1,771 (2.3) 3,310 (5.8) 2,902 (5.3) 2,092 (4.1) 3,250 (5.2) 4,488 (6.0) 4,929 (8.8) 5,614 (10.4) 5,785 (11.2) 7,317 (11.8) 8,970 (11.9) -7.6 13.9 3.0 26.5 22.6 3,262 (5.8) 2,931 (5.4) 3,197 (6.2) 4,478 (7.2) 5,415 (7.2) 1,667 (3.0) 2,683 (5.0) 2,588 (5.0) 2,839 (4.6) 3,555 (4.7) 2,190 (3.9) 2,775 (5.1) 3,036 (5.9) 3,569 (5.7) 3,754 (4.9) -25.5 26.7 9.4 17.6 5.2 56,095 (100.0) 54,173 (100.0) 51,360 (100.0) 62,000 (100.0) 75,600 (100.0) 25.0 -3.4 -5.2 20.7 21.9 1 Sebahagian besarnya bekalan elektrik dan air 1 Mainly electricity and water supply 2 Termasuk
 perkhidmatan am, penyenggaraan dan pengubahsuaian 2 Includes general services, maintenance and renovations 3 Anggaran disemak 3 Revised estimate 4 Anggaran belanjawan tidak termasuk langkah Bajet 2022 4 Budget estimate, excluding 2022 Budget measures 215 4.
Jadual Fiskal 2022.indd 215 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 4.1.

PINJAMAN BERSIH KERAJAAN PERSEKUTUAN RM juta 4.1.
FEDERAL GOVERNMENT NET BORROWINGS RM million Pinjaman bersih dalam negeri Net domestic borrowings Sekuriti Kerajaan Malaysia Malaysian Government Securities Terbitan kasar Gross issuances Bayaran balik prinsipal Principal repayments Bersih Net Terbitan Pelaburan Kerajaan Malaysia Malaysian Government Investment Issues Terbitan kasar Gross issuances Bayaran balik prinsipal Principal repayments Bersih Net Bil perbendaharaan Treasury bills Terbitan kasar Gross issuances Bayaran balik prinsipal Principal repayments Bersih Net Sukuk Perumahan Kerajaan Government Housing Sukuk Terbitan kasar Gross issuances Bayaran balik prinsipal Principal repayments Bersih Net Pinjaman bersih luar pesisir Net offshore borrowings Projek Project Terimaan Receipts Bayaran balik prinsipal Principal repayments Bersih Net Pasaran Market Terimaan Receipts Bayaran balik prinsipal Principal repayments Bersih Net Jumlah Total 1 Termasuk Sukuk Prihatin 2 Anggaran -18 1,919 -1,933 10,870 12,500 – – – – – – – – – 1,600 2,700 6,000 -1,600 -2,700 -6,000 -342 -320 6,977 -331 1,601 63 405 -342 – – – 36 356 -320 – – – 134 327 -193 7,170 – 7,170 – 331 -331 – – – – 310 -310 5,277 3,366 1,911 40,390 54,107 51,732 86,590 100,401 1 Include Sukuk Prihatin 2 Estimate 4.
Jadual Fiskal 2022.indd 216 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 4.2.

HUTANG KERAJAAN PERSEKUTUAN MENGIKUT PEMEGANG RM juta 4.2.
FEDERAL GOVERNMENT DEBT BY hOLDER RM million Hutang dalam negeri Domestic debt Bil perbendaharaan Treasury bills Institusi perbankan Banking institutions Pemilik asing Foreign holders Lain-lain Others 2017 2018 2019 2020 20216 665,572 719,545 764,233 851,284 924,784 4,500 6,500 4,500 15,500 34,000 855 2,481 2,989 8,656 21,939 3,331 3,733 1,511 6,045 10,905 314 286 - 799 1,156 Terbitan Pelaburan Kerajaan Malaysia Malaysian Government Investment Issues Kumpulan Wang Simpanan Pekerja Employees Provident Fund Kumpulan Wang Persaraan (Diperbadankan) Retirement Fund (Incorporated) Syarikat insurans Insurance companies 268,000 304,300 338,800 375,2665 391,2665 91,350 105,281 118,676 116,826 115,803 11,163 8,968 9,273 9,576 8,612 9,395 10,861 11,858 14,326 15,176 Bank Negara Malaysia 4,040 3,569 1,549 4,255 5,813 Institusi perbankan Banking institutions Institusi kewangan pembangunan Development financial institutions Pemilik asing Foreign holders Lain-lain1 Others1 Sekuriti Kerajaan Malaysia Malaysian Government securities Kumpulan Wang Simpanan Pekerja Employees Provident Fund Kumpulan Wang Persaraan (Diperbadankan) Retirement Fund (Incorporated) Syarikat insurans Insurance companies Bank Negara Malaysia 4,616 6,715 2,680 14,407 11,415 Institusi perbankan Banking institutions Institusi kewangan pembangunan Development financial institutions Pemilik asing Foreign holders Lain-lain2 Others2 Sukuk Perumahan Kerajaan Government Housing Sukuk 55,995 75,074 68,926 86,663 99,708 796 1,256 530 780 720 164,399 146,152 163,888 177,329 192,135 15,624 12,645 19,489 26,179 22,507 28,400 28,400 26,800 24,100 24,100 217 4.
Jadual Fiskal 2022.indd 217 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 4.2.

HUTANG KERAJAAN PERSEKUTUAN MENGIKUT PEMEGANG (samb.)

RM juta 4.2.

FEDERAL GOVERNMENT DEBT BY hOLDER (cont’d.)
RM million Pinjaman luar pesisir Offshore borrowings Pinjaman pasaran3 Market loans3 Kumpulan Wang Simpanan Pekerja Employees Provident Fund Kumpulan Wang Persaraan (Diperbadankan) Retirement Fund (Incorporated) Syarikat insurans Insurance companies Bank Negara Malaysia Institusi perbankan Banking institutions Pemilik asing Foreign holders Lain-lain4 Others4 Pinjaman projek Project loans Pemilik asing Foreign holders Jumlah Total Termasuk institusi kewangan bukan bank; badan berkanun; syarikat penamaan dan amanah; syarikat kerjasama dan butiran yang tidak dapat diklasifikasikan 2 Termasuk sekuriti yang disimpan oleh pelabur institusi dalam bank pusat 3 Pegangan dikenal pasti semasa terbitan 4 Termasuk institusi kewangan bukan bank; orang perseorangan; syarikat bukan kewangan dan sektor yang tidak dapat dikenal pasti 5 Termasuk Sukuk Prihatin 6 Akhir Jun 2021 1 Include non-bank financial institutions; statutory bodies; nominees and trustee companies; co-operatives and unclassified items 2 Include securities placed by institutional investors at the central bank 3 Holders were identified at time of issuance 4 Include non-bank financial institutions; individuals; non-financial corporations and unidentified sectors 5 Include Sukuk Prihatin 6 End-June 2021 218 4.
Jadual Fiskal 2022.indd 218 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 4.3.

HUTANG LUAR RM juta 4.3.
EXTERNAL DEBT RM million 2017 2018 2019 2020 20216 Pinjaman luar pesisir1 Offshore borrowings1 Hutang jangka sederhana dan panjang2 Medium- and long-term debt2 508,583 565,800 563,643 559,560 589,479 321,094 331,973 348,184 360,997 382,627 Sektor awam Public sector Kerajaan Persekutuan Federal Government Syarikat awam3 Public corporations3 Sektor swasta Private sector Sektor perbankan Banking sector Sektor bukan perbankan Non-bank sector Hutang jangka pendek4 Short-term debt4 Sektor perbankan Banking sector Sektor bukan perbankan Non-bank sector Pemegangan sekuriti hutang dalam denominasi ringgit oleh bukan pemastautin Non-resident holdings of ringgit- denominated debt securities Hutang jangka sederhana dan panjang2 Medium- and long-term debt2 Kerajaan Persekutuan Federal Government Lain-lain Others Hutang jangka pendek4 Short-term debt4 Kerajaan Persekutuan Federal Government Lain-lain Others Deposit bukan pemastautin Non-resident deposits Lain-lain5 Others5 Jumlah Total Bersamaan dengan hutang luar negeri di bawah definisi terdahulu terutamanya merangkumi hutang mata wang asing diperoleh dan nota serta bon terbitan luar pesisir 2 Hutang jangka sederhana dan panjang merujuk kepada hutang yang bertempoh matang melebihi satu tahun 3 Terdiri daripada hutang syarikat awam yang dijamin dan tidak dijamin 4 Hutang jangka pendek merupakan hutang yang bertempoh matang setahun atau kurang 5 Merangkumi kredit perdagangan, peruntukan SDR IMF dan lain-lain 6 Akhir Jun 2021 Nota: Angka tidak semestinya terjumlah disebabkan pembundaran Sumber: Bank Negara Malaysia 1 Equivalent to the external debt as previously defined, comprise mainly foreign currency loan raised, and bonds as well as notes issued offshore 2 Medium- and long-term debt refers to debt with tenure of more than one year 3 Includes both guaranteed and non-guaranteed debt of public corporations 4 Short-term debt refers to debt with tenure of one year and below 5 Comprise trade credits, IMF allocation of SDRs and miscellaneous 6 End-June 2021 Note: Total may not add up due to rounding Source: Bank Negara Malaysia 219 4.
Jadual Fiskal 2022.indd 219 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 5.1.

JAMINAN PINJAMAN1 RM juta 5.1.

LOAN GUARANTEES1 RM million 1Malaysia Development Berhad Assets Global Network Sdn.

Bhd.

Bank Pembangunan Malaysia Berhad DanaInfra Nasional Berhad GovCo Holdings Berhad Jambatan Kedua Sdn.

Bhd.

Johor Corporation K.L.


International Airport Berhad – 7,200 5,528 1,800 - Khazanah Nasional Berhad 18,000 17,000 15,000 12,500 11,300 Lembaga Kemajuan Tanah Persekutuan Lembaga Pembiayaan Perumahan Sektor Awam Malaysia Debt Ventures Berhad Malaysia Rail Link Sdn.

Bhd.
Bhd.

Malaysian Industrial Development Finance Berhad MKD Kencana Sdn.

Bhd.

Pelabuhan Tanjung Pelepas Sdn.

Bhd.

Penerbangan Malaysia Berhad Pengurusan Air SPV Berhad Perbadanan Kemajuan Negeri Pahang Perbadanan PR1MA Malaysia Perbadanan Tabung Pendidikan Tinggi Nasional Prasarana Malaysia Berhad Projek Lebuhraya Usahasama Berhad Sabah Electricity Sdn.

Bhd.

Sarawak Hidro Sdn.

Bhd.


4,150 4,000 1,200 – 5 – 1,925 661 4,100 4,000 3,900 3,850 11,500 17,750 22,450 30,150 900 930 1,200 1,000 14,493 18,862 18,506 21,530 – – – - 1,000 1,840 530 3,500 1,995 469 3,500 1,910 388 3,500 325 259 12,710 13,110 13,310 12,210 9,760 200 – 40,350 18,700 11,000 8 120 3,718 40,200 26,614 11,000 2 120 5,000 37,700 31,414 11,000 – 60 5,000 37,300 32,264 11,000 – 60 5,000 39,800 38,914 11,000 - 1,000 1,000 1,000 1,000 1,000 Senai Airport Terminal Services Sdn.

Bhd.
Bhd.

Sentuhan Budiman Sdn.

Bhd.

330 650 330 800 330 800 330 800 330 800 Small Medium Enterprise Development Bank Malaysia Berhad SRC International Sdn.

Bhd.

Suria Strategic Energy Resources Sdn.

Bhd.

Syarikat Perumahan Negara Berhad Tenaga Nasional Berhad TRX City Sdn.

Bhd.

Turus Pesawat Sdn.

Bhd.
Jumlah Total % KDNK % of GDP 2,310 2,600 2,600 2,500 1,850 4,000 – – 2,866 699 5,310 3,900 2,940 – Jaminan yang diluluskan di bawah Akta Jaminan Pinjaman (Pertubuhan Perbadanan) 1965 1 Guarantees approved under the Loans Guarantee (Bodies Corporate) Act 1965 Nota: Angka tidak semestinya terjumlah disebabkan pembundaran Note: Total may not add up due to rounding 220 4.
Jadual Fiskal 2022.indd 220 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 6.1.

KEDUDUKAN KEWANGAN SEKTOR AWAM DISATUKAN RM juta 6.1.
CONSOLIDATED PUBLIC SECTOR FINANCIAL POSITION RM million Hasil Revenue Perbelanjaan mengurus Operating expenditure Baki semasa Current balance 2018 2019 2020 20212 20223 240,976 252,671 248,349 254,334 257,268 265,987 298,243 263,556 258,830 271,947 -25,011 -45,572 -15,207 -4,496 -14,679 Baki semasa syarikat awam bukan kewangan Non-financial public corporations’ current balance 128,174 128,318 71,152 66,260 87,969 Jumlah baki semasa sektor awam Total public sector current balance Perbelanjaan pembangunan Development expenditure Kerajaan am General government Syarikat awam bukan kewangan Non-financial public corporations Kumpulan Wang COVID-191 COVID-19 Fund1 Baki keseluruhan Overall balance % KDNK % GDP 103,163 82,746 55,945 61,764 73,290 144,494 134,454 117,460 140,095 155,478 63,672 57,936 55,621 66,158 80,766 80,822 76,518 61,839 73,937 74,712 37,980 39,039 23,000 -41,331 -51,708 -99,495 -117,370 -105,188 -2.9 -3.4 -7.0 -7.7 -6.4 1 Kumpulan wang amanah khusus di bawah Akta Langkah-Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) 2020 untuk membiayai pakej rangsangan dan pelan pemulihan ekonomi 1 A specific trust fund established under Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 to finance economic stimulus packages and recovery plan 2 Anggaran disemak 2 Revised estimate 3 Anggaran belanjawan tidak termasuk langkah Bajet 2022 3 Budget estimate, excluding 2022 Budget measures 4.
Jadual Fiskal 2022.indd 221 18/10/2021 6:09 PM 221 tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 6.2.

KEDUDUKAN KEWANGAN KERAJAAN NEGERI DISATUKAN RM juta 6.2.
CONsOLIDATED sTATE GOVERNMENTs FINANCIAL POSITION RM million Hasil1 Revenue1 % perubahan % change Janaan negeri State-generated Pemberian Persekutuan Federal grants Bayaran balik Persekutuan Federal reimbursements Perbelanjaan mengurus2 Operating expenditure2 % perubahan % change Baki semasa Current balance Perbelanjaan pembangunan Development expenditure % perubahan % change Kumpulan Wang Pembangunan Development Fund Kumpulan Wang Bekalan Air Water Supply Fund Tolak: Terimaan balik pinjaman Less: Loan recovery Perbelanjaan pembangunan bersih Net development expenditure Baki keseluruhan Overall balance Sumber pembiayaan Sources of financing Pinjaman bersih Persekutuan Net Federal loans Perubahan aset3 Change in assets3 -3.5 4.2 13.2 8.7 9,463 18,390 21,319 20,411 20,214 9,456 13,098 11,051 9,782 11,996 6.5 38.5 -15.6 - -7,065 -12,156 -17,991 -18,012 -15,458 1 Hasil meliputi pemberian pembangunan dan bayaran balik daripada Kerajaan Persekutuan yang sebelum ini diletakkan di bawah sumber pembiayaan, selaras dengan System of National Accounts (SNA) serta prinsip perangkaan kewangan awam 1 Revenue includes development grants and reimbursements from the Federal Government, which was previously treated as a source of financing, consistent with the System of National Accounts (SNA) as well as conventions in public finance statistics 2 Tidak termasuk caruman kepada Kumpulan Wang Pembangunan dan Kumpulan Wang Bekalan Air tetapi termasuk perbelanjaan berulang dalam Kumpulan Wang Bekalan Air 3 Positif menunjukkan pengurangan aset; negatif menunjukkan pertambahan aset 4 Anggaran 2 Excludes contribution to Development Fund and Water Supply Fund but includes recurrent expenditure from Water Supply Fund 3 Positive indicates drawdown of assets; negative indicates accumulation of assets 4 Estimate 222 4.
Jadual Fiskal 2022.indd 222 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 6.3.

KEDUDUKAN KEWANGAN KERAJAAN TEMPATAN DISATUKAN RM juta 6.3.
CONsOLIDATED LOCAL GOVERNMENTs FINANCIAL POSITION RM million Hasil Revenue % perubahan % change Janaan Kerajaan Tempatan Local Government-generated Pemberian Persekutuan dan negeri Federal and state grants Perbelanjaan mengurus Operating expenditure % perubahan % change Baki semasa Current balance 2017 2018 2019 2020 20212 10,845 11,716 12,211 12,433 10,933 6.2 8.0 4.2 1.8 -12.1 9,802 10,537 10,531 10,872 9,974 1,043 1,179 1,680 1,561 959 7,989 8,513 9,450 8,677 8,946 1.5 6.6 11.0 -8.2 3.1 2,856 3,203 2,761 3,756 1,987 Perbelanjaan pembangunan bersih Net development expenditure 2,215 2,141 2,550 1,855 1,250 % perubahan % change Baki keseluruhan Overall balance Sumber pembiayaan Sources of financing Pinjaman bersih Persekutuan Net Federal loans Pinjaman bersih negeri Net state loans Perubahan aset1 Change in assets1 11.0 -3.3 19.1 -27.3 -32.6 641 1,062 211 1,901 737 -8 60 -2 4 -3 -12 -3 -10 0 -15 -693 -1,064 -196 -1,888 -722 1 (+) menunjukkan pengurangan aset; (-) menunjukkan pertambahan aset 1 (+) indicates drawdown of assets; (-) indicates accumulation of assets 2 Anggaran 2 Estimate 4.
Jadual Fiskal 2022.indd 223 18/10/2021 6:09 PM 223 tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 6.4.

KEDUDUKAN KEWANGAN BADAN BERKANUN DISATUKAN1 RM juta 6.4.
CONsOLIDATED sTATUTORY BODIEs 1 FINANCIAL POSITION RM million Hasil Revenue % perubahan % change 2017 2018 2019 2020 20214 47,660 46,989 49,073 47,029 45,274 13.4 -1.4 4.4 -4.2 -3.7 Janaan badan berkanun Statutory bodies-generated Pemberian Persekutuan dan negeri2 Federal and state grants2 18,274 19,320 19,986 20,016 19,604 29,386 27,669 29,087 27,013 25,670 Perbelanjaan mengurus Operating expenditure % perubahan % change Baki semasa Current balance Perbelanjaan pembangunan Development expenditure % perubahan % change Baki keseluruhan Overall balance Sumber pembiayaan Sources of financing Pinjaman bersih dalam negeri Net domestic borrowings Perubahan aset3 Change in assets3 37,727 37,094 35,623 36,013 37,442 9.0 -1.7 -4.0 1.1 4.0 9,933 9,895 13,450 11,016 7,832 3,725 2,596 2,472 1,891 2,666 18.4 -30.3 -4.8 -23.5 41.0 6,208 7,299 10,978 9,125 5,166 8,976 8,376 9,756 14,787 7,128 -15,184 -15,675 -20,734 -23,912 -12,294 1 Badan berkanun merujuk kepada badan korporat yang ditubuhkan di bawah peruntukan undang-undang Persekutuan.
Data meliputi 88 badan berkanun 2 Merujuk kepada pemberian mengurus dan pembangunan 1 Statutory bodies refer to any corporate body that is established under Federal law.

The data covers 88 statutory bodies 2 Refers to both operating and development grants 3 (+) indicates drawdown of assets; (-) indicates accumulation of assets 3 (+) menunjukkan pengurangan aset; (-) menunjukkan pertambahan aset 4 Estimate 4 Anggaran 224 4.
Jadual Fiskal 2022.indd 224 18/10/2021 6:09 PM tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 6.5.

KEDUDUKAN KEWANGAN SYARIKAT AWAM BUKAN KEWANGAN DISATUKAN1 RM juta 6.5.
CONSOLIDATED NON-FINANCIAL PUBLIC CORPORATIONS1 FINANCIAL POsITION RM million Hasil Revenue Perbelanjaan semasa Current expenditure Baki semasa Current balance Perbelanjaan modal Capital expenditure Baki keseluruhan Overall balance 2017 2018 2019 2020 20212 329,145 395,182 385,070 297,146 310,154 262,763 317,366 329,859 269,172 269,627 66,382 77,816 55,211 27,974 40,527 82,580 80,822 76,518 61,839 73,937 -16,198 -3,006 -21,307 -33,865 -33,410 1 Mulai tahun 2021, merujuk kepada 26 syarikat awam bukan kewangan (SABK) utama meliputi Axiata Group Bhd., Bintulu Port Holdings Bhd., Boustead Holdings Bhd., Cement Industries (Sabah) Sdn.
Bhd., IJN Holdings Sdn.

Bhd., Indah Water Konsortium Sdn.

Bhd., Keretapi Tanah Melayu Bhd., Kulim (Malaysia) Bhd., Malaysia Airports Holdings Bhd., Malaysian Aviation Group Bhd., Malaysia Digital Economy Corporation Sdn.

Bhd., Mass Rapid Transit Corporation Sdn.

Bhd., MIMOS Bhd., Penerbangan Malaysia Bhd., Petroliam Nasional Bhd.

(PETRONAS), Prasarana Malaysia Bhd., Rakyat Berjaya Sdn.

Bhd., Sabah Energy Corporation Sdn.

Bhd., Sabah Ports Sdn.


Bhd., Syarikat Perumahan Negara Bhd., Syarikat Sesco Bhd., Telekom Malaysia Bhd., Tenaga Nasional Bhd., TH Plantation Bhd., UDA Holdings Bhd.

dan UEM Group Bhd.

2 Anggaran Nota: SABK merupakan agensi sektor awam yang menjual barang dan perkhidmatan industri dan komersial.

SABK termasuk syarikat yang dimiliki dan/atau dikuasai oleh Kerajaan.
SABK utama merujuk kepada pemilikan melebihi 50% jumlah ekuiti, hasil jualan tahunan minimum RM100 juta dan/atau mempunyai impak yang besar kepada ekonomi 1 From 2021, refering to 26 major non-financial public corporations (NFPCs) comprising Axiata Group Bhd., Bintulu Port Holdings Bhd., Boustead Holdings Bhd., Cement Industries (Sabah) Sdn.

Bhd., IJN Holdings Sdn.

Bhd., Indah Water Konsortium Sdn.


Bhd., Keretapi Tanah Melayu Bhd., Kulim (Malaysia) Bhd., Malaysia Airport Holdings Bhd., Malaysian Aviation Group Bhd., Malaysia Digital Economy Corporation Sdn.

Bhd., Mass Rapid Transit Corporation Sdn.

Bhd., MIMOS Bhd., Penerbangan Malaysia Bhd., Petroliam Nasional Bhd.

(PETRONAS), Prasarana Malaysia Bhd., Rakyat Berjaya Sdn.

Bhd., Sabah Energy Corporation Sdn.

Bhd., Sabah Ports Sdn.


Bhd., Syarikat Perumahan Negara Bhd., Syarikat Sesco Bhd., Telekom Malaysia Bhd., Tenaga Nasional Bhd., TH Plantation Bhd., UDA Holdings Bhd.

dan UEM Group Bhd.

2 Estimate Note: The NFPCs are public sector agencies undertaking the sale of industrial and commercial goods and services.

They include Government- owned and/or Government-controlled companies.
Major NFPCs refers to ownership more than 50% of total equity, minimum annual sales of at least RM100 million and/or of significant impact to the economy 4.

Jadual Fiskal 2022.indd 225 18/10/2021 6:09 PM 225 tinjauan fiskal fiscal outlook 2022statistik kewangan awam | public finance statistics 4.
Jadual Fiskal 2022.indd 226 18/10/2021 6:09 PM Memorandum Perbendaharaan Mengenai Anggaran Hasil Kerajaan Persekutuan Tahun 2022 Anggaran Hasil 2022.indd 227 18/10/2021 6:33 PM Anggaran Hasil 2022.indd 228 18/10/2021 6:33 PM MEMORANDUM PERBENDAHARAAN MENGENAI ANGGARAN HASIL KERAJAAN PERSEKUTUAN TAHUN 2022 1.

Memorandum ini menerangkan anggaran hasil Kerajaan Persekutuan 2022 dan semakan hasil 2021.

Memorandum ini disediakan mengikut Perkara 99, Perlembagaan Persekutuan.

2.
2.

Hasil Kerajaan Persekutuan 2022 dianggarkan berjumlah RM234 bilion.

Butiran mengenai kutipan sebenar 2020, anggaran disemak semula 2021 dan anggaran hasil 2022 adalah di seksyen Ringkasan dan Perincian Anggaran Hasil Kerajaan Persekutuan.

Klasifikasi Hasil Hasil Kerajaan Persekutuan terbahagi kepada empat komponen utama, iaitu Hasil Cukai, Hasil 3.

Bukan Cukai, Terimaan Bukan Hasil dan Hasil daripada Wilayah Persekutuan.
Hasil Cukai diklasifikasikan kepada Hasil Cukai Langsung dan Hasil Cukai Tidak Langsung.

4.

Hasil Cukai Langsung terdiri daripada: a. Cukai Pendapatan (individu1, syarikat, petroleum, pegangan, koperasi, dan lain-lain); dan b. Cukai Langsung Lain (duti setem, cukai keuntungan harta tanah (RPGT), cukai aktiviti perniagaan luar pesisir Labuan, dan lain-lain).

5.
5.

Hasil Cukai Tidak Langsung terdiri daripada: a. Duti Eksport; b. Duti Import; c. Duti Eksais; d. Cukai Jualan dan Cukai Perkhidmatan (SST); e. Cukai Pelancongan; dan f. lain-lain.
6 Hasil Bukan Cukai terdiri daripada: a. lesen dan permit termasuk semua bayaran yang dikenakan berkaitan dengan pemberian hak kepada individu, perbadanan, perniagaan dan perusahaan lain, antaranya termasuk royalti petroleum serta lesen kenderaan bermotor bagi tujuan kawalan atau peraturan; b. bayaran perkhidmatan termasuk terimaan bagi perkhidmatan yang diberi oleh Kerajaan Persekutuan kepada orang awam; c. perolehan daripada jualan barang termasuk terimaan daripada jualan harta benda fizikal yang dimiliki oleh Kerajaan termasuk tanah, bangunan, peralatan pejabat dan jualan barang pelbagai jenis; 1 Terdiri daripada penggajian dan selain penggajian.
229 Anggaran Hasil 2022.indd 229 18/10/2021 6:33 PM tinjauan fiskal 2022anggaran hasil kerajaan persekutuan d. sewaan termasuk sewa tanah, bangunan, kenderaan, jentera dan pelbagai peralatan; e. faedah dan pulangan pelaburan termasuk perolehan daripada pelupusan pelaburan, dividen daripada saham, pendapatan faedah dan faedah pinjaman yang diberi oleh Kerajaan; f. denda dan hukuman termasuk bayaran penyelesaian luar mahkamah serta denda dan rampasan; g. sumbangan dan bayaran ganti daripada luar negeri dan sumbangan tempatan; dan h. pendapatan aktiviti mencari gali minyak dan gas daripada Malaysia – Thailand Joint Authority (MTJA).
7.
Terimaan Bukan Hasil termasuk: a. pulangan balik perbelanjaan termasuk terimaan balik bayaran daripada tahun sebelumnya, pulangan balik gaji kerana peletakan jawatan, pulangan balik perbelanjaan latihan, dapatan balik wang amanah dan wang tak dituntut; dan b. terimaan daripada agensi kerajaan termasuk pindahan dana antara kementerian atau jabatan bagi perkhidmatan yang diberi di antara agensi kerajaan, bayaran balik ke atas caruman kerajaan di bawah skim Kumpulan Wang Simpanan Pekerja dan sumbangan daripada jabatan kerajaan, badan berkanun atau syarikat milik kerajaan.
8.

Hasil daripada Wilayah Persekutuan terdiri daripada hasil cukai dan hasil bukan cukai termasuk penerimaan daripada lesen dan permit, premium dan cukai tanah, jualan aset, sewaan, bayaran perkhidmatan dan duti hiburan.
Perbendaharaan Kementerian Kewangan Malaysia 29 Oktober 2021 230 Anggaran Hasil 2022.indd 230 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuantinjauan fiskal 2022 Treasury Memorandum on the Federal Government Revenue Estimates For 2022 Anggaran Hasil 2022.indd 231 18/10/2021 6:33 PM Anggaran Hasil 2022.indd 232 18/10/2021 6:33 PM TREASURY MEMORANDUM ON THE FEDERAL GOVERNMENT REVENUE ESTIMATES FOR 2022 This Memorandum explains the revenue estimates of the Federal Government for 2022 and 1. the revised estimates for 2021.
The Memorandum is prepared in accordance with Article 99 of the Federal Constitution.

The Federal Government revenue for 2022 is estimated at RM234 billion.

Detailed actual 2. collection for 2020 as well as revised estimates for 2021 and revenue estimates for 2022 are in section Summary and Details of Federal Government Revenue Estimates.

Classification of Revenue The Federal Government revenue is classified into four main categories, namely Tax Revenue, 3.
Non-Tax Revenue, Non-Revenue Receipts and Revenue from Federal Territories.

Tax Revenue is classified into Direct Tax Revenue and Indirect Tax Revenue.

Direct Tax 4.

Revenue are as follows: a.

Income tax (individual1, companies, petroleum, withholding, cooperative, and others); and b.

Other direct tax (stamp duty, real property gains tax (RPGT), Labuan business activity tax, and others).

5.

Indirect Tax Revenue includes: a.

Export duty; b.


Import duty; c. Excise duties; d. Sales Tax and Service Tax (SST); e. Tourism Tax; and f. Others.

6.
Non-Tax Revenue consists of: a. licences and permits including all charges imposed on the granting of rights to individuals, corporations, businesses and other enterprises, among others are in the form of petroleum royalty and motor vehicle licences for purpose of control or regulation; b. service fees which include receipts from services rendered by the Federal Government to the public; c. proceeds from sales of goods including receipts from the sales of Government’s physical assets such as land, building and office equipment as well as the sale of miscellaneous goods; 1 Consists of salary and non-salary 233 Anggaran Hasil 2022.indd 233 18/10/2021 6:33 PM fiscal outlook 2022federal government revenue estimates d. rentals including rentals on land, building, vehicle, machinery and miscellaneous equipment; e. interest and return on investment which include proceed from divestment, dividends from shares, interest income and profit payment on financing granted by the Federal Government; f. fines and penalties including out-of-court settlement fees and forfeitures; g. contributions and compensations received locally and from abroad; and h. oil and gas exploration income from Malaysia – Thailand Joint Authority (MTJA).
7.
Non-Revenue Receipts include: a. b. refund of expenditures which include payments from previous years, refund of salaries arising from resignations, refund of training expenses, refund of trust funds and unclaimed monies; and transfer of funds between ministries or departments for services rendered between government agencies and reimbursements of the government’s contributions under the Employees Provident Fund scheme and contributions from government departments, statutory bodies or government-owned companies.
Revenue from Federal Territories consists of tax and non-tax revenue including receipts 8. from licences and permits, land premiums and quit rent, sales of assets, rentals, service fees and entertainment duties.
Treasury Ministry of Finance, Malaysia 29 October 2021 234 Anggaran Hasil 2022.indd 234 18/10/2021 6:33 PM federal government revenue estimates fiscal outlook 2022 Ringkasan Anggaran Hasil Kerajaan Persekutuan Summary of Federal Government Revenue Estimates Anggaran Hasil 2022.indd 235 18/10/2021 6:33 PM Anggaran Hasil 2022.indd 236 18/10/2021 6:33 PM RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM RM 60000 HASIL CUKAI TAX REVENUE 154,397,967,931 161,829,801,000 171,374,072,000 61000 Cukai Langsung 112,511,151,064 120,048,100,000 127,333,574,000 Direct Tax 61100 Cukai Pendapatan 104,884,438,671 111,810,818,000 118,722,108,000 Income Tax 61900 Cukai Langsung yang Lain Other Direct Tax 62000- 64000 Jumlah Keseluruhan Cukai Tidak Langsung Overall Total Indirect Tax 7,626,712,393 8,237,282,000 8,611,466,000 41,886,816,867 41,781,701,000 44,040,498,000 62000 Cukai Tidak Langsung 41,818,865,544 41,781,290,000 44,039,998,000 Indirect Tax 62100 Duti Eksport Export Duty 62200 Duti Import Import Duty 746,141,231 1,405,672,000 1,610,000,000 2,346,001,584 2,330,354,000 2,500,000,000 62300 Duti Eksais Terhadap Barangan 4,719,320,979 3,639,645,000 3,803,625,000 Tempatan Excise Duty on Local Goods 62400 Cukai Jualan Tempatan 6,493,793,033 5,306,264,000 5,425,127,000 Sales Tax (Local) 62500 Cukai Jualan Import 8,272,887,002 8,934,734,000 9,134,872,000 Sales Tax (Import) 62600 Cukai Perkhidmatan Service Tax 62700 Levi Levy 12,006,145,761 12,287,000,000 13,000,000,000 389,338,968 957,000,000 770,000,000 62800 Duti Eksais Terhadap Barangan 5,136,410,396 6,120,621,000 6,396,374,000 Import Excise Duty on Imported Goods 237 Anggaran Hasil 2022.indd 237 18/10/2021 6:33 PM tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT
 REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM RM 62900 Pelbagai Cukai Tidak Langsung Miscellaneous Indirect Tax 1,708,826,590 800,000,000 1,400,000,000 64000 Cukai Pelancongan Tourism Tax 70000 HASIL BUKAN CUKAI NON-TAX REVENUE 67,951,323 411,000 500,000 62,046,603,183 51,488,445,000 55,876,146,000 71000 Lesen, Bayaran Pendaftaran dan Permit 10,931,339,962 10,251,697,000 10,958,096,000 Licences, Registration Fees and Permits 71100 Bayaran untuk Kenderaan Fees for Vehicles 71200 Bayaran untuk Radio, Televisyen dan Alat-Alat Elektrik Fees for Radio, Television and Electric Equipments 3,637,372,248 3,041,128,000 3,245,767,000 90,424 - - 71300 Bayaran untuk Pendaftaran 2,213,638,213 1,882,744,000 2,011,721,000 Individu Individual Registration Fees 71400 Bayaran untuk Berniaga 4,669,962,092 5,222,303,000 5,590,374,000 Fees for Business 71500 Bayaran Penerbangan Aviation Fees 18,380 - - 71900 Pelbagai Bayaran 410,258,605 105,522,000 110,234,000 Miscellaneous Payments 72000 Bayaran Perkhidmatan 1,565,731,699 1,683,113,000 1,751,756,000 Service Fees 72100 Bayaran Ikhtisas Professional Fees 72200 Bayaran Pelajaran Education Fees 72300 Bayaran Iklan Advertisement Fees 72400 Bayaran Perkhidmatan Service Fees 688,102,017 722,153,000 751,605,000 33,247,780 46,073,000 47,950,000 20,336,182 11,197,000 11,656,000 824,045,720 903,690,000 940,545,000 238 Anggaran Hasil 2022.indd 238 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuan | federal government revenue estimates tinjauan fiskal fiscal outlook 2022 RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM RM 73000 Perolehan daripada Jualan Barang 60,805,300 69,035,000 74,121,000 Proceeds from Sales of Goods 73100 Jualan Barang-Barang Cetak Sales of
 Printed Materials 73200 Jualan Barang-Barang Stor Sales of Store Goods 73300 Jualan Harta Benda Kecuali Yang Diperolehi dari Peruntukan Pembangunan (Termasuk Tanah, Bangunan, Kemudahan dan Alat Kelengkapan) Sales of Property Other Than That Procured Under Development Allocation (Include Land, Building and Equipment) 73900 Pelbagai Jualan Miscellaneous Sales 74000 Sewaan Rental 74100 Sewa Tanah Land Rental 74200 Sewa Bangunan Building Rental 74300 Sewa Kenderaan Vehicle Rental 74400 Sewa Jentera Rental for Machinery 14,857,160 13,807,000 14,826,000 3,819,800 1,382,000 1,482,000 16,231,956 22,282,000 23,923,000 25,896,384 31,564,000 33,890,000 180,319,974 259,170,000 342,232,000 76,836,822 118,236,000 156,130,000 94,823,500 130,404,000 172,197,000 1,463,889 3,452,000 4,559,000 17,630 17,000 22,000 74500 Sewa Alat Kelengkapan Pejabat, 11,348 13,000 18,000 Perabot, dan Kelengkapan Rental of Office Facilities and Furniture 74600 Sewa Alat Kelengkapan 385,215 4,000 5,000 Elektronik Rental of Electronic Equipment 74700 Sewa Alat Kelengkapan 2,217 3,000 4,000 Elektrik Rental of Electrical Equipment 239 Anggaran Hasil 2022.indd 239 18/10/2021 6:33 PM tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM RM 74800 Sewa Alat Kelengkapan Penyiaran 125,174 97,000 128,000 dan Perhubungan Rental of Broadcasting and Telecommunication Equipment 74900 Sewa Pelbagai Miscellaneous Rental 6,654,179 6,944,000 9,169,000 75000 Faedah dan Pulangan Pelaburan 46,067,499,372 35,989,007,000 39,457,483,000 Interest and Return on Investments 75100 Pulangan dari Pelaburan dalam Perusahaan Kewangan Return on Investment from Financial Institutions 3,800,067,692 4,130,711,000 5,104,194,000 75200 Pulangan dari
 Pelaburan dalam 35,123,037,826 27,060,938,000 26,069,110,000 Perusahaan Bukan Kewangan Return on Investment from Non-Financial Institutions 75300 Pulangan dari Pelaburan Luar 8,706,740 1,134,000 1,134,000 Negeri Return on Investment from Overseas 75400 Pulangan dari Pelaburan-Pelaburan dalam Negeri yang Lain Return from Other Internal Investments 7,135,687,114 4,796,224,000 8,283,045,000 76000 Denda dan Penalti Fines and Penalties 1,421,579,016 1,557,330,000 1,573,850,000 77000 Sumbangan dan Bayaran Ganti daripada 177,791,986 8,248,000 10,937,000 Luar Negeri dan Sumbangan Tempatan Contributions and Compensation From Overseas and Local Contributions 77100 Bayaran Ganti Bagi Perkhidmatan 31 - - dari Luar Negeri Compensation For Services from Overseas 77400 Sumbangan Tempatan 177,791,955 8,248,000 10,937,000 Local Contributions 78000 Pendapatan daripada Aktiviti Carigali 1,641,535,874 1,670,845,000 1,707,671,000 Minyak dan Gas MTJA Income from Exploration of Oil and Gas MTJA 240 Anggaran Hasil 2022.indd 240 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuan | federal government revenue estimates tinjauan fiskal fiscal outlook 2022 RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM RM 78100 Pendapatan daripada Operasi 1,641,535,874 1,670,845,000 1,707,671,000 Petroleum Pihak Berkuasa Bersama Malaysia-Thailand (MTJA) Income from Petroleum Operation Malaysia-Thailand Joint Authority (MTJA) 80000 TERIMAAN BUKAN HASIL NON-REVENUE RECEIPTS 7,953,680,648 7,005,000,000 6,030,830,000 81000 Pulangan Balik Perbelanjaan 2,634,409,058 1,228,943,000 1,015,233,000 Refunds of Expenditure 81100 Pulangan Balik Perbelanjaan Am Refunds of General Expenditure 81200 Dapatan Balik Wang Amanah Trust Fund Refunded 2,142,781,134 1,168,461,000 963,160,000 176,278,285 115,000 100,000 81300 Dapatan Balik Wang-Wang
 Tak 315,349,639 60,367,000 51,973,000 Dituntut Unclaimed Monies Refunded 82000 Terimaan daripada Agensi Kerajaan 5,319,231,740 5,776,057,000 5,015,597,000 Receipts from Government Agencies 82100 Terimaan untuk Perkhidmatan Receipts For Services 82200 Bayaran Balik Repayments 2,242,831 3,693,000 3,587,000 3,531,510 8,230,000 7,995,000 82300 Pemberian dan Caruman 5,250,000,000 5,760,000,000 5,000,000,000 Transfers and Contributions 82400 Jualan Sales 82500 Pelbagai Terimaan Miscellaneous Receipts 86000 Terimaan Pelarasan Adjustment Proceeds 86400 Terimaan Pelarasan Adjustment Proceeds 88,481 65,000 63,000 63,368,918 4,069,000 3,952,000 39,850 39,850 - - - - 241 Anggaran Hasil 2022.indd 241 18/10/2021 6:33 PM tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM RM 90000 HASIL DARIPADA WILAYAH PERSEKUTUAN 676,695,480 699,754,000 730,382,000 REVENUE FROM FEDERAL TERRITORIES 91000 Hasil Cukai daripada Wilayah 617,784,952 631,144,000 658,727,000 Persekutuan Tax Revenue from Federal Territories 91100 Cukai Langsung Direct Tax 91200 Cukai Tidak Langsung Indirect Tax 577,611,112 628,285,000 656,163,000 40,173,840 2,859,000 2,564,000 92000 Hasil Bukan Cukai daripada Wilayah 58,910,528 68,610,000 71,655,000 Persekutuan Non-Tax Revenue from Federal Territories 92100 Lesen, Bayaran Pendaftaran dan 4,614,246 4,953,000 5,173,000 Permit Licences, Registration Fees and Permits 92200 Perkhidmatan dan Bayaran 52,648,701 61,207,000 63,923,000 Perkhidmatan Services and Services Fee 92400 Sewaan Rentals 50,297 26,000 27,000 92900 Pelbagai Hasil Bukan Cukai 1,597,284 2,424,000 2,532,000 Miscellaneous Non-Tax Revenue JUMLAH HASIL KERAJAAN PERSEKUTUAN TOTAL FEDERAL GOVERNMENT REVENUE 225,074,947,242
 221,023,000,000 234,011,430,000 242 Anggaran Hasil 2022.indd 242 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuan | federal government revenue estimates tinjauan fiskal fiscal outlook 2022 Perincian Anggaran Hasil Kerajaan Persekutuan Details of Federal Government Revenue Estimates Anggaran Hasil 2022.indd 243 18/10/2021 6:33 PM 243 tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates Anggaran Hasil 2022.indd 244 18/10/2021 6:33 PM PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) 60000 HASIL CUKAI TAX REVENUE 61000 Cukai Langsung Direct Tax PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM 154,397,967,931 161,829,801,000 171,374,072,000 112,511,151,064 120,048,100,000 127,333,574,000 61100 Cukai Pendapatan 104,884,438,671 111,810,818,000 118,722,108,000 Income Tax 61101 Cukai Pendapatan Individu Individual Income Tax 61102 Cukai Pendapatan Syarikat Companies Income Tax 61103 Cukai Pendapatan Petroleum Petroleum Income Tax 61104 Cukai Pendapatan Koperasi Cooperatives Income Tax 61105 Cukai Pegangan Withholding Tax Lain-Lain Others 61900 Cukai Langsung yang Lain Other Direct Tax 61912 Duti Setem Stamp Duty 38,953,123,959 36,400,000,000 37,510,000,000 50,065,452,924 60,588,000,000 65,499,000,000 12,771,538,291 11,499,544,000 12,400,000,000 58,645,873 154,372,000 163,548,000 2,992,934,878 3,114,709,000 3,105,000,000 42,742,746 54,193,000 44,560,000 7,626,712,393 8,237,282,000 8,611,466,000 5,505,763,486 6,200,336,000 6,549,630,000 61913 Cukai Keuntungan Harta 1,687,478,506 1,785,981,000 1,794,810,000 Tanah Real Property Gains Tax Lain-Lain Others 433,470,401 250,965,000 267,026,000 Anggaran Hasil 2022.indd 245 18/10/2021 6:33 PM 245 tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates PERINCIAN ANGGARAN HASIL
 KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)
62000- 64000 Jumlah Keseluruhan Cukai Tidak Langsung Overall Total Indirect Tax 41,886,816,867 41,781,701,000 44,040,498,000 62000 Cukai Tidak Langsung 41,818,865,544 41,781,290,000 44,039,998,000 Indirect Tax 62100 Duti Eksport Export Duty 746,141,231 1,405,672,000 1,610,000,000 62111 Minyak Kelapa Sawit 86,690,738 700,000,000 650,000,000 Mentah Crude Palm Oil 62114 Petroleum Mentah Crude Petroleum Lain-Lain Others 62200 Duti Import Import Duty 634,005,875 626,075,000 850,000,000 25,444,618 79,597,000 110,000,000 2,346,001,584 2,330,354,000 2,500,000,000 62209 Motokar CBU 404,203,639 374,311,000 401,560,000 CBU Motor Vehicles 62210 Motokar CKD 21,560,487 24,944,000 26,761,000 CKD Motor Vehicles 62212 Alat-Alat Ganti 280,287,658 328,539,000 352,455,000 Kenderaan Bermotor Motor Spare Parts 62213 Minuman Keras 74,342,681 65,007,000 69,739,000 Alcoholic Beverage 62227 Mesin dan Alat-Alat Ganti Machines and Spare Parts 236,355,057 262,490,000 281,598,000 62230 Besi Keluli dalam Bentuk 112,815,566 150,823,000 161,803,000 Struktur Structured Steel 246 Anggaran Hasil 2022.indd 246 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuan | federal government revenue estimates tinjauan fiskal fiscal outlook 2022 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)

Cukai Tidak Langsung -(Samb.)

Indirect Tax -(Cont.)
62236 Resin dan Bahan Plastik 130,818,659 139,457,000 149,609,000 Resins and Plastic Materials 62250 Bahan Keluli untuk 40,297,811 38,865,000 41,694,000 Binaan Steel for Construction 62289 Barangan Buatan Logam Metal Products Lain-Lain Others 87,573,386 87,061,000 93,399,000 957,746,640 858,857,000 921,382,000 62300 Duti Eksais Terhadap Barangan 4,719,320,979 3,639,645,000 3,803,625,000 Tempatan Excise Duty on Local Goods 62310 Bir daripada Malt 1,619,172,733 1,245,105,000 1,301,201,000 Beer from Malt 62312 Rokok Buatan Tempatan 37,404,000 24,444,000 25,545,000 Locally Manufactured Cigarettes 62318 Kenderaan Penumpang 2,372,507,607 1,884,866,000 1,969,786,000 Passenger Vehicles Lain-Lain Others 690,236,639 485,230,000 507,093,000 62400 Cukai Jualan Tempatan 6,493,793,033 5,306,264,000 5,425,127,000 Sales Tax (Local) 62408 Kenderaan Bermotor Penumpang Passenger Motor Vehicle 62411 Mesin dan Alat-Alat Ganti Machine and Spare Parts 465,790,323 9,029,000 9,233,000 326,596,446 339,990,000 347,606,000 247 Anggaran Hasil 2022.indd 247 18/10/2021 6:33 PM tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)

Cukai Tidak Langsung -(Samb.)

Indirect Tax -(Cont.)
62415 Barang Buatan Plastik 510,019,232 612,352,000 626,069,000 Plastic Products 62418 Barang-Barang Elektrik 445,654,305 534,735,000 546,713,000 Electrical Goods 62499 Barang-Barang 1,119,403,190 1,044,043,000 1,067,430,000 Perkilangan Dalam Negeri yang Lain Other Domestic Manufacturing Goods Lain-lain Others 3,626,329,537 2,766,115,000 2,828,076,000 62500 Cukai Jualan Import 8,272,887,002 8,934,734,000 9,134,872,000 Sales Tax (Import) 62508 Motokar CBU 263,619,742 214,124,000 218,921,000 CBU Motor Vehicles 62514 Pakaian Clothes 332,592,699 306,790,000 313,662,000 62522 Makanan Dalam Tin dan 387,164,923 464,690,000 475,099,000 Lain-Lain Canned Food and Others 62535 Mesin dan Alat-Alat Ganti Machine and Spare Parts 1,127,166,856 1,385,790,000 1,416,832,000 62599 Cukai Jualan Import yang 1,822,092,608 2,153,968,000 2,202,217,000 Lain Other Imported Sales Tax Lain-lain Others 4,340,250,174 4,409,372,000 4,508,141,000 248 Anggaran Hasil 2022.indd 248 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuan | federal government revenue estimates tinjauan fiskal fiscal outlook 2022 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)

Cukai Tidak Langsung -(Samb.)

Indirect Tax -(Cont.)
62600 Cukai Perkhidmatan Service Tax 12,006,145,761 12,287,000,000 13,000,000,000 62603 Bilik Menginap/ Tempat 252,252,356 12,920,000 13,670,000 Tidur Accommodation 62610 Penyediaan Polisi Insurans Insurance Policy 1,389,526,938 1,492,147,000 1,588,735,000 62611 Perkhidmatan 1,433,061,606 1,480,058,000 1,575,944,000 Telekomunikasi Telecommunication Service 62627 Perkhidmatan Pengurusan 1,220,887,818 1,237,211,000 1,289,005,000 Management Services 62633 Makanan & Minuman Food & Drink 1,402,162,926 1,245,606,000 1,318,741,000 62639 Teknologi Maklumat 893,956,543 999,544,000 1,057,547,000 Information Technology Lain-lain Others 62700 Levi Levy 5,414,297,574 5,819,514,000 6,156,358,000 389,338,968 957,000,000 770,000,000 62800 Duti Eksais terhadap Barangan 5,136,410,396 6,120,621,000 6,396,374,000 Import Excise Duty on Imported Goods 62802 Rokok Yang Diimport 2,748,499,335 3,272,824,000 3,420,276,000 Imported Cigarettes 249 Anggaran Hasil 2022.indd 249 18/10/2021 6:33 PM tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL CUKAI -(Samb.)
TAX REVENUE -(Cont.)

Cukai Tidak Langsung -(Samb.)

Indirect Tax -(Cont.)
62803 Minuman Keras yang 86,034,575 86,166,000 90,048,000 Diimport Imported Alcoholic Beverage 62806 Motokar CBU 2,023,243,139 2,080,422,000 2,174,152,000 CBU Motor Vehicles Lain-lain Others 278,633,347 681,209,000 711,898,000 62900 Pelbagai Cukai Tidak Langsung 1,708,826,590 800,000,000 1,400,000,000 Miscellaneous Indirect Tax 64000 Cukai Pelancongan Tourism Tax 70000 HASIL BUKAN CUKAI NON-TAX REVENUE 67,951,323 411,000 500,000 62,046,603,183 51,488,445,000 55,876,146,000 71000 Lesen, Bayaran Pendaftaran dan Permit 10,931,339,962 10,251,697,000 10,958,096,000 Licences, Registration Fees and Permits 71100 Bayaran untuk Kenderaan Fees for Vehicles 71105 Lesen Kenderaan Bermotor Motor Vehicles Licences 3,637,372,248 3,041,128,000 3,245,767,000 2,935,664,238 2,804,000,000 2,998,120,000 Lain-lain Others 701,708,010 237,128,000 247,647,000 71200 Bayaran untuk Radio, Televisyen dan Alat-Alat Elektrik Fees for Radio, Television and Electric Equipments 90,424 - - 250 Anggaran Hasil 2022.indd 250 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuan | federal government revenue estimates tinjauan fiskal fiscal outlook 2022 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL BUKAN CUKAI -(Samb.)
NON-TAX REVENUE -(Cont.)

Lesen, Bayaran Pendaftaran dan Permit -(Samb.)

Licences, Registration Fees and Permits (Cont.)
71300 Bayaran untuk Pendaftaran Individu Individual Registration Fees 2,213,638,213 1,882,744,000 2,011,721,000 71309 Levi Pekerja Asing 1,798,104,483 1,748,001,000 1,871,026,000 Levy on Foreign Workers Lain-lain Others 415,533,730 134,743,000 140,695,000 71400 Bayaran untuk Berniaga 4,669,962,092 5,222,303,000 5,590,374,000 Fees for Business 71405 Royalti Petroleum Petroleum Royalty Lain-lain Others 4,201,966,927 3,698,000,000 3,998,000,000 467,995,165 1,524,303,000 1,592,374,000 71500 Bayaran Penerbangan Aviation Fees 18,380 - - 71900 Pelbagai Bayaran 410,258,605 105,522,000 110,234,000 Miscellaneous Payments 72000 Bayaran Perkhidmatan 1,565,731,699 1,683,113,000 1,751,756,000 Service Fees 72100 Bayaran Ikhtisas Professional Fees 72200 Bayaran Pelajaran Education Fees 72300 Bayaran Iklan Advertisement Fees 688,102,017 722,153,000 751,605,000 33,247,780 46,073,000 47,950,000 20,336,182 11,197,000 11,656,000 Anggaran Hasil 2022.indd 251 18/10/2021 6:33 PM 251 tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL BUKAN CUKAI -(Samb.)
NON-TAX REVENUE -(Cont.)

Bayaran Perkhidmatan -(Samb.)

Service Fees -(Cont.)
72400 Bayaran Perkhidmatan Service Fees 824,045,720 903,690,000 940,545,000 73000 Perolehan daripada Jualan Barang 60,805,300 69,035,000 74,121,000 Proceeds from Sales of Goods 73100 Jualan Barang-Barang Cetak Sales of Printed Materials 73200 Jualan Barang-Barang Stor Sales of Store Goods 73300 Jualan Harta Benda Kecuali yang Diperolehi dari Peruntukan Pembangunan (Termasuk Tanah, Bangunan, Kemudahan dan Alat Kelengkapan) Sales of Property Other Than That Procured Under Development Allocation (Include Land, Building and Equipment) 73900 Pelbagai Jualan Miscellaneous Sales 74000 Sewaan Rental 74100 Sewa Tanah Land Rental 74200 Sewa Bangunan Building Rental 74300 Sewa Kenderaan Vehicle Rental 74400 Sewa Jentera Rental for Machinery 252 14,857,160 13,807,000 14,826,000 3,819,800 1,382,000 1,482,000 16,231,956 22,282,000 23,923,000 25,896,384 31,564,000 33,890,000 180,319,974 259,170,000 342,232,000 76,836,822 118,236,000 156,130,000 94,823,500 130,404,000 172,197,000 1,463,889 3,452,000 4,559,000 17,630 17,000 22,000 Anggaran Hasil 2022.indd 252 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuan | federal government revenue estimates tinjauan fiskal fiscal outlook 2022 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) HASIL BUKAN CUKAI -(Samb.)
NON-TAX REVENUE -(Cont.)

Sewaan -(Samb.)

Rental -(Cont.)
PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM 74500 Sewa Alat Kelengkapan Pejabat, 11,348 13,000 18,000 Perabot, dan Kelengkapan Rental of Office Facilities and Furniture 74600 Sewa Alat Kelengkapan 385,215 4,000 5,000 Elektronik Rental of Electronic Equipment 74700 Sewa Alat Kelengkapan 2,217 3,000 4,000 Elektrik Rental of Electrical Equipment 74800 Sewa Alat Kelengkapan Penyiaran 125,174 97,000 128,000 dan Perhubungan Rental of Broadcasting and Telecommunication Equipment 74900 Sewa Pelbagai Miscellaneous Rental 6,654,179 6,944,000 9,169,000 75000 Faedah dan Pulangan Pelaburan 46,067,499,372 35,989,007,000 39,457,483,000 Interest and Return on Investments 75100 Pulangan dari Pelaburan dalam Perusahaan Kewangan Return on Investments from Financial Institutions 75105 Hasil Dan Faedah Dari Pelaburan Dalam Bank Negara Malaysia Interest and Return on Investment from Bank Negara Malaysia Lain-lain Others 3,800,067,692 4,130,711,000 5,104,194,000 3,500,000,000 4,000,000,000 5,000,000,000 300,067,692 130,711,000 104,194,000 75200 Pulangan dari Pelaburan dalam 35,123,037,826 27,060,938,000 26,069,110,000 Perusahaan Bukan Kewangan Return on Investment from Non-Financial Institutions 253 Anggaran Hasil 2022.indd 253 18/10/2021 6:33 PM tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL BUKAN CUKAI -(Samb.)
NON-TAX REVENUE -(Cont.)

Faedah dan Pulangan Pelaburan -(Samb.)

Interest and Return on Investments -(Cont.)
75213 Hasil Dan Faedah 34,000,000,000 25,000,000,000 25,000,000,000 Dari Pelaburan Dalam Petroliam Nasional Berhad (PETRONAS) Interest and Return on Investment from Petroliam Nasional Berhad (PETRONAS) 75231 Hasil Dan Faedah 1,000,000,000 2,000,000,000 1,000,000,000 Dari Pelaburan Dalam Khazanah Nasional Berhad Interest and Return on Investment from Khazanah Nasional Berhad Lain-Lain Others 123,037,826 60,938,000 69,110,000 75300 Pulangan dari Pelaburan Luar 8,706,740 1,134,000 1,134,000 Negeri Return on Investment from Overseas 75400 Pulangan dari Pelaburan-Pelaburan dalam Negeri yang Lain Return from Other Internal Investments 7,135,687,114 4,796,224,000 8,283,045,000 76000 Denda dan Penalti Fines and Penalties 1,421,579,016 1,557,330,000 1,573,850,000 77000 Sumbangan dan Bayaran Ganti daripada 177,791,986 8,248,000 10,937,000 Luar Negeri dan Sumbangan Tempatan Contributions and Compensation From Overseas and Local Contributions 77100 Bayaran Ganti Bagi Perkhidmatan 31 - - dari Luar Negeri Compensation For Services from Overseas 254 Anggaran Hasil 2022.indd 254 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuan | federal government revenue estimates tinjauan fiskal fiscal outlook 2022 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL BUKAN CUKAI -(Samb.)
NON-TAX REVENUE -(Cont.)

Sumbangan dan Bayaran Ganti daripada Luar Negeri dan Sumbangan Tempatan -(Samb.)

Contributions and Compensation From Overseas and Local Contributions -(Cont.)
77400 Sumbangan Tempatan 177,791,955 8,248,000 10,937,000 Local Contributions 78000 Pendapatan daripada Aktiviti Carigali 1,641,535,874 1,670,845,000 1,707,671,000 Minyak dan Gas MTJA Income from Exploration of Oil and Gas MTJA 78100 Pendapatan daripada Operasi 1,641,535,874 1,670,845,000 1,707,671,000 Petroleum Pihak Berkuasa Bersama Malaysia-Thailand (MTJA) Income from Petroleum Operation Malaysia-Thailand Joint Authority (MTJA) 80000 TERIMAAN BUKAN HASIL NON-REVENUE RECEIPTS 7,953,680,648 7,005,000,000 6,030,830,000 81000 Pulangan Balik Perbelanjaan 2,634,409,058 1,228,943,000 1,015,233,000 Refunds of Expenditure 81100 Pulangan Balik Perbelanjaan Am Refunds of General Expenditure 81200 Dapatan Balik Wang Amanah Trust Fund Refunded 2,142,781,134 1,168,461,000 963,160,000 176,278,285 115,000 100,000 81300 Dapatan Balik Wang-Wang Tak 315,349,639 60,367,000 51,973,000 Dituntut Unclaimed Monies Refunded 82000 Terimaan daripada Agensi Kerajaan 5,319,231,740 5,776,057,000 5,015,597,000 Receipts from Government Agencies 82100 Terimaan untuk Perkhidmatan Receipts For Services 2,242,831 3,693,000 3,587,000 Anggaran Hasil 2022.indd 255 18/10/2021 6:33 PM 255 tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM TERIMAAN BUKAN HASIL -(Samb.)
NON-REVENUE RECEIPTS -(Cont.)
82200 Bayaran Balik Repayments 3,531,510 8,230,000 7,995,000 82300 Pemberian dan Caruman 5,250,000,000 5,760,000,000 5,000,000,000 Transfers and Contributions 82400 Jualan Sales 88,481 65,000 63,000 82500 Pelbagai Terimaan 63,368,918 4,069,000 3,952,000 Miscellaneous Receipts 86000 Terimaan Pelarasan Adjustment Proceeds 39,850 - - 90000 HASIL DARIPADA WILAYAH PERSEKUTUAN 676,695,480 699,754,000 730,382,000 REVENUE FROM FEDERAL TERRITORIES 91000 Hasil Cukai daripada Wilayah 617,784,952 631,144,000 658,727,000 Persekutuan Tax Revenue from Federal Territories 91100 Cukai Langsung Direct Tax 91200 Cukai Tidak Langsung Indirect Tax 577,611,112 628,285,000 656,163,000 40,173,840 2,859,000 2,564,000 92000 Hasil Bukan Cukai daripada Wilayah 58,910,528 68,610,000 71,655,000 Persekutuan Non-Tax Revenue from Federal Territories 92100 Lesen, Bayaran Pendaftaran dan 4,614,246 4,953,000 5,173,000 Permit Licences, Registration Fees and Permits 92200 Perkhidmatan dan Bayaran 52,648,701 61,207,000 63,923,000 Perkhidmatan Services and Services Fee 256 Anggaran Hasil 2022.indd 256 18/10/2021 6:33 PM anggaran hasil kerajaan persekutuan | federal government revenue estimates tinjauan fiskal fiscal outlook 2022 PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES KOD HASIL (Revenue Code) PENDAPATAN 2020 (2020 Revenue) RM ANGGARAN DISEMAK 2021 (2021 Revised Estimate) RM ANGGARAN 2022 (2022 Estimate) RM HASIL DARIPADA WILAYAH PERSEKUTUAN -(Samb.)
REVENUE FROM FEDERAL TERRITORIES -(Cont.)

Hasil Bukan Cukai daripada Wilayah Persekutuan -(Samb.)

Non-Tax Revenue from Federal Territories -(Cont.)
92400 Sewaan Rentals 50,297 26,000 27,000 92900 Pelbagai Hasil Bukan Cukai 1,597,284 2,424,000 2,532,000 Miscellaneous Non-Tax Revenue JUMLAH HASIL KERAJAAN PERSEKUTUAN TOTAL FEDERAL GOVERNMENT REVENUE 225,074,947,242 221,023,000,000 234,011,430,000 Anggaran Hasil 2022.indd 257 18/10/2021 6:33 PM 257 tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates Anggaran Hasil 2022.indd 258 18/10/2021 6:33 PM Hasil Kerajaan Persekutuan (Selepas Mengambil Kira Langkah Bajet Yang Dicadangkan Dalam Bajet 2022) Federal Government Revenue (After Taking Into Account Budget Measures Proposed In 2022 Budget) Anggaran Hasil 2022.indd 259 18/10/2021 6:33 PM 259 tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates Anggaran Hasil 2022.indd 260 18/10/2021 6:33 PM JUMLAH HASIL SELEPAS LANGKAH BAJET TAHUN 2022 2022 TOTAL REVENUE AFTER BUDGET MEASURES JUMLAH HASIL KERAJAAN PERSEKUTUAN Sebelum mengambil kira langkah bajet yang dicadangkan dalam Bajet 2022 TOTAL FEDERAL GOVERNMENT REVENUE Before taking into account budget measures proposed in the 2022 Budget LANGKAH BAJET: Budget MeASuReS: 60000 HASIL CUKAI tAX ReVeNue 61000 CUKAI LANGSUNG DIRECT TAX 61100 61900 Cukai Pendapatan Income tax Cukai Langsung yang lain Other direct tax 62000 CUKAI TIDAK LANGSUNG INDIRECT TAX 62200 62300 Duti Import Import duty Duti Eksais Terhadap Barangan Tempatan excise duty on Local goods 62400- 62500 Cukai Jualan Sales tax 62600 62800 Cukai Perkhidmatan Service tax Duti Eksais Terhadap Barangan Import excise duty on Imported goods 64000 CUKAI PELANCONGAN TOURISM TAX 90000 HASIL DARIPADA WILAyAH PERSEKUTUAN ReVeNue fROM fedeRAL teRRItORIeS 91000 HASIL CUKAI DARIPADA WILAYAH PERSEKUTUAN TAX REVENUE FROM FEDERAL TERRITORIES Tambahan Hasil Bersih Net Revenue Gain JUMLAH HASIL KERAJAAN PERSEKUTUAN Selepas mengambil kira langkah bajet yang dicadangkan dalam Bajet 2022 TOTAL FEDERAL GOVERNMENT REVENUE After taking into account budget measures proposed in the 2022 Budget RM 234,011,430,000 5,196,000,000 5,027,000,000 169,000,000 1,221,000,000 (373,000,000) 1,036,000,000 748,000,000 130,000,000 (320,000,000) (200,000,000) (37,000,000) 6,180,000,000 240,191,430,000 261 Anggaran Hasil 2022.indd 261 18/10/2021 6:33 PM tinjauan fiskal fiscal outlook 2022anggaran hasil kerajaan persekutuan | federal government revenue estimates Anggaran Hasil 2022.indd 262 18/10/2021 6:33 PM Untitled-1 1 21/10/2021 9:47 AM 4