Budget 2024 illogical - Tun M

SHAH ALAM - Former Prime Minister Tun Dr Mahathir Mohamad believes that the Budget 2024 presented by Prime Minister Datuk Seri Anwar Ibrahim was too high and illogical.

He was concerned that the government's spending could increase the national deficit.

"Budget 2024 seems to be aimed at making the government and the Prime Minister more popular, without any consideration of where the government will get the money from.

“If we continue to borrow, the national debt will reach RM1.5 trillion, and it will bind us to this problem for decades to come," he said.

On Oct 13, the government allocated RM393.8 billion, the largest expenditure in the history of the national budget.

This includes RM303.8 billion for operational expenses, RM90 billion for development and RM2 billion as a contingency reserve.

Meanwhile, Dr Mahathir said that even though the government had withdrawn subsidies and introduced the Luxury Goods Tax, it would not be able to revive the economy.

"The government needs a holistic approach because the implementation of the luxury goods tax is not sufficient to cover the national deficit.

“The proposed tax cannot meet the requirements of Budget 2024 as it is too high to accommodate the national debt," he added.