CMD.35.2021 - CMD 35.2021 Dasar Makroekonomi

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
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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: 03-88823881
e-mel: bfe@mof.gov.my
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

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

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 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

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 tinjauan fiskal 2022

B A J E T K E RA J A A N P E RSE K U TUA N 2 0 2 2
DA RI MA NA DATA N G N YA
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 MA N A D IBEL A N J AK AN
K u m p u la n Wa n g
COV I D - 19 3
Pentadbiran Am
6.9%
1.2%
P E R B E L ANJAAN
Keselamatan
P E MB ANGU NAN
2.7%
Sosial Emolumen
6.8% 26.0 %
Ekonomi
12.1%
RM 332,100 2
JUTA
Lain-lain Bayaran Khidmat

6.1% Hutang
13.0%
Subsidi dan
Bantuan Sosial PE R B E L A N J A A N
5.2% M E N G URUS
Pemberian dan
Serahan kepada Bayaran Perkhidmatan
Kerajaan Negeri Persaraan dan Bekalan
2.4% 8.5% 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
tinjauan fiskal 2022 vii

MALAYSIA: PERANGKAAN PENTING DAN UNJURAN
MALAYSIA: KEY DATA AND FORECAST
LUAS KAWASAN (Kilometer persegi)
AREA (Square kilometres)
Malaysia Semenanjung Malaysia1 Sarawak Sabah2
Peninsular Malaysia1
330,548 132,104 124,450 73,994
2020 20217 20228
PENDUDUK (juta)
32.6 32.7 32.9
POPULATION (million)
RM juta % RM juta % RM juta %
PENGELUARAN DALAM NEGERI
RM perubahan RM perubahan RM perubahan
DOMESTIC PRODUCTION
million % change million % change million % change
Keluaran Dalam Negeri Kasar (harga malar 2015)

1,343,880 -5.6 1,391,311 3.0 - 4.0 1,474,342 5.5 - 6.5
Gross Domestic Product (constant 2015 prices)
Pertanian
99,367 -2.2 98,532 -0.8 102,416 3.9
Agriculture
Perlombongan dan pengkuarian
91,993 -10.6 93,340 1.5 93,086 -0.3
Mining and quarrying
Pembuatan
307,924 -2.6 332,743 8.1 348,547 4.7
Manufacturing
Pembinaan
53,556 -19.4 53,110 -0.8 59,244 11.5
Construction
Perkhidmatan
775,717 -5.5 796,222 2.6 852,298 7.0
Services
Duti import
15,324 -5.6 17,363 13.3 18,750 8.0
Import duties
Keluaran Dalam Negeri Kasar (harga semasa)
1,416,605 -6.4 1,514,624 6.4 - 7.4 1,637,800 7.7 - 8.7
Gross Domestic Product (current prices)
Perbelanjaan penggunaan akhir: Awam
184,043 4.2 191,334 4.0 193,641 1.2
Final consumption expenditure : Public
Swasta
861,758 -4.7 917,972 6.5 1,006,409 9.6
Private
Pembentukan modal tetap kasar: Awam3
74,320 -21.3 73,504 -1.1 93,031 26.6
Gross fixed capital formation : Public3
Swasta
222,238 -12.0 227,063 2.2 237,043 4.4
Private
Perubahan inventori dan barangan berharga
-17,016 – -4,630 – -13,602 –
Changes in inventories and valuables
Eksport barangan dan perkhidmatan
870,272 -11.9 1,027,614 18.1 1,086,802 5.8
Exports of goods and services
Import barangan dan perkhidmatan
779,011 -10.8 918,233 17.9 965,523 5.2
Imports of goods and services
PENDAPATAN DAN PERBELANJAAN NEGARA
NATIONAL INCOME AND EXPENDITURE
Pendapatan Negara Kasar (harga malar 2015)
1,330,169 -5.2 1,372,726 3.2 1,449,588 5.6
Gross National Income (constant 2015 prices)
Pendapatan Negara Kasar (harga semasa)
1,388,021 -5.8 1,474,621 6.2 1,588,430 7.4
Gross National Income (current prices)
Tabungan Negara Kasar (harga semasa)
339,549 -8.6 352,593 3.8 372,049 5.5
Gross National Savings (current prices)
Pendapatan Per Kapita (harga semasa, RM)
42,598 -6.0 45,157 6.0 48,187 6.7
Per Capita Income (current prices, RM)
tinjauan fiskal fiscal outlook 2022 ix
3. Key Data Fiskal.indd 9 18/10/2021 6:01 PM

MALAYSIA: PERANGKAAN PENTING DAN UNJURAN (samb.)
MALAYSIA: KEY DATA AND FORECAST (cont’d)
2020 20219 202210

% % %
KEWANGAN KERAJAAN PERSEKUTUAN RM juta RM juta RM juta
perubahan perubahan perubahan
FEDERAL GOVERNMENT FINANCE RM million RM million RM million
% change % change % change
Hasil 225,076 -14.9 221,023 -1.8 234,011 5.9
Revenue
Perbelanjaan mengurus 224,600 -14.7 219,600 -2.2 233,500 6.3
Operating expenditure
Baki semasa 476 – 1,423 – 511 –
Current balance
Perbelanjaan pembangunan (bersih) 50,101 -4.7 61,200 22.2 75,000 22.5
Development expenditure (net)
Kumpulan Wang COVID-194 38,019 – 39,000 2.6 23,000 -41.0
COVID-19 Fund4
Baki keseluruhan -87,644 -98,777 -97,489
Overall balance
% KDNK -6.2 -6.5 -6.0
% GDP
Pinjaman dalam negeri (bersih) 86,921 98,800 –
Domestic borrowings (net)
Pinjaman luar pesisir (bersih) -331 1,601 –
Offshore borrowings (net)
Perubahan aset5 1,054 -1,624 –
Change in assets5
% KDNK % KDNK
% GDP % GDP
Hutang Kerajaan Persekutuan6
879,560 62.1 958,388 63.3 – –
Federal Government Debt6
Hutang dalam negeri
851,284 60.1 924,784 61.1 – –
Domestic debt
Bil perbendaharaan
15,500 1.1 34,000 2.3 – –
Treasury bills
Terbitan Pelaburan Kerajaan Malaysia
375,266 26.5 391,266 25.8 – –
Malaysian Government Investment Issues
Sekuriti Kerajaan Malaysia
436,418 30.8 475,418 31.4 – –
Malaysian Government Securities
Sukuk Perumahan Kerajaan
24,100 1.7 24,100 1.6 – –
Government Housing Sukuk
Pinjaman luar pesisir
28,276 2.0 33,604 2.2 – –
Offshore borrowings
Pinjaman pasaran
23,055 1.6 28,703 1.9 – –
Market loans
Pinjaman projek
5,221 0.4 4,901 0.3 – –
Project loans
1
Termasuk Wilayah Persekutuan Kuala Lumpur dan Wilayah 1
Includes the Federal Territory of Kuala Lumpur and Federal
Persekutuan Putrajaya Territory of Putrajaya
2
Termasuk Wilayah Persekutuan Labuan 2
Includes the Federal Territory of Labuan
3
Termasuk pelaburan oleh syarikat awam 3
Includes investment of public corporations
4
Kumpulan wang amanah khusus di bawah Akta Langkah-Langkah 4
A specific trust fund established under Temporary Measures for
Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus Government Financing (Coronavirus Disease 2019 (COVID-19)) Act
2019 (COVID-19)) 2020 untuk membiayai pakej rangsangan dan 2020 to finance economic stimulus packages and recovery plan
pelan pemulihan ekonomi 5
(+) indicates drawdown of assets; (-) indicates accumulation of
5
(+) menunjukkan pengurangan aset; (-) menunjukkan assets
pertambahan aset 6
For 2021, data is at end-June 2021
6
Pada 2021, data adalah sehingga akhir Jun 2021 7
Estimate
7
Anggaran 8
Forecast
8
Unjuran 9
Revised estimate
9
Anggaran disemak 10
Budget estimate, excluding 2022 Budget measures
10
Anggaran belanjawan tidak termasuk langkah Bajet 2022 Note: Total may not add up due to rounding
Nota: Jumlah angka mungkin berbeza disebabkan pembundaran
x tinjauan fiskal fiscal outlook 2022
3. Key Data Fiskal.indd 10 18/10/2021 6:01 PM

kandungan
Muka Surat
KATA PENGANTAR iii
PRAKATA v
BA JET KERA JAAN PERSEKUTUAN 2022 vii
MALAYSIA: PERANGKAAN PENTING DAN UNJURAN ix
AKRONIM DAN SINGKATAN xiii
SEKSYEN 1 PERSPEKTIF KESELURUHAN DASAR FISKAL
Perspektif Keseluruhan 3
Dasar Fiskal Mengembang Menyokong Pemulihan Ekonomi 3
Sisipan – Kumpulan Wang Amanah Negara 5
Kedudukan Fiskal 2021 12
Tinjauan 2022 13
Rangka Kerja Fiskal Jangka Sederhana 2022-2024 14
Rencana – Rangka Kerja Akta Tanggungjawab Fiskal 15
Kesimpulan 21
SEKSYEN 2 HASIL KERAJAAN PERSEKUTUAN

Hasil 2021 25
Rencana – Strategi Hasil Jangka Sederhana: Ke Arah Pembaharuan Hasil di Malaysia 27
Tinjauan 2022 33
Kesimpulan 34
SEKSYEN 3 PERBELANJAAN KERAJAAN PERSEKUTUAN

Prestasi 2021 39
Kumpulan Wang COVID-19 43
Sisipan – Status Terkini Kumpulan Wang COVID-19 45
Tinjauan 2022 48
Pinjaman Boleh Dituntut Persekutuan 50
Kesimpulan 51
SEKSYEN 4 PENGURUSAN HUTANG

Pembiayaan 55
Rencana – Sukuk Global 2021 oleh Kerajaan Malaysia 58
Hutang Kerajaan Persekutuan 64
Rencana – Analisis Kemampanan Hutang Malaysia 2021 66
Hutang Luar 73
Hutang Sektor Awam 74
Tinjauan 2022 74
Kesimpulan 75
SEKSYEN 5 RISIKO FISKAL DAN LIABILITI

Pendedahan Hutang dan Liabiliti 81
Jaminan Kerajaan 82
1Malaysia Development Berhad 84
Liabiliti Lain 85
Kesimpulan 85
SEKSYEN 6 SEKTOR AWAM DISATUKAN

Sektor Awam Disatukan 89
Sisipan – Statistik Kewangan Kerajaan 90
Kerajaan Am 95
Kerajaan Negeri 96
Syarikat Awam Bukan Kewangan 97
tinjauan fiskal 2022 xi
2. Kandungan FO .indd 11 18/10/2021 5:48 PM

Muka Surat
JADUAL
Jadual 1.1. Kedudukan Kewangan Kerajaan Persekutuan 12
Jadual 1.2. Rangka Kerja Fiskal Jangka Sederhana (MTFF) 14
Jadual 2.1. Hasil Kerajaan Persekutuan 26
Jadual 3.1. Perbelanjaan Mengurus Kerajaan Persekutuan Mengikut Komponen 41
Jadual 3.2. Perbelanjaan Pembangunan Kerajaan Persekutuan Mengikut Sektor 42
Jadual 3.3. Peruntukan Kumpulan Wang COVID-19 44
Jadual 4.1. Pembiayaan Kerajaan Persekutuan 56
Jadual 4.2. Garis Panduan Perundangan Hutang 64
Jadual 4.3. Hutang Kerajaan Persekutuan Mengikut Instrumen 65
Jadual 4.4. Hutang Kerajaan Persekutuan Mengikut Pemegang 66
Jadual 4.5. Hutang Luar 73
Jadual 4.6. Hutang Sektor Awam 74
Jadual 5.1. Pendedahan Hutang dan Liabiliti Kerajaan Persekutuan 81
Jadual 5.2. Penerima Utama Jaminan Kerajaan 82
Jadual 5.3. Komitmen Jaminan 83
Jadual 5.4. Hutang 1MDB 84
Jadual 6.1. Kedudukan Kewangan Sektor Awam Disatukan 89
Jadual 6.2. Kedudukan Kewangan Kerajaan Am Disatukan 95
Jadual 6.3. Kedudukan Kewangan Kerajaan Negeri Disatukan 96
Jadual 6.4. Kedudukan Kewangan SABK Disatukan 98
RAJAH
Rajah 1.1. Baki Keseluruhan dan Primer Kerajaan Persekutuan 22
Rajah 1.2. Hasil, Perbelanjaan Mengurus dan Baki Semasa Kerajaan Persekutuan 22
Rajah 1.3. Baki Keseluruhan MTFF Kerajaan Persekutuan 22
Rajah 1.4. Kedudukan Fiskal Disemak Semula 2021 22
Rajah 2.1. Hasil Berkaitan Petroleum dan Bukan Petroleum 35
Rajah 2.2. Hasil Sebagai Peratusan kepada KDNK 35
Rajah 3.1. Jumlah Perbelanjaan Mengikut Sektor 52
Rajah 3.2. Jumlah Perbelanjaan mengikut Kementerian dan Agensi 52
Rajah 3.3. Perbelanjaan Mengurus mengikut Komponen 52
Rajah 3.4. Perbelanjaan Mengurus mengikut Sektor 52
Rajah 3.5. Perbelanjaan Pembangunan mengikut Sektor 52
Rajah 3.6. Pinjaman Boleh Dituntut Persekutuan di bawah Kumpulan Wang Pembangunan 52
Rajah 4.1. Terbitan Mengikut Tempoh Matang 76
Rajah 4.2. Nisbah BTC MGS dan MGII 76
Rajah 4.3. Keluk Kadar Hasil Penanda Aras MGS 76
Rajah 4.4. Kadar Hasil Indikatif MGS 76
Rajah 4.5. Komposisi Hutang Kerajaan Persekutuan 76
Rajah 4.6. Hutang Kerajaan Persekutuan Mengikut Pemegang 77
Rajah 4.7. Pemegangan Hutang dalam Denominasi Ringgit oleh Bukan Pemastautin 77
Rajah 4.8. Hutang Kerajaan Persekutuan Mengikut Baki Tempoh Matang 77
Rajah 4.9. Bayaran Khidmat Hutang 77
Rajah 4.10. Profil Kematangan Hutang 77
Rajah 5.1. Jaminan Pinjaman Terkumpul 86
Rajah 5.2. Profil Kematangan Jaminan Pinjaman 86
Rajah 5.3. Jaminan Pinjaman Terkumpul Mengikut Segmen 86
Rajah 5.4. Obligasi PPP Terkumpul Mengikut Sektor 86
Rajah 6.1. Aset dan Liabiliti SABK 97
STATISTIK KEWANGAN AWAM 207
MEMORANDUM PERBENDAHARAAN MENGENAI ANGGARAN HASIL KERAJAAN PERSEKUTUAN 227

TAHUN 2022
xii tinjauan fiskal 2022
2. Kandungan FO .indd 12 18/10/2021 5:48 PM

akronim dan singkatan
AKRONIM DAN SINGKATAN
1MDB 1Malaysia Development GG jaminan Kerajaan

Berhad
GKP Geran PRIHATIN PKS
BCG budgetary central government
GLC syarikat berkaitan kerajaan
BEPS Base Erosion and Profit
Shifting GoM Kerajaan Malaysia
BNM Bank Negara Malaysia GSSS Green, Social, Sustainability

and Sustainability-linked
BPN Bantuan Prihatin Nasional
IMF Tabung Kewangan
BPR Bantuan Prihatin Rakyat Antarabangsa
bps mata asas IPSAS Piawaian Perakaunan Sektor

Awam Antarabangsa
BSH Bantuan Sara Hidup
JANM Jabatan Akauntan Negara
BTC bidaan kepada terbitan Malaysia
CENDANA Dana Pemasaran dan Promosi JKDM Jabatan Kastam DiRaja
Pendigitalan di bawah Agensi Malaysia
Pembangunan Ekonomi
Kebudayaan KDNK Keluaran Dalam Negeri Kasar
CIA Collection Intelligence KHAZANAH Khazanah Nasional Berhad

Arrangement
KWAN Kumpulan Wang Amanah
CITA cukai pendapatan syarikat Negara
CKHT cukai keuntungan harta tanah KWAP Kumpulan Wang Persaraan

(Diperbadankan)
COVID-19 Penyakit Koronavirus 2019
KWC-19 Kumpulan Wang COVID-19
CPO minyak sawit mentah
KWSP Kumpulan Wang Simpanan
CPS sektor awam disatukan Pekerja
DanaInfra DanaInfra Nasional Berhad LHDN Lembaga Hasil Dalam Negeri
DE perbelanjaan pembangunan LPPSA Lembaga Pembiayaan
Perumahan Sektor Awam
DSA Analisis Kemampanan Hutang
LRT transit aliran ringan
DSC bayaran khidmat hutang
MAA Persatuan Automotif Malaysia
ESG alam sekitar, sosial dan tadbir
urus korporat MGII Terbitan Pelaburan Kerajaan
Malaysia
e-Tanah sistem pengurusan tanah
secara elektronik MGS Sekuriti Kerajaan Malaysia
FELDA Lembaga Kemajuan Tanah MIDA Lembaga Pembangunan
Persekutuan Pelaburan Malaysia
FPC Jawatankuasa Dasar Fiskal MITB Bil Perbendaharaan Islam
Malaysia
FRA Akta Tanggungjawab Fiskal
MKD Menteri Kewangan
GFSM 2014 Government Finance Statistics
Diperbadankan
Manual 2014
tinjauan fiskal 2022 xiii

akronim dan singkatan
MOF Kementerian Kewangan PPN Pelan Pemulihan Nasional

Malaysia
PPP kerjasama awam swasta
MPC Jawatankuasa Dasar Monetari
PPR Program Perumahan Rakyat
MRT transit aliran massa
PRIHATIN Pakej Rangsangan Ekonomi
MTB Bil Perbendaharaan Malaysia Prihatin Rakyat
MTFF Rangka Kerja Fiskal Jangka PRIHATIN Langkah Tambahan bagi

Sederhana PKS+ Pakej Rangsangan Ekonomi
PRIHATIN Rakyat
MTRS Strategi Hasil Jangka
Sederhana PSU Program Subsidi Upah
MWSB Malaysia Wakala Sukuk Berhad REITs amanah pelaburan hartanah
NCI Jawatankuasa Nasional RMKe-11 Rancangan Malaysia Kesebelas

Mengenai Pelaburan
RMKe-12 Rancangan Malaysia Kedua
OE perbelanjaan mengurus Belas
OECD Organisation for Economic Co- SABK syarikat awam bukan

operation and Development kewangan
OPR Kadar Dasar Semalaman SDG Matlamat Pembangunan

Mampan
PBLT PBLT Sdn. Bhd.
SPK Sukuk Perumahan Kerajaan
PDRM Polis Diraja Malaysia
SPRM Suruhanjaya Pencegahan
PEMERKASA Program Strategik Rasuah Malaysia
Memperkasa Rakyat dan
Ekonomi SPV syarikat bertujuan khas
PEMERKASA+ Program Strategik SRI Sukuk Pelaburan Mampan dan

Memperkasa Rakyat dan Bertanggungjawab
Ekonomi Tambahan
SRR Keperluan Rizab Berkanun
PEMULIH Pakej Perlindungan Rakyat dan
Pemulihan Ekonomi SSM Suruhanjaya Syarikat Malaysia
PENJANA Pelan Jana Semula Ekonomi SST Cukai Jualan dan Cukai
Negara Perkhidmatan
PERMAI Perlindungan Ekonomi dan SVDP Program Pengakuan Khas

Rakyat Malaysia Sukarela
PETRONAS Petroliam Nasional Berhad SWF sovereign wealth fund
PFI inisiatif pembiayaan swasta TIV jumlah pengeluaran industri
PICK Program Imunisasi COVID-19 TRC Jawatankuasa Pembaharuan

Kebangsaan Cukai
PITA cukai pendapatan petroleum TVET pendidikan dan latihan

teknikal dan vokasional
PKP Perintah Kawalan Pergerakan
WGBI Indeks Bon Kerajaan Dunia
PKS perusahaan kecil dan
sederhana VAT cukai nilai tambah
PMKS perusahaan mikro, kecil dan

sederhana
xiv tinjauan fiskal 2022

s ek s yen 1
Perspektif
Keseluruhan
Dasar Fiskal
3 pe r s pe k t i f k e s e luruh a n
3 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
21 k e s i mpul a n
Seksyen 1 Teks BM new.indd 1 18/10/2021 5:50 PM

seksyen 1 perspektif keseluruhan dasar fiskal
seksyen 1
Perspektif Keseluruhan Dasar Fiskal
Perspektif Keseluruhan rangsangan ekonomi berjumlah RM530 bilion

dengan sokongan fiskal sebanyak RM80 bilion
disediakan di bawah Kumpulan Wang COVID-19
Dasar fiskal terus memainkan peranan
(KWC-19) sejak penularan pandemik pada
utama bagi menyokong pemulihan ekonomi
tahun lalu.
dalam situasi pandemik COVID-19 yang
berpanjangan. Gelombang ketiga penularan
Kerajaan telah melancarkan Program Imunisasi
wabak ini memberi cabaran besar kepada
COVID-19 Kebangsaan (PICK) pada 24 Februari
kemampuan fiskal Kerajaan terutamanya dalam
2021 memandangkan vaksinasi merupakan
mengimbangi impak kepada generasi masa
faktor utama dalam menangani pandemik.
hadapan. Susulan peningkatan mendadak
Pelancaran PICK membuktikan komitmen
kes COVID-19, proklamasi darurat telah
Kerajaan untuk memastikan sekurang-
diisytiharkan berkuatkuasa pada 11 Januari
kurangnya 80% penduduk dewasa menerima
hingga 1 Ogos 2021 bagi meningkatkan
vaksin sepenuhnya pada akhir Oktober 2021.
penguatkuasaan, menambah baik langkah
Seterusnya, Kerajaan telah melancarkan Pelan
pencegahan dan memperketat kawalan
Pemulihan Negara (PPN) pada Jun 2021 yang
sempadan. Kerajaan juga secara proaktif
menetapkan hala tuju untuk keluar daripada
telah meneruskan dasar yang fleksibel dan
pandemik dan mempercepat pemulihan
pragmatik demi melindungi rakyat dan
ekonomi. Pelan ini yang telah dibentangkan
perniagaan serta menyokong ekonomi dalam
di Parlimen pada Julai 2021 menyediakan
menghadapi situasi luar biasa ini.
panduan jelas untuk pembukaan semula
aktiviti ekonomi dan sosial melalui strategi
Kerajaan terus menyediakan sokongan fiskal
empat fasa peralihan berdasarkan analisis
yang besar pada tahun 2021 melalui pakej
data. Sebagai kesinambungan dasar, PPN
bantuan dan rangsangan ekonomi tambahan
menggabungkan semua langkah kawalan dan
bagi mengurangkan impak buruk pandemik
bantuan ekonomi kepada satu pendekatan
dan langkah kawalan. Empat pakej tersebut
komprehensif dan ‘seluruh negara’ (whole-of-
yang bernilai RM225 bilion telah diperkenalkan
nation) untuk menyatupadukan rakyat dalam
pada tahun ini iaitu Perlindungan Ekonomi
memerangi pandemik.
dan Rakyat Malaysia (PERMAI), Program
Strategik Memperkasa Rakyat dan Ekonomi
(PEMERKASA), Program Strategik Memperkasa
Rakyat dan Ekonomi Tambahan (PEMERKASA+) Dasar Fiskal Mengembang
dan Pakej Perlindungan Rakyat dan Pemulihan
Menyokong Pemulihan
Ekonomi (PEMULIH). Pakej bantuan tersebut
melibatkan suntikan fiskal tambahan yang Ekonomi
dianggarkan sebanyak RM25 bilion bertujuan
meningkatkan perbelanjaan penjagaan Pendirian fiskal Kerajaan Persekutuan terus
kesihatan, memastikan kelangsungan memberi keutamaan untuk memacu negara
perniagaan dan meringankan beban keluar daripada krisis pandemik. Sokongan
rakyat. Secara keseluruhan, Kerajaan telah fiskal yang ketara dijangka mampu mengawal
mengumumkan lapan pakej bantuan dan penularan COVID-19, menyokong aktiviti
tinjauan fiskal 2022 3

ekonomi domestik, menjana pelaburan, Kerajaan membuka semula lebih banyak sektor
merangsang perbelanjaan pengguna dan ekonomi untuk menyokong pertumbuhan.
mewujudkan peluang pekerjaan. Pelaksanaan Jumlah vaksinasi harian telah mencatatkan
langkah pemulihan yang lebih bersasar telah peningkatan mendadak kepada sekitar 500,000
memberi kesan positif kepada ekonomi dan dos pada Julai 2021 berbanding 30,000 dos
dibuktikan melalui pertumbuhan ekonomi yang pada awal pelaksanaan program berikutan
kukuh sebanyak 7.1% pada separuh pertama peningkatan bekalan vaksin. Pada akhir Ogos,
tahun ini. Susulan proses peralihan politik Kerajaan telah menempah lebih 87 juta dos
yang lancar serta kesinambungan dasar yang vaksin bernilai sekitar RM4.3 bilion bagi
jelas, Kerajaan yakin ekonomi akan pulih dan memastikan kelancaran pelaksanaan PICK.
mencatat pertumbuhan positif pada 2021. Malaysia telah mencapai sasaran untuk
memvaksin 80% daripada penduduk dewasa
Dalam situasi pemulihan ekonomi global yang pada September 2021.
tidak seimbang dan tidak menentu, operasi
fiskal kekal proaktif dan pantas bertindak Selain itu, agenda sosioekonomi dan
balas terhadap persekitaran ekonomi dan pembangunan kekal menjadi keutamaan
keutamaan dasar yang dinamik. Usaha untuk Kerajaan dalam jangka masa sederhana
meningkatkan keberkesanan dan kecekapan seperti yang dinyatakan dalam Rancangan
perbelanjaan akan disokong oleh langkah Malaysia Kedua Belas, 2021 – 2025 (RMKe-
perbelanjaan berhemat serta mengoptimumkan 12). Justeru, sumber fiskal akan disalurkan
persekitaran operasi bersesuaian dengan bagi melaksanakan program dan projek di
norma baharu. Selain itu, strategi untuk bawah RMKe-12 yang akan bertindak sebagai
meningkatkan keapungan hasil akan pemangkin dalam mencorak hala tuju ke arah
dilaksanakan dengan lebih tersusun tanpa negara yang makmur, inklusif dan mampan.
menjejaskan momentum pemulihan. Kerajaan telah mengemukakan usul di Parlimen
untuk meningkatkan had statutori hutang
Kerajaan telah memanfaatkan pelbagai dengan mengambil kira keperluan pembiayaan
instrumen fiskal untuk mengimbangi keperluan langkah pemulihan dan pelaksanaan RMKe-
perbelanjaan dan kemampanan fiskal bagi 12 dalam menghadapi situasi luar biasa ini.
memacu pemulihan ekonomi dan kesihatan. Bagi memastikan kemampanan fiskal jangka
Langkah ini termasuk penggunaan sebahagian masa sederhana, trajektori konsolidasi fiskal
dana Kumpulan Wang Amanah Negara dijangka bergerak secara lebih beransur-
(KWAN) bagi memastikan pembiayaan yang ansur berbanding sasaran asal. Trajektori ini
mencukupi dan mempercepat pelaksanaan mengambil kira keperluan bagi menyediakan
program vaksinasi di bawah PICK. Justeru, sokongan fiskal yang mencukupi untuk
kadar vaksinasi di Malaysia merekodkan antara pemulihan ekonomi dan agenda pembangunan
terpantas di dunia seterusnya membolehkan negara.
4 tinjauan 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 DANA STRATEGIK DAN DANA RIZAB

PEMBANGUNAN PERSARAAN
Berfungsi sebagai Berperanan sebagai Berperanan Berfungsi sebagai
mekanisme penampan simpanan untuk generasi memenuhi matlamat rizab liabiliti
untuk mengurangkan akan datang terutamanya umum makroekonomi persaraan yang perlu
impak ketidaktentuan apabila sesebuah negara seperti memacu ditanggung oleh
harga komoditi atau bergantung kepada hasil pasaran modal domestik kerajaan. Sumber
kejutan ekonomi kepada daripada sumber tidak atau melabur dalam utama dana adalah
belanjawan negara. boleh baharu seperti sektor strategik. Sumber daripada peruntukan
Kebiasaannya sumber petroleum. Oleh itu, sumber dana tidak semestinya tahunan kerajaan yang
dana adalah terimaan berkenaan boleh dikongsi daripada lebihan akan dilaburkan bagi
daripada hasil sumber asli merentas generasi dengan belanjawan atau rizab meningkatkan dana agar
atau lebihan belanjawan. menukarkan kekayaan kerajaan tetapi boleh juga berupaya untuk
sumber tidak boleh baharu daripada instrumen menampung liabiliti
Contoh: State Oil Fund of Republic kepada portfolio pelaburan. pinjaman dan ekuiti. persaraan.
Azerbaijan dan Chile Economic and Dana simpanan pada
Social Stabilization Fund kebiasaannya mempunyai Contoh: Temasek Holdings, Contoh: Government Pension
tempoh masa yang ditetapkan Singapura dan Public Investment Investment Fund, Jepun dan
sebelum boleh digunakan. Fund, Arab Saudi Danish Labour Market
Supplementary Pension Fund (ATP),
Contoh: Government Pension Fund Denmark
Global, Norway dan Abu Dhabi
Investment Authority
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

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.

RAJAH 2. Pertumbuhan dan Pulangan ke atas Aset KWAN

RM bilion
%
25 25
20 19.5 20
15
15
10
10 6.0
5
5
0
0 -5
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
SAIZ ASET
PULANGAN KE ATAS ASET (SKALA KANAN)
Sumber: Laporan Tahunan KWAN
RAJAH 3. Kedudukan Kewangan KWAN,

sehingga 31 Disember 2020
Aset Liabiliti dan Lebihan Terkumpul

0.1% 0.1%
2.2%
9.1% 4.4%
RM19.5 bilion 42.2% RM19.5 bilion 53.3%
88.6%
TUNAI DAN KESETARAAN TUNAI AKAUN BELUM BAYAR

ASET KEWANGAN SUMBANGAN DANA
AKAUN BELUM TERIMA LEBIHAN TERKUMPUL
PELABURAN RIZAB ASET KEWANGAN
Sumber: Penyata Kewangan KWAN Beraudit, 2020

RAJAH 4. Ringkasan Portfolio Pelaburan KWAN
EKUITI
EMAS
• Ekuiti tempatan dan luar negara –
contoh: Putrajaya Holdings Berhad
• Pelaburan melalui BNM
• Pelaburan melalui program
• Pelaburan terhad kepada
pengurusan dana luar BON
pelaburan emas fizikal
• Peruntukan aset terbesar
• Sekuriti tempatan dan luar

negara
REITs DEPOSIT
• Pelaburan melalui BNM dan
• Amanah pelaburan hartanah program pengurusan • Peruntukan aset minimum
(REITs) tempatan dan luar negara dana luar
• Mata wang tempatan dan luar
• Pelaburan melalui BNM dan negara
program pengurusan dana luar
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

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.

RAJAH 5. Malaysia: Kadar Vaksinasi,

Akhir September 2021
Jumlah dos (’000) Operasi Lonjakan Kapasiti

26 Julai – 1 Ogos
600 Pewartaan Pindaan Akta 339
Melalui Ordinan Darurat
500 21 April
400
300
200
100
0
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
NORWAY 35.7
SINGAPURA 31.8
MEXICO 5.4
PERU 5.4
COLOMBIA 3.2
AZERBAIJAN 2.7
CHILE 2.0
IRELAND 1.8
TRINIDAD & TOBAGO 1.5
ANGOLA 1.5
MALAYSIA 1.2
IRAN 1.1
KAZAKHSTAN 1.1
NIGERIA 0.4
BOTSWANA 0.3
TIMOR LESTE 0.3
GHANA 0.2
Sumber: Natural Resource Governance Institute, Ministry of Finance Norway dan Ministry of Finance Singapore

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). 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

Kedudukan Fiskal 2021 kepada KDNK. Penyusutan ini terutamanya

disebabkan oleh kutipan hasil cukai yang lebih
rendah. Walau bagaimanapun, pengurangan
Kerajaan menerusi Belanjawan 2021 telah
tersebut akan ditampung oleh hasil tambahan
mengunjurkan defisit fiskal berbanding KDNK
berikutan purata harga minyak mentah dan
berkurang kepada 5.4% berdasarkan andaian
minyak sawit yang lebih tinggi serta dividen
pemulihan ekonomi yang stabil pada separuh
tambahan dan bayaran khas daripada entiti
kedua 2020 dan berlanjutan hingga 2021.
Kerajaan.
Walau bagaimanapun, kemunculan varian
baharu COVID-19 yang lebih merbahaya dan Kerajaan telah menyusun semula keutamaan
mudah merebak memberi cabaran besar perbelanjaan ke arah menyokong sistem
kepada Kerajaan dalam melindungi rakyat, penjagaan kesihatan, meringankan beban
perniagaan dan ekonomi. Justeru, Kerajaan rakyat dan memastikan kelangsungan
telah melaksanakan semula Perintah Kawalan perniagaan dengan mengambil kira keperluan
Pergerakan (PKP) dan mengumumkan pakej fiskal yang semakin meningkat. Justeru,
bantuan dan rangsangan ekonomi tambahan perbelanjaan telah disemak semula untuk
untuk meringankan beban rakyat dan membiayai pakej bantuan dan rangsangan
perniagaan. ekonomi tambahan seterusnya meningkatkan
keperluan perbelanjaan di bawah KWC-19.
Pelaksanaan PKP dan pakej bantuan tersebut Oleh itu, jumlah perbelanjaan dijangka kekal
telah menjejaskan kedudukan kewangan signifikan sebanyak RM320.6 bilion walaupun
Kerajaan Persekutuan. Pada 2021, hasil lebih rendah secara marginal sebanyak
dianggarkan menyusut 6.7% daripada anggaran 0.6% berbanding anggaran belanjawan pada
belanjawan kepada RM221 bilion atau 14.6% RM322.5 bilion.
jadual 1.1. Kedudukan Kewangan Kerajaan Persekutuan,

2020 – 2022
PeruBaHan BaHaGIan kePada kdnk

rM juTa (%) (%)
2020 20213 20224 2020 20213 20224 2020 20213 20224

Hasil 225,076 221,023 234,011 -14.9 -1.8 5.9 15.9 14.6 14.3
Perbelanjaan mengurus 224,600 219,600 233,500 -14.7 -2.2 6.3 15.9 14.5 14.3
Baki semasa 476 1,423 511 0.0 0.1 0.0
Perbelanjaan pembangunan
51,360 62,000 75,600 -5.2 20.7 21.9 3.6 4.1 4.6
kasar
Tolak: Terimaan balik
1,259 800 600 -21.5 -36.5 -25.0 0.1 0.1 0.0
pinjaman
Perbelanjaan pembangunan 50,101 61,200 75,000 -4.7 22.2 22.5 3.5 4.0 4.6
bersih
Kumpulan Wang COVID-191 38,019 39,000 23,000 2.6 -41.0 2.7 2.6 1.4
Baki keseluruhan -87,644 -98,777 -97,489 -6.2 -6.5 -6.0
Baki primer2 -53,149 -59,777 -54,389 -3.8 -3.9 -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

Perbelanjaan mengurus (OE) dijangka meneruskan dasar belanjawan mengembang

berkurang sebanyak 7.1% atau RM16.9 bilion bagi menyokong agenda pembangunan
kepada RM219.6 bilion terutamanya daripada nasional seperti yang digariskan dalam
bekalan dan perkhidmatan serta pemberian RMKe-12.
kepada badan berkanun yang mempunyai rizab
kewangan tinggi. Di samping itu, perbelanjaan Pada 2022, kutipan hasil Kerajaan Persekutuan
pembangunan (DE) dijangka berkurang 10.1% dianggar lebih tinggi pada RM234 bilion atau
kepada RM62 bilion berbanding anggaran 14.3% kepada KDNK didorong oleh jangkaan
belanjawan sebanyak RM69 bilion. Beberapa peningkatan hasil cukai kepada RM171.4
projek pembangunan telah disemak dan bilion dan hasil bukan cukai berjumlah
dijadual semula berikutan pelaksanaan PKP RM62.6 bilion. Selain itu, jumlah perbelanjaan
yang telah menjejaskan kemajuan pelaksanaan dianggarkan lebih tinggi pada RM332.1 bilion
projek. Walau bagaimanapun, peruntukan atau 20.3% kepada KDNK disebabkan oleh
KWC-19 dianggar meningkat sebanyak 129.4% peningkatan OE kepada RM233.5 bilion dan
atau RM22 bilion kepada RM39 bilion bagi DE RM75.6 bilion. Baki sebanyak RM23 bilion
membiayai pakej bantuan dan rangsangan merupakan peruntukan KWC-19. Peningkatan
ekonomi tambahan. OE terutamanya disebabkan oleh bekalan dan
perkhidmatan, bayaran khidmat hutang serta
Pandemik yang berpanjangan melangkaui emolumen. Peruntukan DE akan disalurkan
jangkaan telah memaksa Kerajaan untuk terutamanya bagi melaksanakan program dan
meningkatkan kapasiti perbelanjaan bagi projek di bawah RMKe-12 termasuk pembinaan
menyediakan sokongan fiskal tambahan. Landasan Berkembar Elektrik Gemas – Johor
Justeru, defisit fiskal Kerajaan Persekutuan Bahru, Sistem Transit Rapid dan Lebuhraya Pan
berbanding KDNK diunjur meningkat kepada Borneo.
6.5% berikutan suntikan fiskal tambahan dan
unjuran KDNK yang lebih rendah. Oleh itu, baki Kerajaan akan memperuntukkan RM23 bilion
primer yang tidak termasuk bayaran khidmat bagi langkah rangsangan dan pemulihan
hutang berbanding KDNK juga dijangka ekonomi berikutan peningkatan had siling
meningkat kepada 3.9%. KWC-19. Peruntukan tersebut akan digunakan
untuk program dan projek seperti program
subsidi upah dan bantuan tunai serta projek
Tinjauan 2022 berskala kecil. Kumpulan wang ini akan
terus beroperasi sehingga akhir 2022 seperti
Memandangkan keadaan ekonomi global termaktub dalam Akta Langkah-Langkah
masih tidak menentu, terdapat keperluan Sementara bagi Pembiayaan Kerajaan (Penyakit
untuk merancakkan semula aktiviti ekonomi Koronavirus 2019 (COVID-19)) 2020 [Akta 830].
domestik dan sosial bagi mempercepat
pemulihan. Program vaksinasi merupakan Defisit fiskal berbanding KDNK dijangka
antara penyumbang utama kepada pembukaan berkurang kepada 6% setelah mengambil
semula sektor ekonomi dan sosial. Pada 2022, kira pertumbuhan hasil dan keperluan
prospek ekonomi dijangka bertambah baik perbelanjaan. Selain itu, baki primer yang tidak
dan kembali kepada trajektori pertumbuhan termasuk bayaran khidmat hutang berbanding
disokong oleh liputan vaksinasi yang lebih KDNK dianggarkan pada 3.3%. Kerajaan
luas serta permintaan domestik dan luar yang komited untuk menyediakan sokongan fiskal
stabil. Sebagaimana Kenyataan Pra-Bajet yang mencukupi bagi merancakkan semula
yang julung kali diterbitkan, Bajet 2022 ekonomi domestik dan kembali ke arah
dirangka berdasarkan tiga objektif utama iaitu potensi pertumbuhan negara. Justeru, langkah
melindungi dan memulih kehidupan serta mata konsolidasi fiskal akan diteruskan semula
pencarian, membina semula daya tahan negara secara berperingkat berdasarkan rangka kerja
dan memangkin pembaharuan. Kerajaan akan fiskal jangka sederhana.

Rangka Kerja Fiskal oleh hasil bukan petroleum yang dianggar

sebanyak RM600.7 bilion atau 11.3% kepada
Jangka Sederhana KDNK. Hasil berkaitan petroleum diunjur
pada RM135.3 bilion atau 2.6% kepada KDNK.
2022 – 2024 Usaha untuk menambah baik asas hasil akan
berpandukan Strategi Hasil Jangka Sederhana
Dalam jangka masa sederhana, strategi fiskal (MTRS) yang menggariskan pelaksanaan
akan berteraskan kepada Rangka Kerja Fiskal langkah hasil secara berperingkat, semakan
Jangka Sederhana (MTFF). Rangka kerja ini semula perundangan cukai dan pemodenan
berfungsi sebagai panduan perancangan pentadbiran hasil.
belanjawan dengan menetapkan unjuran
makro-fiskal tiga tahun merangkumi
kedudukan hasil dan perbelanjaan. Justeru, jadual 1.2. Rangka Kerja Fiskal Jangka Sederhana
MTFF penting dalam pengurusan kewangan (MTFF), 2022 – 2024
awam dan operasi bagi menambah baik
disiplin fiskal, memastikan keberkesanan dan 2022 - 2024
kecekapan perbelanjaan serta melaksanakan
pembaharuan institusi. rM BIlIOn BaHaGIan
kePada kdnk
(%)
Berdasarkan MTFF 2021 – 2023 yang Hasil 736.0 13.9
diterbitkan dalam Belanjawan 2021, Kerajaan Bukan Petroleum 600.7 11.3
mengunjurkan defisit fiskal pada purata 4.5%
Berkaitan Petroleum 135.3 2.6
kepada KDNK bagi tempoh tiga tahun. Unjuran
Perbelanjaan mengurus 726.9 13.7
tersebut mengambil kira andaian pemulihan
ekonomi yang kukuh dengan pertumbuhan Baki semasa 9.1 0.2
KDNK benar antara 4.5% – 5.5%, harga minyak Perbelanjaan
250.0 4.7
mentah yang stabil (USD45 – USD55 setong) pembangunan kasar
dan pengeluaran minyak mentah sebanyak Tolak: terimaan balik

1.8 0.0
pinjaman
580,000 tong sehari. Jumlah hasil diunjur 14.7%
kepada KDNK manakala jumlah perbelanjaan Perbelanjaan
248.2 4.7
pembangunan bersih
dianggarkan 19.3%.
Kumpulan Wang
23.0 0.5
COVID-191
Walau bagaimanapun, Kerajaan telah
Baki keseluruhan -262.1 -5.0
menyediakan suntikan fiskal tambahan dan
meningkatkan had statutori hutang berikutan Baki Primer -122.6 -2.3
pandemik COVID-19 yang berpanjangan bagi Asas andaian:
memastikan perbelanjaan mencukupi untuk Purata pertumbuhan
5.5
pakej rangsangan ekonomi dan langkah KDNK benar (%)
pemulihan serta pelaksanaan RMKe-12. Purata pertumbuhan
7.7
Oleh itu, MTFF 2022 – 2024 telah disemak KDNK nominal (%)
semula dengan konsolidasi fiskal secara Purata harga minyak
67
lebih beransur-ansur berdasarkan andaian mentah (USD setong)
pertumbuhan KDNK nominal pada purata 7.7%, Purata pengeluaran
580,000
purata harga minyak mentah pada USD67 minyak (tong sehari)
setong serta purata pengeluaran minyak 1

Kumpulan wang amanah khusus ditubuhkan di bawah Akta Langkah-
mentah sebanyak 580,000 tong sehari. Langkah Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus
2019 (COVID-19)) 2020 untuk membiayai pakej rangsangan dan pelan
pemulihan ekonomi
Jumlah hasil dalam jangka masa sederhana Nota: Anggaran MTFF tidak termasuk langkah belanjawan
dianggar sebanyak RM736.0 bilion atau 13.9% Sumber: Kementerian Kewangan Malaysia
kepada KDNK terutamanya disumbangkan

Jumlah siling perbelanjaan indikatif untuk Trajektori konsolidasi fiskal dalam jangka masa
tempoh 2022 – 2024 termasuk KWC-19 diunjur sederhana dijangka bergerak lebih beransur-
sebanyak RM999.9 bilion atau 18.9% kepada ansur daripada unjuran asal dengan defisit
KDNK. Peruntukan OE dianggar pada RM726.9 fiskal keseluruhan pada purata 5% kepada
bilion atau 13.7% kepada KDNK manakala DE
KDNK bagi tempoh MTFF 2022 – 2024. Kerajaan
RM250 bilion atau 4.7%. Siling ini memberi
akan terus melaksanakan inisiatif pembaharuan
panduan kepada kementerian dan agensi
untuk memastikan kemampanan fiskal dan
untuk merangka perancangan belanjawan
seterusnya melancarkan pelaksanaan serta meningkatkan kemampuan keberhutangan di
pembiayaan program dan projek. 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.

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
HASIL PERBELANJAAN HUTANG LAIN-LAIN

Antaranya: Antaranya: Antaranya: Antaranya:
• Akta Cukai • Akta Kumpulan • Akta Bil • Akta Menteri
Pendapatan Wang Perbendaharaan Kewangan
1967 Pembangunan (Tempatan) 1946 (Pemerbadanan)
• Akta Petroleum 1966 • Akta Pinjaman 1957
(Cukai (Tempatan) 1959 • Akta Jaminan
• Akta
Pendapatan) Langkah-Langkah • Akta Pinjaman Pinjaman
1967 Sementara bagi Luar Negeri 1963 (Pertubuhan
• Akta Kastam Pembiayaan Perbadanan)
• Akta Kumpulan
1967 Kerajaan 1965
Wang Pinjaman
• Akta Eksais 1976 (Penyakit Perumahan 1971
Koronavirus 2019 • Akta Pendanaan
• Akta Cukai Jualan (COVID-19) 2020
2018 Kerajaan 1983
• Akta Cukai
Perkhidmatan
2018
Arahan dan Pekeliling Perbendaharaan

• Perolehan • Pengurusan Aset • Wang Awam
• Pengurusan Belanjawan • Pengurusan Pinjaman

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 negeri tidak melebihi 65% daripada

1
Akta Langkah-Langkah Sementara bagi Pembiayaan
KDNK 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: Merujuk kepada Sekuriti Kerajaan Malaysia (MGS), Terbitan Pelaburan Kerajaan Malaysia (MGII) dan Bil Perbendaharaan Islam Malaysia (MITB)
1
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.

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 KOMPONEN PELAPORAN JAWATANKUASA LAIN-LAIN

FISKAL UTAMA DASAR FISKAL
• Tajuk dan tarikh • Prinsip utama • Hasil • Dokumen • Ahli • Sekatan
kuat kuasa pra-belanjawan
• Piagam/Jadual • Perbelanjaan • Peranan • Tempoh
• Objektif • Dokumen peralihan
• Klausa • Hutang pasca- • Kuasa
• Tafsiran/Definisi pengecualian belanjawan • Peranan
• Risiko fiskal Kementerian
• Liputan • Laporan lain 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;

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.”
RAM Rating Services Sdn. Bhd., Siaran Media, November 2019
“Akhirnya, diharapkan Kerajaan memandang serius ketelusan fiskal terutamanya hasrat untuk
membentangkan Akta Tanggungjawab Fiskal pada 2021.”
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.

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

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). 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 penglibatan awam. Maklum balas positif

dan membina daripada pelbagai pihak
Krisis COVID-19 yang berpanjangan telah berkepentingan telah diterima susulan
memaksa Kerajaan untuk terus menyediakan penerbitan tersebut. Inisiatif ini mengukuhkan
sokongan fiskal tambahan bagi meningkatkan komitmen Kerajaan untuk meningkatkan tadbir
sistem penjagaan kesihatan, melindungi urus belanjawan dan pengurusan kewangan
rakyat dan membantu pemulihan ekonomi. awam.
Kerajaan yakin pelaksanaan PPN dan PICK
akan membolehkan pembukaan semula Pengukuhan pengurusan kewangan awam
sektor ekonomi dan sosial secara selamat dan dan pemulihan semula ruang fiskal dengan
sistematik seterusnya merancak momentum kadar segera penting bagi membolehkan
pertumbuhan. Selain itu, RMKe-12 akan penyediaan suntikan fiskal ke arah
menyediakan rangka kerja dasar yang holistik menyokong pertumbuhan ekonomi. Sebagai
bagi pembaharuan struktur dan menetapkan sebuah Kerajaan yang bertanggungjawab,
hala tuju jangka masa sederhana bagi peningkatan sementara had statutori hutang
pelaburan dalam pembangunan infrastruktur akan disusuli dengan usaha meningkatkan
awam dan modal insan serta merapatkan hasil bagi mengurangkan beban fiskal.
jurang pembangunan antara wilayah dan Langkah ini akan membantu menyediakan
antara kumpulan pendapatan. ruang fiskal mencukupi bagi melaksanakan
langkah kitaran balas dalam menangani
Kerajaan telah menerbitkan Kenyataan keadaan tidak dijangka pada masa hadapan.
Pra-Bajet buat julung kali dan siri kertas Justeru, inisiatif pembaharuan institusi
konsultasi awam berkaitan perundangan seperti Akta Tanggungjawab Fiskal, MTRS dan
fiskal, pembaharuan cukai, sistem bantuan Semakan Semula Perbelanjaan Awam akan
sosial dan perolehan Kerajaan sebagai antara dilaksanakan demi meningkatkan tadbir urus
inisiatif untuk meningkatkan ketelusan dan dan kemampanan fiskal dalam jangka masa
akauntabiliti fiskal serta menggalakkan sederhana.

RAJAH 1.1. Baki Keseluruhan dan Primer Kerajaan Persekutuan
% KDNK
0
-1 (1.0)
(0.8)
(1.2) (1.1) (1.2)
(1.3)
(1.7) (1.6)
-2
(2.3)
-3 (2.7) (2.9)
(3.1) (3.0) (3.2) (3.1)
(3.4) (3.4) (3.4) (3.3)
-4 (3.8) (3.7) (3.8) (3.9)
(4.3)
(4.6) (4.7) (4.7)
-5
(5.3)
-6 BAKI KESELURUHAN
(6.0)
(6.2)
BAKI PRIMER (6.5)
-7 (6.7)
-8
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
RM bilion
280
HASIL
PERBELANJAAN MENGURUS
210 BAKI SEMASA
140
70
-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 RAJAH 1.4. Kedudukan Fiskal Disemak Semula 2021
Persekutuan
% KDNK Defisit fiskal (% KDNK)
0
-1 LALUAN KONSOLIDASI FISKAL

0.7
-2 1.7
1.5
Tambahan
pinjaman
-3 1.4 0.9
0.21
-4
5.4
-5 5.4
-6
-7
Belanjawan Pakej Pengurangan Langkah Langkah Anggaran
09
20 B
10
20 1
12
13
14
20 5
16
20 8
20 9
20 20
20 3
24
20 8
20 1R
07
17
1
1
1
22
2
0
2021 stimulus hasil hasil perbelanjaan disemak

20
20
20
20
20
20
20
20
20
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

s ek s yen 2
Hasil Kerajaan
Persekutuan
25 perspek tif keseluruhan
25 hasil 2021
Rencana - Strategi Hasil Jangka Sederhana:
Ke Arah Pembaharuan Hasil di Malaysia
33 tinjauan 2022
34 kesimpulan

seksyen 2 hasil kerajaan persekutuan
seksyen 2
Hasil Kerajaan Persekutuan
Perspektif Keseluruhan 2020. Pengurangan jumlah hasil sebanyak 1.8%

terutamanya disebabkan oleh kejatuhan hasil
bukan cukai berikutan pendapatan pelaburan
Pandemik COVID-19 yang berlarutan telah
yang lebih rendah. Sebaliknya, hasil cukai
menyebabkan penguatkuasaan semula langkah
yang merupakan 73.2% daripada jumlah hasil
kawalan yang memberikan impak kepada
(10.7% kepada KDNK) dianggar meningkat 4.8%
ekonomi, operasi perniagaan dan interaksi
kepada RM161.8 bilion (2020: RM154.4 bilion)
sosial. Keadaan ini menyebabkan penyediaan
manakala hasil bukan cukai diunjur mencatat
sokongan fiskal antaranya melalui insentif dan
RM59.2 bilion (3.9% kepada KDNK) mewakili
pelepasan cukai untuk mengurangkan impak
26.8% daripada jumlah hasil.
pandemik. Sehubungan itu, prestasi hasil tahun
ini diunjur lebih rendah berbanding sasaran,
Cukai langsung diunjur meningkat
seterusnya mengehadkan ruang fiskal dan
6.7% kepada RM120 bilion terutamanya
usaha untuk memulihkan ekonomi.
disumbangkan oleh kutipan cukai pendapatan
syarikat (CITA) yang lebih tinggi iaitu RM60.6
Walau bagaimanapun, pelaksanaan Pelan
bilion. Prestasi lebih baik tersebut berikutan
Pemulihan Negara (PPN) dan usaha
kesan asas yang rendah disokong oleh
mempercepat program vaksinasi di seluruh
beberapa faktor seperti pembayaran ansuran
negara dijangka dapat merangsang pemulihan
cukai yang lebih tinggi daripada syarikat
dan meningkatkan hasil dengan pembukaan
pada 2021 susulan penangguhan bayaran
kembali ekonomi secara berperingkat.
cukai pada 2020. Kenaikan kutipan CITA juga
Harga komoditi yang tinggi berserta inisiatif
disumbangkan oleh peningkatan prestasi
meningkatkan hasil yang dilaksanakan pada
sektor perkhidmatan dan pembuatan serta
tahun semasa juga telah membantu menjana
kutipan hasil lebih tinggi daripada entiti
kutipan hasil yang lebih baik.
yang membuat keuntungan dan tidak terjejas
dengan pandemik terutamanya industri
Kenyataan Pra-Bajet yang pertama dan empat
perbankan, farmaseutikal dan minyak sawit.
Kertas Konsultasi Awam telah diterbitkan
Walau bagaimanapun, cukai pendapatan
sebagai sebahagian daripada usaha
individu dianggar berkurang 6.6% kepada
meningkatkan keterangkuman dan ketelusan
RM36.4 bilion disebabkan oleh pengurangan
penyediaan bajet tahunan. Kertas konsultasi
bilangan pembayar cukai individu yang
tersebut termasuk Kajian Semula Insentif Cukai
dikenakan cukai berikutan kadar pengangguran
diterbitkan untuk mendapatkan pandangan
yang tinggi pada 4.5%. Di samping itu, cukai
mengenai cadangan kajian semula rangka
pendapatan petroleum (PITA) dianggar lebih
kerja insentif cukai secara keseluruhan. Inisiatif
rendah pada RM11.5 bilion (2020: RM12.8
ini menandakan pendekatan baharu Kerajaan
bilion) disebabkan oleh syarikat petroleum
untuk melibatkan komuniti perniagaan dan
menanggung kos cari gali yang lebih tinggi
orang ramai bagi memperkukuh pentadbiran
walaupun harga minyak mentah meningkat
dan pematuhan cukai secara keseluruhan.
pada 2021. Sebaliknya, kutipan cukai langsung
lain terutamanya daripada duti setem dan
Hasil 2021 cukai keuntungan harta tanah (CKHT) dianggar
meningkat kepada RM8.2 bilion (2020: RM7.6
Hasil Kerajaan Persekutuan dijangka mencatat bilion) disokong oleh transaksi pasaran harta
kutipan lebih rendah pada 2021 iaitu RM221 tanah yang lebih tinggi berikutan kenaikan
bilion (14.6% kepada KDNK) berbanding nilai dan jumlah penjualan hartanah daripada
RM225.1 bilion (15.9% kepada KDNK) pada semua segmen pasaran dan harga.1
1
Jabatan Penilaian dan Perkhidmatan Harta. Dicapai daripada https://napic.jpph.gov.my/portal

JaDUaL 2.1. Hasil Kerajaan Persekutuan

2020 – 2022
PerUBaHan BaHaGIan
rM JUTa
kOMPOnen (%) (%)
2020 20211 20222 2020 20211 20222 2020 20211 20222
Hasil cukai 154,398 161,830 171,374 -14.5 4.8 5.9 68.6 73.2 73.2
Cukai langsung 112,511 120,048 127,334 -16.5 6.7 6.1 50.0 54.3 54.4
antaranya:
CITA 50,065 60,588 65,499 -21.5 21.0 8.1 22.2 27.4 28.0
Individu 38,953 36,400 37,510 0.7 -6.6 3.0 17.3 16.5 16.0
PITA 12,772 11,500 12,400 -38.5 -10.0 7.8 5.7 5.2 5.3
Cukai tidak langsung 41,887 41,782 44,040 -8.6 -0.3 5.4 18.6 18.9 18.8
antaranya:
SST 26,773 26,528 27,560 -3.2 -0.9 3.9 11.9 12.0 11.8
Duti eksais 9,855 9,760 10,200 -6.2 -1.0 4.5 4.4 4.4 4.3
Duti import 2,346 2,330 2,500 -14.2 -0.7 7.3 1.0 1.1 1.1
Duti eksport 746 1,406 1,610 -33.7 88.5 14.5 0.3 0.6 0.7
Hasil bukan cukai 70,678 59,193 62,637 -15.7 -16.2 5.8 31.4 26.8 26.8
antaranya:
Lesen dan permit 10,932 10,252 10,958 -24.6 -6.2 6.9 4.9 4.6 4.7
Pendapatan pelaburan 46,067 35,989 39,457 -23.3 -21.9 9.6 20.5 16.3 16.9
Jumlah hasil 225,076 221,023 234,011 -14.9 -1.8 5.9 100.0 100.0 100.0
% kepada KDNK 15.9 14.6 14.3
1
Anggaran disemak
2
Kutipan cukai tidak langsung dianggar bermotor ini selaras dengan jangkaan jumlah
berkurang secara marginal sebanyak 0.3% pengeluaran industri (TIV) kenderaan bermotor
kepada RM41.8 bilion (2020: RM41.9 bilion) yang lebih rendah sebanyak 12.3% kepada
terutamanya disebabkan oleh kutipan Cukai sekitar 500,000 unit pada tahun ini.2
Jualan dan Cukai Perkhidmatan (SST) serta duti
eksais yang lebih rendah. Kutipan SST dijangka Walau bagaimanapun, kutipan cukai tidak
mencatat RM26.5 bilion iaitu pengurangan langsung yang lebih rendah akan ditampung
sebanyak 0.9% disebabkan oleh pengecualian sebahagiannya dengan peningkatan kutipan
cukai jualan kenderaan penumpang yang levi keuntungan luar biasa dan duti eksport
dilanjutkan sehingga 31 Disember 2021 dan minyak sawit mentah (CPO). Levi keuntungan
impak langkah kawalan pandemik terhadap luar biasa meningkat RM0.9 bilion pada 2021
pengguna dan perniagaan. Kutipan duti eksais (2020: RM0.2 bilion) disumbangkan oleh harga
juga diunjur berkurang kepada RM9.8 bilion CPO yang lebih tinggi sekitar RM4,000 setan
disebabkan jumlah pengeluaran kenderaan iaitu melebihi nilai ambang RM2,500 setan
bermotor lebih rendah berikutan penutupan di Semenanjung Malaysia dan RM3,000 setan
kilang di setiap rantaian nilai sepanjang di Sabah dan Sarawak. Levi keuntungan luar
tempoh Perintah Kawalan Pergerakan biasa dikutip daripada pengeluar minyak sawit
(PKP). Pengurangan pengeluaran kenderaan berdasarkan pengeluaran tandan buah segar.
2
Persatuan Automotif Malaysia. Kajian Pasaran Separuh Pertama 2021. Dicapai daripada http://www.maa.org.my/news.html

Sebaliknya, duti eksport dikutip daripada sebahagian bayaran persaraan tahun semasa.
pengeksport berdasarkan harga pasaran Terimaan daripada lesen dan permit dijangka
bulanan CPO yang telah diwartakan. Manakala berkurang kepada RM10.3 bilion (2020: RM10.9
bagi petroleum mentah, kadar duti eksport bilion) disebabkan oleh hasil royalti petroleum
sebanyak 10% dikenakan ke atas keuntungan yang lebih rendah. Kutipan lesen kenderaan
petroleum mentah yang dieksport. Dalam hal bermotor dijangka stabil sekitar RM2.8 bilion
ini, jumlah kutipan duti eksport untuk 2021 setelah mengambil kira pengecualian yang
dianggar sebanyak RM1.4 bilion di mana RM0.7 diberikan oleh Kerajaan dalam memperbaharui
bilion adalah daripada CPO dan RM0.6 bilion lesen. Kutipan levi pekerja asing juga dianggar
daripada petroleum mentah. kekal sekitar RM1.7 bilion.
Hasil bukan cukai dianggar lebih rendah

Hasil berkaitan petroleum diunjur lebih
pada RM59.2 bilion (2020: RM70.7 bilion),
rendah pada 19.2% daripada jumlah hasil
sebahagian besarnya disebabkan oleh
keseluruhan pada 2021 (2020: 24.9%).
pendapatan pelaburan yang lebih rendah
Walaupun peratusan ini lebih rendah,
terutamanya dividen daripada PETRONAS
namun jumlah RM42.5 bilion ini lebih tinggi
berjumlah RM25 bilion (2020: RM34 bilion).
berbanding anggaran Bajet iaitu RM37.8 bilion
Walau bagaimanapun, Kerajaan menerima
disumbangkan oleh dividen PETRONAS yang
dividen yang lebih tinggi daripada Bank
Negara Malaysia (BNM) berjumlah RM4 bilion lebih tinggi selaras dengan peningkatan harga
(2020: RM3.5 bilion) dan dijangka menerima minyak mentah dunia. Hasil bukan petroleum
RM2 bilion daripada Khazanah Nasional Berhad pula dijangka meningkat 5.6% kepada RM178.5
(2020: RM1 bilion). Tambahan pula, Kerajaan bilion (2020: RM169 bilion) disokong oleh
telah menerima bayaran khas sebanyak RM5 kutipan hasil cukai yang lebih baik yang
bilion daripada Kumpulan Wang Persaraan mencerminkan pemulihan ekonomi pada 2021
(Diperbadankan) (KWAP) untuk membiayai 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

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 & Pembaharuan

Matlamat Lain Sistem Cukai (TSR)
untuk membiayai untuk mencapai
keperluan matlamat
perbelanjaan
Strategi
Hasil
Jangka
Sederhana
Komitmen Pembangunan
Politik yang Kapasiti
Berkekalan Diselaraskan
untuk membangun untuk menyokong
dan melaksanakan pelaksanaan TSR
TSR sepenuhnya
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

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

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.

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
Dasar Pentadbiran Rangka

Cukai Cukai Kerja
Perundangan
Cukai
INISIATIF MTRS
Mengkaji semula insentif cukai dan meneroka sumber pendapatan cukai baharu
Meningkatkan keberkesanan agensi hasil

Penyemakan undang-undang mengenai percukaian
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

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). 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.
Dicapai daripada 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). 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.
Tinjauan 2022 pekerjaan. Pada masa yang sama, PITA

dijangka mencatat kutipan lebih tinggi iaitu
RM12.4 bilion. Tambahan pula, pendapatan
Pendapatan Kerajaan Persekutuan diunjur
daripada komponen cukai langsung yang
meningkat 5.9% kepada RM234 bilion selaras
lain iaitu duti setem dan CKHT diunjur lebih
dengan prospek ekonomi yang lebih baik.
tinggi kepada RM6.6 bilion dan RM1.8 bilion
Hasil cukai kekal sebagai penyumbang utama
berdasarkan jangkaan peningkatan nilai dan
jumlah hasil iaitu merangkumi 73.2% daripada
jumlah transaksi daripada segmen hartanah.
hasil keseluruhan dan dijangka meningkat
kepada RM171.4 bilion. Walau bagaimanapun, Cukai tidak langsung diunjur meningkat
hasil cukai sebagai peratusan kepada 5.4% kepada RM44 bilion terutamanya
KDNK dijangka berkurang kepada 10.5% disumbangkan oleh kutipan SST yang
menggambarkan keapungan cukai yang lebih merangkumi 62.5% daripada jumlah cukai
rendah semasa tempoh pemulihan ekonomi. tidak langsung. Kutipan SST dijangka
merekodkan RM27.6 bilion atau 1.7% kepada
Kutipan cukai langsung dijangka meningkat KDNK disokong oleh peningkatan sentimen
6.1% kepada RM127.3 bilion yang merangkumi pengguna dan perniagaan. Daripada jumlah
74.3% daripada jumlah hasil cukai disokong ini, cukai jualan diunjur mencatat RM14.6
oleh prospek pendapatan korporat yang lebih bilion manakala kutipan cukai perkhidmatan
baik berikutan peningkatan pelaksanaan pula RM13 bilion berdasarkan unjuran TIV
program vaksinasi dan jangkaan pemulihan kenderaan bermotor yang lebih tinggi serta
ekonomi. Oleh itu, CITA dijangka kekal prospek sektor telekomunikasi dan insurans
sebagai penyumbang terbesar peningkatan yang lebih baik. Kutipan duti eksais juga
cukai langsung berjumlah RM65.5 bilion diunjur meningkat kepada RM10.2 bilion
pada 2022. Cukai pendapatan individu pula selaras dengan jangkaan peningkatan
dijangka meningkat 3% kepada RM37.5 bilion pengeluaran kenderaan bermotor sebanyak
selaras dengan jangkaan pemulihan pasaran 21% pada 2022.3
3
Persatuan Automotif Malaysia. Kajian Pasaran Separuh Pertama 2021. Dicapai daripada http://www.maa.org.my/news.html

Pengembangan perbelanjaan fiskal bagi PETRONAS menyumbang lebih daripada

merancakkan pertumbuhan perlu disokong separuh jumlah hasil berkaitan petroleum.
oleh kutipan hasil yang lebih baik. Oleh itu,
Kerajaan akan terus meningkatkan pengauditan Hasil bukan petroleum juga diunjur
dan pematuhan cukai untuk memastikan meningkat 6.5% kepada RM190.1 bilion
cukai dikutip mengikut ketetapan. Inisiatif mencerminkan kepelbagaian sumber berikutan
ini akan dilengkapi dengan penambahbaikan prospek ekonomi yang lebih baik. Kerajaan
pentadbiran hasil seperti mempermudah akan terus memastikan penjanaan hasil bukan
prosedur cukai dan mengurangkan birokrasi, petroleum yang mampan untuk melaksanakan
bagi menambah baik ketentuan dan kejelasan komitmen perbelanjaan terutamanya untuk
dasar hasil seterusnya akan meningkatkan memenuhi keperluan rakyat.
kecekapan dan keberkesanan kutipan hasil. Di
samping itu, dalam usaha meletakkan Malaysia
sebagai destinasi pilihan pelabur, rangka
kerja insentif cukai akan dipertingkat secara
Kesimpulan
berterusan untuk mengelak ketidakseimbangan
Sebagai pentadbir hasil yang
peruntukan sumber supaya selaras dengan
bertanggungjawab, Kerajaan komited dalam
amalan terbaik antarabangsa.
meningkatkan kecekapan kutipan melalui
perkembangan teknologi dan inovasi. Inisiatif
Hasil bukan cukai dianggar meningkat
ini akan menambah baik penyampaian
5.8% kepada RM62.6 bilion terutamanya
perkhidmatan dan mempermudah prosedur
disumbangkan oleh pendapatan pelaburan
seterusnya meningkatkan pematuhan cukai.
yang lebih tinggi. Dividen PETRONAS diunjur
Sebagai komitmen dalam menyokong inisiatif
sebanyak RM25 bilion manakala BNM pada
pembaharuan fiskal, pelaksanaan rangka
RM5 bilion. Di samping itu, Kerajaan akan
kerja Strategi Hasil Jangka Sederhana (MTRS)
menerima bayaran khas daripada KWAP
sebanyak RM5 bilion untuk membiayai akan memperkemas dasar cukai, menambah
sebahagian bayaran persaraan. Kutipan lesen baik pentadbiran cukai dan memperkukuh
dan permit juga dijangka meningkat kepada rangka kerja perundangan cukai. Di samping
RM10.9 bilion disumbangkan oleh terimaan itu, Kerajaan akan terus menilai ekosistem
royalti petroleum yang lebih tinggi iaitu RM4 hasil secara menyeluruh melalui penglibatan
bilion. Kutipan daripada komponen utama lain komuniti perniagaan untuk membangunkan
di bawah lesen dan permit iaitu kenderaan dasar hasil yang baik selaras dengan amalan
bermotor dan levi pekerja asing dianggar stabil terbaik antarabangsa. Usaha tersebut akan
pada RM3 bilion dan RM1.9 bilion. memastikan janaan hasil berterusan yang amat
penting dalam usaha membina ruang fiskal
Hasil berkaitan petroleum pada 2022 yang mampan dan kemampuan keberhutangan
dijangka mencatat RM43.9 bilion atau di samping menyediakan langkah kitaran balas
18.8% daripada jumlah hasil dengan dividen demi mengurangkan impak krisis.

RAJAH 2.1. Hasil Berkaitan Petroleum dan Bukan Petroleum

(% daripada jumlah hasil)
18.8 Petroleum
24.9 19.2
Petroleum 41.3 35.4
19.7 20.1
18.9
19.2 12.0 11.8

19.0 11.9
Bukan
7.6 petroleum
Bukan 7.5
petroleum
49.1 49.3
44.3
37.8
32.2
2009 2010 2020 20211 20222
SST HASIL PETROLEUM

CUKAI LANGSUNG (KECUALI PITA) LAIN-LAIN
RAJAH 2.2. Hasil Sebagai Peratusan kepada KDNK

22.3
19.4
Petroleum 9.2
15.9
6.9
14.6 14.3
4.0
2.8 2.7 Petroleum
1.0
1.0
1.0 0.5 1.0 1.2 1.0
1.7 1.5 0.9 0.7 0.9
1.8 1.7 1.7
2.2 2.2
1.2 1.1 1.0
Bukan Bukan
petroleum petroleum
7.6
7.2 7.3 7.0 7.1 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)
1
Anggaran disemak
2

s ek s yen 3
Perbelanjaan
Kerajaan
Persekutuan
39 perspek tif keseluruhan
39 p r e s ta s i 2 0 2 1
43 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
48 tinjauan 2022
50 pinjaman boleh dituntut

per sekutuan
51 kesimpulan
Seksyen 3 Teks BM.indd 37 18/10/2021 5:52 PM

seksyen 3 perbelanjaan kerajaan persekutuan
seksyen 3
Perbelanjaan Kerajaan Persekutuan
Perspektif Keseluruhan potensi pertumbuhan. Pelaksanaan Rancangan

Malaysia Kedua Belas, 2021 – 2025 (RMKe-12)
Peningkatan semula kes COVID-19 telah akan turut memangkin proses pemulihan
memaksa Kerajaan melaksanakan semula dan memacu negara ke arah mencapai
perintah kawalan pergerakan (PKP) yang kemakmuran, inklusiviti dan kemampanan
memberi impak kepada hampir semua sektor dalam jangka masa sederhana. Pada masa
ekonomi dan mengehadkan aktiviti sosial. yang sama, prinsip akauntabiliti dan tadbir
Beberapa pakej bantuan dan rangsangan urus yang baik akan terus ditingkatkan
ekonomi telah diperkenalkan bagi menyediakan seiring dengan amalan terbaik global seperti
bantuan segera kepada rakyat dan perniagaan. yang dinyatakan dalam Kenyataan Pra-Bajet
Pakej tersebut mengambil pendekatan yang yang pertama dan Kertas Konsultasi Awam
bersasar dalam memastikan langkah yang bagi penyediaan Bajet 2022. Di samping
diperkenalkan berupaya mengurangkan impak itu, Kerajaan akan melaksanakan semakan
pandemik dengan berkesan. perbelanjaan secara berkala untuk memastikan
perbelanjaan yang cekap dan berkesan
Sokongan fiskal tambahan bertujuan seterusnya menyokong konsolidasi fiskal dalam
terutamanya untuk mengukuhkan sistem jangka masa sederhana.
kesihatan awam dan menyediakan bantuan
tunai kepada isi rumah dan perniagaan.
Sokongan ini telah meningkatkan perbelanjaan Prestasi 2021
khususnya bagi komitmen di bawah Kumpulan
Wang COVID-19 (KWC-19). Pertambahan Perbelanjaan Kerajaan Persekutuan pada 2021
perbelanjaan tersebut diimbangi oleh langkah dianggarkan berjumlah RM322.5 bilion. Pada
penyusunan semula perbelanjaan yang teliti. tahun ini, sebanyak empat pakej bantuan dan
Kerajaan juga terus menguruskan sumber rangsangan ekonomi telah diumumkan iaitu
fiskal dengan meningkatkan kecekapan Perlindungan Ekonomi dan Rakyat Malaysia
perbelanjaan, mengurangkan ketirisan dan (PERMAI), Program Strategik Memperkasa
mengoptimumkan perbelanjaan mengurus Rakyat dan Ekonomi (PEMERKASA), Program
dalam norma baharu. Inisiatif ini dilaksanakan Strategik Memperkasa Rakyat dan Ekonomi
dengan pemantauan rapi dan pelaporan secara Tambahan (PEMERKASA+) dan Pakej
mingguan selaras dengan prinsip akauntabiliti Perlindungan Rakyat dan Pemulihan Ekonomi
dan ketelusan. (PEMULIH) berjumlah RM225 bilion dengan
suntikan fiskal sebanyak RM25 bilion. Secara
Secara umum, peningkatan komitmen umum, pakej tersebut adalah dalam bentuk
perbelanjaan dalam tempoh pandemik adalah bantuan tunai kepada rakyat dan perniagaan
disebabkan oleh keutamaan Kerajaan untuk terutamanya bagi yang terkesan akibat PKP
menyediakan sokongan yang sewajarnya yang berpanjangan berikutan pandemik.
kepada ekonomi. Pelaksanaan Pelan Pemulihan Selain itu, langkah rangsangan tambahan
Nasional (PPN) dan kelancaran pelaksanaan dan pembendungan pandemik telah memberi
program vaksinasi akan memudahkan tekanan kepada unjuran hasil yang lebih
pembukaan semula perniagaan seterusnya rendah berbanding anggaran Belanjawan.
membantu ekonomi kembali kepada trajektori Situasi ini memerlukan penyusunan semula

perbelanjaan terutamanya perbelanjaan ini terutamanya disebabkan oleh penjimatan

mengurus yang harus dibiayai sepenuhnya geran dan pindahan serta bekalan dan
daripada hasil selaras dengan peruntukan di perkhidmatan. Peruntukan geran dan
bawah Perlembagaan Persekutuan. Oleh itu, pindahan yang lebih rendah disebabkan oleh
jumlah perbelanjaan Kerajaan Persekutuan potongan geran kepada badan berkanun
2021 telah disemak semula lebih rendah yang mempunyai rizab tinggi. Begitu juga
kepada RM320.6 bilion. Walau bagaimanapun, dengan unjuran bekalan dan perkhidmatan
jumlah berkenaan lebih tinggi berbanding lebih rendah berikutan pengkelasan semula
jumlah perbelanjaan pada tahun sebelumnya item berkaitan pembangunan kepada DE dan
(2020: RM314 bilion). penjimatan daripada penangguhan peruntukan
item yang tidak kritikal.
Penyusunan semula ini melibatkan
pengurangan bersih dalam perbelanjaan Peruntukan OE disemak semula kepada
sebanyak RM1.9 bilion yang dijana melalui RM219.6 bilion iaitu lebih rendah sebanyak
penjimatan perbelanjaan berjumlah RM23.9 2.2% berbanding RM224.6 bilion pada 2020.
bilion. Penjimatan ini disalurkan semula untuk Peruntukan yang lebih rendah terutamanya
membiayai tambahan suntikan langsung fiskal disebabkan oleh pengurangan peruntukan
yang dianggarkan sebanyak RM22 bilion di bekalan dan perkhidmatan kepada RM23.3
bawah KWC-19. Penjimatan perbelanjaan bilion (2020: RM29.3 bilion) khususnya
berkenaan dijana daripada penjadualan semula untuk pembaikan dan penyelenggaraan,
program dan projek tertentu, penangguhan perkhidmatan profesional serta bekalan
program tidak kritikal, semakan semula pejabat. Selain itu, perbelanjaan untuk subsidi
peruntukan langkah belanjawan serta jangkaan dan bantuan sosial berkurang kepada RM16.7
pengurangan perbelanjaan disebabkan oleh bilion (2020: RM19.8 bilion) terutamanya
penundaan projek semasa tempoh PKP. disebabkan oleh program bantuan tunai yang
dibiayai melalui KWC-19. Walau bagaimanapun,
Berdasarkan jumlah peruntukan yang pengurangan tersebut dijangka diimbangi oleh
disemak semula, perbelanjaan mengurus (OE) perbelanjaan subsidi bahan api yang lebih
dianggarkan berjumlah RM219.6 bilion (14.5% tinggi. Tambahan pula, emolumen dianggarkan
kepada KDNK), perbelanjaan pembangunan meningkat kepada RM84.5 bilion (2020:
(DE) berjumlah RM62 bilion (4.1% kepada RM83 bilion) manakala bayaran persaraan
KDNK) manakala baki RM39 bilion (2.6% sebanyak RM27.6 bilion (2020: RM27.5 bilion)
kepada KDNK) adalah untuk KWC-19. Sektor terutamanya disebabkan oleh kenaikan gaji
sosial kekal sebagai penerima terbesar dan pencen tahunan. Bayaran khidmat hutang
dengan jumlah peruntukan sebanyak RM128.5 juga dianggarkan meningkat sebanyak 13.1%
bilion (40.1% daripada jumlah keseluruhan) kepada RM39 bilion (2020: RM34.5 bilion)
diikuti oleh sektor ekonomi (RM66.9 bilion; berikutan keperluan pembiayaan yang lebih
20.9%), keselamatan (RM31.5 bilion; 9.8%) tinggi untuk perbelanjaan berkaitan DE dan
dan pentadbiran am (RM16.7 bilion; 5.2%). COVID-19 manakala geran dan pindahan
Perbelanjaan tanggungan dan bayaran kepada kerajaan negeri dan badan berkanun
pindahan antara lain terdiri daripada bayaran dianggarkan meningkat sebanyak 16.6%
khidmat hutang, bayaran persaraan dan kepada RM20.9 bilion (2020: RM18 bilion).
pindahan kepada kerajaan negeri merangkumi
24% daripada perbelanjaan keseluruhan. Tahun 2021 merupakan tahun pertama RMKe-12.
Sejumlah RM400 bilion diperuntukkan untuk
Peruntukan OE 2021 disemak lebih rendah DE di bawah RMKe-12 iaitu peningkatan
sebanyak 7.1% kepada RM219.6 bilion ketara sebanyak 61% berbanding perbelanjaan
berbanding peruntukan asal sebanyak sebenar Rancangan Malaysia Kesebelas
RM236.5 bilion. Semakan yang lebih rendah sebanyak RM248.5 bilion. Peruntukan tersebut

jadual 3.1. Perbelanjaan Mengurus Kerajaan Persekutuan Mengikut Komponen

2020 – 2022
peRuBaHan BaHaGian
RM juTa
kOMpOnen (%) (%)
2020 20211 20222 2020 20211 20222 2020 20211 20222
Emolumen 82,996 84,529 86,510 3.1 1.8 2.3 36.9 38.5 37.0
Bayaran persaraan 27,533 27,581 28,067 6.3 0.2 1.8 12.3 12.6 12.0
Bayaran khidmat hutang 34,495 39,000 43,100 4.7 13.1 10.5 15.4 17.8 18.5
Pemberian dan serahan kepada 7,669 7,745 7,927 1.3 1.0 2.3 3.4 3.5 3.4
kerajaan negeri
Perkhidmatan dan bekalan 29,323 23,265 30,367 -6.9 -20.7 30.5 13.0 10.6 13.0
Subsidi dan bantuan sosial 19,769 16,701 17,352 -17.3 -15.5 3.9 8.8 7.6 7.4
Pembelian aset 631 415 533 -18.1 -34.2 28.4 0.3 0.2 0.2
Bayaran balik dan hapus kira 654 511 375 -26.8 -21.9 -26.6 0.3 0.2 0.2
Pemberian kepada badan 10,291 13,190 14,066 -25.3 28.2 6.6 4.6 6.0 6.0
berkanun
Lain-lain 11,239 6,663 5,203 -75.3 -40.7 -21.9 5.0 3.0 2.3
Jumlah 224,600 219,600 233,500 -14.7 -2.2 6.3 100.0 100.0 100.0
Bahagian kepada KDNK (%) 15.9 14.5 14.3
1
Anggaran disemak
2
akan disalurkan untuk membiayai projek serta Oleh kerana Kerajaan terus memberi tumpuan
program baharu dan sedia ada yang dirancang kepada sektor ekonomi, peruntukan sektor ini
di bawah sektor ekonomi, sosial, keselamatan kekal sebagai penerima terbesar merangkumi
dan pentadbiran am. Projek dan program ini 54.5%, diikuti oleh sektor sosial (28%),
diselaraskan dengan tiga tema utama RMKe-12 keselamatan (11.8%) dan pentadbiran am
iaitu menjana semula ekonomi; memperkukuh (5.7%). Perbelanjaan untuk sektor ekonomi
keselamatan, kesejahteraan dan inklusiviti; dianggarkan berjumlah RM33.8 bilion
dan melonjakkan kemampanan. Tema tersebut terutamanya untuk meningkatkan infrastruktur
seiring dengan aspirasi jangka masa panjang pengangkutan awam dan jaringan komunikasi,
negara dalam Wawasan Kemakmuran Bersama membangunkan utiliti awam, merancakkan
2030 dan Agenda Pembangunan Mampan aktiviti perdagangan dan perindustrian serta
2030. memacu pertanian. Subsektor pengangkutan
diperuntukkan sebanyak RM13 bilion dengan
Namun begitu, peruntukan DE disemak lebih sebahagian besarnya untuk membiayai projek
rendah kepada RM62 bilion berbanding utama yang sedang berjalan seperti projek
anggaran asal RM69 bilion berikutan Laluan Berkembar Elektrik Gemas-Johor Bahru
penyusunan semula perbelanjaan. Semakan dan Lebuhraya Pan Borneo serta menambah
lebih rendah ini juga sejajar dengan penilaian baik jalan persekutuan di seluruh negara.
semula dan penangguhan beberapa projek. Subsektor tenaga dan kemudahan awam
Walau bagaimanapun, DE yang lebih rendah diperuntukkan sebanyak RM3 bilion manakala
diimbangi oleh pengelasan semula beberapa perdagangan dan industri sebanyak RM2.4
item berkaitan pembangunan daripada OE. bilion. Beberapa projek dan program utama
Sejumlah RM60.8 bilion adalah peruntukan di bawah subsektor ini termasuk kerja menaik
langsung sementara baki RM1.2 bilion taraf dan pembinaan loji rawatan kumbahan,
merupakan pinjaman kepada kerajaan negeri menyediakan dan menambah baik bekalan
dan entiti berkaitan Kerajaan. elektrik dan air, meningkatkan kemahiran

keusahawanan untuk perusahaan mikro, kecil pendidikan dan latihan teknikal dan vokasional
dan sederhana (PMKS) serta mendorong dan (TVET); penambahbaikan dan pengubahsuaian
meningkatkan penggunaan teknologi dalam sekolah, kuarters guru dan institusi pengajian
kalangan perniagaan. Subsektor pengangkutan, tinggi; dan pembinaan tambahan hospital
tenaga dan kemudahan awam serta pengajar. Sejumlah RM4.4 bilion atau 7.1% DE
perdagangan dan industri merangkumi 29.6% diperuntukkan untuk subsektor kesihatan bagi
daripada jumlah DE. meningkatkan ketersediaan dan kemudahan
penjagaan subsidi kesihatan terutamanya
Perbelanjaan untuk sektor sosial pada 2021 di kawasan luar bandar dan pinggir bandar.
dijangka meningkat sebanyak 25.5% kepada Selain itu, perbelanjaan tersebut turut meliputi
RM17.3 bilion (2020: RM13.8 bilion) dengan penambahbaikan dan penyelenggaraan
pendidikan dan latihan, serta kesihatan kekal hospital dan klinik serta pembelian kenderaan
sebagai subsektor utama. Subsektor pendidikan dan peralatan. Antara projek pembinaan di
dan latihan memperoleh peruntukan terbesar bawah subsektor ini termasuk hospital di
sebanyak RM8.1 bilion iaitu 20.5% lebih Tanjung Karang, Selangor dan Pendang, Kedah
tinggi berbanding RM6.7 bilion pada 2020 serta menaik taraf Hospital Seberang Jaya
terutamanya untuk peningkatan program di Pulau Pinang. Sementara itu, subsektor
jadual 3.2. Perbelanjaan Pembangunan Kerajaan Persekutuan Mengikut Sektor

2020 – 2022
peRuBaHan BaHaGian
RM juTa
sekTOR (%) (%)
2020 20211 20222 2020 20211 20222 2020 20211 20222
Ekonomi 28,712 33,767 40,205 -8.3 17.6 19.1 55.9 54.5 53.2
antaranya:
Pengangkutan 12,779 13,014 15,509 -7.1 1.8 19.2 24.9 21.0 20.5
Perdagangan dan 2,576 2,365 2,087 -15.7 -8.2 -11.8 5.0 3.8 2.8
perindustrian
Tenaga dan kemudahan awam 2,315 2,976 3,167 -16.1 28.6 6.4 4.5 4.8 4.2
Pertanian 2,003 2,815 2,860 -13.4 40.5 1.6 3.9 4.5 3.8
Alam sekitar 1,324 1,537 2,059 -23.2 16.1 34.0 2.6 2.5 2.7
Sosial 13,827 17,347 22,671 -4.5 25.5 30.7 27.0 28.0 30.0
antaranya:
Pendidikan dan latihan 6,737 8,118 11,955 -11.7 20.5 47.3 13.1 13.1 15.8
Kesihatan 3,983 4,397 4,457 118.0 10.4 1.4 7.8 7.1 5.9
Perumahan 1,015 1,582 1,771 -52.3 55.9 11.9 2.0 2.6 2.3
Keselamatan 5,785 7,317 8,970 3.0 26.5 22.6 11.2 11.8 11.9
Pentadbiran am 3,036 3,569 3,754 9.4 17.6 5.2 5.9 5.7 4.9
Jumlah 51,360 62,000 75,600 -5.2 20.7 21.9 100.0 100.0 100.0
Bahagian kepada KDNK (%) 3.6 4.1 4.6
1
Anggaran disemak
2

perumahan menerima RM1.6 bilion pada KWC-19. Siling KWC-19 yang pada awalnya
tahun ini meningkat sebanyak 55.9% daripada dihadkan kepada RM45 bilion pada 2020
perbelanjaan sebenar RM1 bilion pada 2020. telah ditingkatkan kepada RM110 bilion untuk
Perbelanjaan untuk subsektor ini tertumpu menampung tambahan perbelanjaan di bawah
kepada Program Perumahan Rakyat (PPR) serta pakej bantuan dan rangsangan ekonomi
menaik taraf dan menyelenggara kuarters baharu.
penjawat awam.
Selaras dengan peningkatan siling
Sejumlah RM7.3 bilion atau peningkatan perbelanjaan, peruntukan KWC-19 pada 2021
sebanyak 26.5% daripada tahun sebelumnya telah disemak lebih tinggi kepada RM39 bilion
telah diperuntukkan untuk sektor keselamatan daripada anggaran awal RM17 bilion iaitu 2.6%
(2020: RM5.8 bilion). Sebahagian besar lebih tinggi berbanding perbelanjaan sebenar
peruntukan adalah untuk projek dan program pada 2020. Peningkatan ini terutamanya bagi
yang bertujuan untuk memperkukuhkan menampung keperluan yang lebih besar
pertahanan dan keselamatan dalam negara. untuk program seperti Bantuan Prihatin
Projek dan program ini termasuk menaik Rakyat (RM16.8 bilion); Program Subsidi Upah
taraf peralatan ketenteraan dan keselamatan (PSU) 2.0 (RM9.7 bilion); Geran PRIHATIN
serta menyelenggara dan menaik taraf PKS (RM3.4 bilion); perbelanjaan berkaitan
sistem rangkaian keselamatan bersepadu. COVID-19 (RM2.9 bilion); sokongan bantuan
Peruntukan untuk sektor pentadbiran am juga sosial kepada kumpulan mudah terjejas (RM2
meningkat sebanyak 17.6% kepada RM3.6 bilion); dan projek berskala kecil (RM1.3
bilion (2020: RM3 bilion). Perbelanjaan untuk bilion) merangkumi 92.7% daripada jumlah
sektor ini sebahagian besarnya disalurkan peruntukan KWC-19 2021.
untuk meningkatkan penyampaian dan
produktiviti dengan memberi fokus kepada Sejumlah RM23 bilion (1.4% kepada KDNK)
pemerkasaan pendigitalan dalam sektor awam. akan diperuntukkan untuk KWC-19 pada
Selain itu, peruntukan ini juga adalah untuk 2022. Sebahagian besar peruntukan yang
menambah baik dan menyelenggara bangunan, disediakan adalah untuk program yang dibawa
infrastruktur dan fasiliti kerajaan. ke hadapan daripada 2021 iaitu bantuan tunai,
sokongan bantuan sosial untuk golongan
mudah terjejas dan PSU. Peruntukan KWC-19
Kumpulan Wang akan berakhir pada 2022 berikutan tabung ini

merupakan kumpulan wang sementara dengan
COVID-19 jangka masa selama tiga tahun. Oleh itu,
jumlah keperluan KWC-19 dianggar mencecah
Inisiatif Kerajaan dalam memerangi pandemik sekitar RM100 bilion di bawah had siling
terus dibiayai menerusi KWC-19. Pelaksanaan RM110 bilion yang diluluskan. Baki selebihnya
beberapa pakej bantuan dan rangsangan akan digunakan sebagai ruang kontigensi
ekonomi telah meningkatkan peruntukan sekiranya diperlukan.

jadual 3.3. Peruntukan Kumpulan Wang COVID-19
RM juTa
pROGRaM
2021 1
20222
Program subsidi upah, insentif pengekalan pekerjaan dan pengambilan pekerja 9,670 3,000
dan bantuan latihan
Bantuan Prihatin Nasional 16,801 8,000
Projek berskala kecil 1,311 2,000
Program kemahiran dan peningkatan kemahiran 360 1,000
Pembiayaan PKS PENJANA – 2,000
Geran PRIHATIN PKS 3,435 –
Pinjaman mikro kredit di bawah Bank Simpanan Nasional dan TEKUN Nasional 520 1,000
Peruntukan bagi perbelanjaan berkaitan COVID-19 2,940 2,000
Dana jaminan makanan 313 –
Elaun khas COVID-19 bagi barisan hadapan – –
Dana PENJANA Nasional 290 –
ePenjana 151 –
Diskaun bil elektrik 502 –
Tambahan RM100 bagi Bantuan Sara Hidup (BSH) – –
Bantuan khas untuk pelajar institusi pengajian tinggi – –
Pembiayaan Mudah Bumiputera 200 –
Subsidi pengangkutan awam MY30 200 –
Bantuan khas untuk pemandu teksi, pemandu bas sekolah, pemandu bas 123 –
pelancong, pemandu pelancong, pengayuh beca dan pemandu e-hailing
Sokongan bantuan sosial untuk golongan mudah terjejas 1,980 3,540
Geran automasi pintar 90 460
Pinjaman mudah di bawah MyCreative Venture – –
Perlindungan sosial dan latihan bagi pekerja ekonomi gig – –
Kempen e-Dagang bagi PKS dan perusahaan mikro 10 –
“Shop Malaysia Online” bagi perbelanjaan dalam talian 40 –
Sokongan penjagaan kesihatan PEKA B40 – –
Geran bagi pusat jagaan kanak-kanak dan tadika 29 –
Dana kandungan digital – –
Bantuan untuk pertubuhan bukan kerajaan 10 –
Pendigitalan penyampaian perkhidmatan kerajaan 15 –
Dana pemasaran dan promosi pendigitalan di bawah Agensi Pembangunan 10 –
Ekonomi Kebudayaan (CENDANA)
Pusat Sehenti PKS MyAssist – –
JUMLAH 39,000 23,000
1
Anggaran disemak
2

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]

jadual 1: Siling Kumpulan Wang COVID-19 dan Prestasi Perbelanjaan Mengikut Program (RM juta)
Siling Perbelanjaan
Program Pindaan Pindaan (Sehingga akhir
Pertama Kedua Ogos 2021)
1 Program subsidi upah, insentif pengekalan pekerjaan dan 18,300 31,000 17,280
pengambilan pekerja dan bantuan latihan
2 Bantuan Prihatin Nasional 25,200 41,000 25,008
3 Projek berskala kecil 4,000 6,000 3,692
4 Program kemahiran dan peningkatan kemahiran 2,000 2,000 483
5 Pembiayaan PKS PENJANA 2,000 2,000 -
6 Geran PRIHATIN PKS 2,400 6,000 4,986

7 Pinjaman mikro kredit di bawah Bank Simpanan Nasional dan
1,000 2,000 635
TEKUN Nasional
8 Peruntukan bagi perbelanjaan berkaitan COVID-19 5,000 9,000 2,623
9 Dana jaminan makanan 1,000 1,000 486
10 Elaun khas COVID-19 bagi barisan hadapan 600 600 -
11 Dana PENJANA Nasional 600 600 310
12 ePenjana 520 520 650
13 Diskaun bil elektrik 500 500 604
14 Tambahan RM100 bagi Bantuan Sara Hidup (BSH) 300 300 -
15 Bantuan khas untuk pelajar institusi pengajian tinggi 300 300 225
16 Pembiayaan Mudah Bumiputera 200 200 200
17 Subsidi pengangkutan awam MY30 200 200 198

18 Bantuan khas untuk pemandu teksi, pemandu bas sekolah,
pemandu bas pelancong, pemandu pelancong, pengayuh beca 160 160 152
dan pemandu e-hailing
19 Sokongan bantuan sosial untuk golongan mudah terjejas 110 6,010 994
20 Geran automasi pintar 100 100 71
21 Pinjaman mudah di bawah MyCreative Venture 100 100 30
22 Perlindungan sosial dan latihan bagi pekerja ekonomi gig 75 75 25
23 Kempen e-Dagang bagi PKS dan perusahaan mikro 70 70 30
24 “Shop Malaysia Online” bagi perbelanjaan dalam talian 70 70 56
25 Sokongan penjagaan kesihatan PEKA B40 50 50 50
26 Geran bagi pusat jagaan kanak-kanak dan tadika 50 50 33
27 Dana kandungan digital 35 35 -
28 Bantuan untuk pertubuhan bukan kerajaan 25 25 11
29 Pendigitalan penyampaian perkhidmatan kerajaan 20 20 14

30 Dana pemasaran dan promosi pendigitalan di bawah Agensi
10 10 2
Pembangunan Ekonomi Kebudayaan (CENDANA)
31 Pusat Sehenti PKS MyAssist 5 5 5
JUMLAH 65,000 110,000 58,853

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

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://
Kementerian Kewangan Malaysia (2021). Infografik PEMULIH. Dicapai daripada http://

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 projek di bawah sektor sosial diikuti oleh

sektor ekonomi (20.3%), keselamatan (10.3%)
dan pentadbiran am (4.8%). Baki berjumlah
Momentum pemulihan dijangka berterusan
RM81.3 bilion (24.5%) akan diperuntukkan
pada 2022 sejajar dengan kemajuan program
untuk perbelanjaan tanggungan dan bayaran
vaksinasi yang lancar dan disokong oleh
pindahan.
pelaksanaan PPN. Selain itu, RMKe-12 yang
baru diumumkan akan menjadi pemangkin Peruntukan OE pada 2022 dianggarkan
untuk merancakkan semula ekonomi, berjumlah RM233.5 bilion atau 14.3% kepada
mempromosi pelaburan, melonjakkan KDNK. Jumlah ini adalah 6.3% lebih tinggi
pendigitalan dan memperkukuh perkhidmatan berbanding peruntukan 2021 yang disemak
awam. Bajet 2022 dirumuskan dengan tiga semula iaitu RM219.6 bilion. Emolumen,
objektif utama: untuk mengekal dan memacu bayaran khidmat hutang dan bayaran
aktiviti ekonomi, membangun semula persaraan kekal sebagai tiga penerima tertinggi
ketahanan ekonomi dan menjadi pemangkin merangkumi 67.5% daripada jumlah OE atau
agenda reformasi berikutan keperluan untuk 9.6% kepada KDNK.
memastikan pemulihan kekal kukuh. Oleh itu,
Kerajaan akan terus melaksanakan dasar fiskal Emolumen penjawat awam merupakan
mengembang untuk membawa negara kembali penerima terbesar OE pada 2022. Komponen
kepada trajektori potensi pertumbuhan. ini mewakili sekitar satu pertiga daripada
jumlah OE dan dianggarkan meningkat kepada
Sejumlah RM332.1 bilion (20.3% kepada KDNK) RM86.5 bilion. Kenaikan ini sebahagiannya
akan diperuntukkan dalam Bajet 2022. Daripada untuk menampung kenaikan gaji tahunan.
jumlah ini, RM233.5 bilion (70.3%) akan Bayaran persaraan pula dianggarkan meningkat
disalurkan kepada OE, RM75.6 bilion (22.8%) kepada RM28.1 bilion (12% daripada jumlah
untuk DE dan baki RM23 bilion untuk KWC-19. OE) berikutan kenaikan pencen tahunan serta
Dari segi peruntukan sektoral, RM133.2 bilion peningkatan jumlah pesara dan penerima
(40.1%) daripada jumlah keseluruhan Bajet manfaat yang dianggarkan berjumlah hampir
2022 akan diperuntukkan untuk program dan 628,300. Sejumlah 73.7% bayaran persaraan

terdiri daripada pembayaran pencen bulanan Memasuki tahun kedua RMKe-12, peruntukan
untuk pesara dan penerima manfaat manakala DE pada 2022 akan terus diagihkan
sebahagian besar bakinya adalah bayaran kepada projek dan program dengan kesan
ganjaran dan pemberian wang tunai sebagai pengganda yang tinggi untuk merancakkan
gantian cuti rehat terkumpul yang tidak semula pertumbuhan ekonomi, mewujudkan
digunakan. persekitaran pelaburan yang kondusif dan
memelihara kesejahteraan rakyat. Oleh itu,
Sebanyak RM43.1 bilion akan diperuntukkan sebanyak RM75.6 bilion akan diperuntukkan
untuk bayaran khidmat hutang pada 2022. untuk DE (2021: RM62 bilion). Daripada jumlah
Daripada jumlah tersebut, 98.2% diperuntukkan itu, RM66.9 bilion diperuntukkan untuk 5,575
untuk pembayaran kupon atas hutang dalam projek yang sedang dilaksanakan sementara
negara sementara bakinya untuk pinjaman luar RM8.7 bilion untuk 1,180 projek baharu. Sektor
pesisir. Nisbah bayaran khidmat hutang kepada ekonomi kekal sebagai penerima terbesar iaitu
OE dianggarkan lebih tinggi pada 18.5% sejajar 53.2% daripada DE diikuti oleh sektor sosial
dengan penggunaan instrumen hutang bagi (30%), keselamatan (11.9%) dan pentadbiran
membiayai dasar fiskal mengembang. am (4.9%).
Peruntukan bagi bekalan dan perkhidmatan Sejumlah RM40.2 bilion akan disediakan untuk
yang mewakili 13% daripada OE, meningkat sektor ekonomi bagi meningkatkan keupayaan
sebanyak 30.5% kepada RM30.4 bilion. ekonomi dan memperkukuh daya saing negara.
Peningkatan ini disebabkan oleh perbelanjaan Tumpuan terus diberi kepada projek berkaitan
lebih tinggi bagi bekalan perubatan serta pengangkutan, perdagangan dan industri
perkhidmatan profesional. Kementerian yang serta subsektor tenaga dan kemudahan awam.
akan menerima peruntukan tertinggi adalah Subsektor pengangkutan akan diperuntukkan
Kementerian Kesihatan (33.1%), Kementerian sebanyak RM15.5 bilion untuk pembinaan,
Dalam Negeri (12.5%) dan Kementerian pembaikan dan penyelenggaraan infrastruktur
Pendidikan (11.2%). Sebahagian besar utama seperti lebuh raya, jalan raya, landasan
perbelanjaan bagi menampung perolehan kereta api, jambatan, pelabuhan dan lapangan
bekalan perubatan serta pembaikan dan terbang. Peruntukan ini termasuk untuk projek
penyelenggaraan kemudahan sekolah. Subsidi sedia ada seperti Landasan Berkembar Elektrik
dan bantuan sosial akan diberikan peruntukan Gemas-Johor Bahru, Sistem Transit Rapid,
yang lebih tinggi iaitu RM17.4 bilion (2021: Lebuhraya Pan Borneo serta menaik taraf
RM16.7 bilion) berikutan peningkatan dalam Pelabuhan Kuantan, Pahang dan Lapangan
pemberian bantuan sosial. Kerajaan akan terus Terbang Sandakan, Sabah. Antara projek
menambah baik dasar dan mekanisme semasa baharu yang akan dilaksanakan adalah menaik
ke arah bantuan bersasar secara berperingkat taraf Jalan Marabahai Spur di Tuaran, Sabah,
dalam memastikan pengagihan yang lebih penggantian jambatan di Sik dan Baling, Kedah
saksama. dan kajian laluan alternatif Jalan Seremban-
Kuala Pilah, Negeri Sembilan.
Sejumlah RM14.1 bilion akan diperuntukkan
sebagai geran kepada badan berkanun Penerima lain di bawah sektor ekonomi
terutamanya bagi perbelanjaan operasi seperti adalah subsektor perdagangan dan industri
emolumen serta bekalan dan perkhidmatan. dengan peruntukan RM2.1 bilion. Antara
Geran kepada institusi pengajian tinggi program di bawah subsektor ini adalah untuk
awam terdiri daripada universiti awam dan memperkukuhkan kemampuan keusahawanan
hospital pengajar merangkumi 64.5% daripada termasuk PMKS selaras dengan Dasar
keseluruhan peruntukan. Seterusnya, sejumlah Keusahawanan Nasional 2030. Di samping
RM7.9 bilion diperuntukkan untuk pemberian itu, tumpuan akan diberi untuk menyokong
dan pindahan kepada kerajaan negeri. pertumbuhan industri dengan menyediakan
Daripada jumlah ini, RM5.9 bilion merupakan geran atau pinjaman untuk aktiviti termasuk
pindahan yang diperuntukkan di bawah penyelidikan dan pembangunan serta
Perlembagaan Persekutuan. pengkomersialan produk. Program terlibat

termasuk Program Pembiayaan Usahawan Kerajaan terus komited untuk menyediakan

PUNB, Dana untuk Pelaburan Strategik rumah mampu milik yang mencukupi dan
Tempatan, Dana untuk Projek Berimpak Tinggi, berkualiti kepada golongan berpendapatan
Pinjaman Penyelidikan dan Pembangunan rendah dan sederhana. Oleh itu, RM1.8 bilion
untuk Aeroangkasa dan Bidang Elektrik dan akan diperuntukkan di bawah subsektor
Elektronik, Skim Pembiayaan Perniagaan Khas perumahan dengan sebahagian besarnya
untuk Wanita (DanaNITA) dan Industri4WRD. disalurkan kepada pembinaan rumah PPR dan
menaik taraf kuarters penjawat awam. Projek
Sejumlah RM3.2 bilion akan diperuntukkan lain di bawah subsektor ini termasuk program
kepada subsektor tenaga dan kemudahan Rumah Mesra Rakyat dan pembangunan
awam untuk memberi akses yang lebih komuniti sifar sisa dalam kalangan PPR terpilih
meluas kepada rakyat terutamanya bekalan seperti di Sri Kemuning di Temerloh, Pahang
elektrik dan air, akses telekomunikasi dan dan Seri Sena di Kangar, Perlis.
perkhidmatan pembentungan. Subsektor
pertanian pula akan diberi peruntukan Sektor keselamatan akan diperuntukkan RM9
sebanyak RM2.9 bilion terutamanya untuk bilion untuk disalurkan kepada subsektor
program pembangunan peneroka dan pekebun pertahanan (60.4%) dan keselamatan dalam
kecil, penanaman semula kelapa sawit dan negeri (39.6%). Peruntukan ini melibatkan
getah, sistem pengairan padi serta peternakan penambahbaikan sistem dan perkhidmatan
ayam, itik dan lembu yang dijangka dapat rangkaian serta naik taraf aset ketenteraan dan
meningkatkan industri agro. Di samping itu, peralatan keselamatan. Selain itu, peruntukan
subsektor alam sekitar akan diberikan sejumlah akan disediakan untuk projek infrastruktur
RM2.1 bilion terutamanya untuk projek seperti kuarters anggota keselamatan,
pemulihan sungai dan mitigasi banjir seperti kemudahan kesihatan dan menaik taraf
pembinaan lembangan sungai bersepadu, penjara.
penyelenggaraan kolam takungan banjir,
menaik taraf empangan dan penstabilan tebing Sejumlah RM3.8 bilion akan diperuntukkan
sungai. untuk sektor pentadbiran am bagi
memperkukuh sektor awam di bawah
Sektor sosial merupakan penerima DE kedua RMKe-12. Beberapa projek utama termasuk
terbesar akan diperuntukkan dengan RM22.7 meningkatkan pendigitalan dalam sektor awam
bilion. Peruntukan ini meningkat sebanyak seperti 1GOVNET, MYGOVUC, Sistem Rekod
30.7% berbanding RM17.3 bilion yang Transkripsi Mahkamah atau e-Kehakiman
disediakan pada 2021. Subsektor pendidikan serta memperluas perkhidmatan pusat data
dan latihan kekal sebagai penerima peruntukan sektor awam. Di samping itu, peruntukan turut
terbesar di bawah sektor ini berjumlah disediakan untuk penyelenggaraan bangunan,
RM12 bilion, terutamanya untuk TVET, geran aset dan kemudahan kerajaan seperti kuarters,
penyelidikan dan pembinaan serta peluasan mahkamah dan institusi latihan.
institusi pendidikan. Subsektor kesihatan akan
diperuntukkan RM4.5 bilion untuk memastikan
ketersediaan dan akses sistem kesihatan yang
komprehensif. Selain itu, peruntukan juga akan
Pinjaman Boleh Dituntut
digunakan untuk pembelian kenderaan dan Persekutuan
peralatan perkhidmatan perubatan. Antara
projek baharu ialah pembinaan Hospital Jumlah Pinjaman Boleh Dituntut Persekutuan1
Kapar, Selangor dan menaik taraf kemudahan sehingga 31 Disember 2020 ialah RM43.1 bilion
hemodialisis hospital Kementerian Kesihatan atau 2.6% kepada KDNK. Daripada jumlah
Malaysia di Kedah, Pulau Pinang dan Perak, pinjaman yang dikeluarkan melalui Kumpulan
serta bilik autopsi Jabatan Forensik Hospital Wang Pembangunan, lebih daripada separuh
Sultan Ismail, Johor. 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.

RM24.9 bilion, diikuti kerajaan negeri sebanyak (RM10.9 juta). Pinjaman kepada syarikat akan
RM13 bilion (30.1%) dan badan berkanun digunakan terutamanya untuk membiayai
sebanyak RM4.9 bilion (11.4%). Selain itu, program dan projek berkaitan bekalan air
pinjaman turut diberikan kepada kerajaan dan elektrik, pemulihan tanah untuk estet
tempatan berjumlah RM143 juta (0.3%), getah, penanaman semula kelapa sawit dan
organisasi lain sebanyak RM200 juta (0.5%) dan pembinaan lebuh raya. Pinjaman kepada
koperasi sebanyak RM6.8 juta (0.02%). kerajaan negeri, kerajaan tempatan dan badan
berkanun pula akan digunakan terutamanya
Pengeluaran pinjaman melalui DE pada untuk menaik taraf dan menyelenggara
2021 dianggarkan berjumlah RM1.2 bilion infrastruktur bekalan air dan pembetungan,
atau 1.9% daripada jumlah keseluruhan DE. pembinaan empangan dan membiayai projek
Daripada jumlah tersebut, kerajaan negeri pembangunan tanaman.
dan syarikat kekal sebagai penerima terbesar
merangkumi 91.2% daripada jumlah pinjaman Bayaran balik pinjaman pada 2022 dianggarkan
yang dikeluarkan diikuti oleh badan berkanun berjumlah RM0.6 bilion. Hampir separuh
(7.8%) dan lain-lain (1%). Pinjaman tersebut daripada jumlah pembayaran balik dijangka
diberikan bagi memudahkan pelaksanaan diterima daripada kerajaan negeri dengan
projek pelaburan jangka masa panjang seperti Sabah, Sarawak dan Selangor sebagai
infrastruktur jalan raya, bekalan air dan penyumbang terbesar. Pembayaran balik
pembetungan. pinjaman daripada syarikat dijangka bernilai
RM0.2 bilion manakala baki adalah daripada
Kerajaan dianggarkan menerima pembayaran badan berkanun (RM58.6 juta), kerajaan
balik pinjaman berjumlah RM0.8 bilion pada tempatan (RM4.2 juta) dan organisasi lain
2021. Sekitar 41% daripada jumlah pembayaran (RM11.7 juta).
dijangka diterima daripada kerajaan negeri
dengan Sabah dan Sarawak terus menjadi
penyumbang utama. Pembayaran balik
daripada syarikat pula diunjurkan sekitar Kesimpulan
RM0.4 bilion. Bank Pertanian Malaysia Berhad
(Agrobank), Pengurusan Aset Air Berhad Kerajaan akan terus memainkan peranan
dan Yayasan Tekun Nasional merupakan dalam mengurangkan impak pandemik
tiga penyumbang teratas dengan jumlah COVID-19 kepada rakyat, perniagaan dan
pembayaran berjumlah RM285.5 juta. Selain ekonomi. Keutamaan segera Kerajaan adalah
itu, jumlah pembayaran balik daripada badan menyediakan sokongan sewajarnya bagi
berkanun dianggarkan berjumlah RM59.2 pelaksanaan PPN, mempercepat pertumbuhan
juta dan kerajaan tempatan sebanyak RM5.1 ekonomi dan membawa negara keluar
juta. Pembayaran daripada organisasi lain daripada krisis ekonomi dan kesihatan.
seperti kelab dan persatuan pula dianggarkan Sebarang penjajaran semula suntikan fiskal
berjumlah RM35.8 juta. akan bergantung kepada tahap pemulihan
untuk memastikan ekonomi kembali kepada
Kerajaan Persekutuan dianggar menyediakan trajektori pertumbuhan. Walau bagaimanapun,
pinjaman berjumlah hampir RM2 bilion inisiatif untuk meningkatkan perbelanjaan yang
melalui DE kepada kerajaan negeri, syarikat, efektif dan efisyen akan diteruskan. Pada masa
badan berkanun dan organisasi lain pada yang sama, Kerajaan kekal komited untuk
2022. Kerajaan negeri menjadi penerima mendukung ketelusan dan akauntabiliti dalam
pinjaman tertinggi sebanyak RM1 bilion pengurusan kewangan awam seperti yang
diikuti oleh syarikat (RM0.8 bilion), badan dizahirkan dalam penerbitan Kenyataan Pra-
berkanun (RM123 juta) dan organisasi lain Bajet pertama dan Kertas Konsultasi Awam.

RAJAH 3.1. Jumlah Perbelanjaan Mengikut Sektor RAJAH 3.2. Jumlah Perbelanjaan Mengikut
Kementerian dan Agensi
10.3% 20222: Kementerian Pengangkutan

RM332.1 Kementerian Kerja Raya
bilion OE20222
24.5% Kementerian Pembangunan DE20222
9.8% Luar Bandar OE 20211
24.0% Jabatan Perdana Menteri DE20211
20211: Kementerian Pengajian Tinggi
RM320.6 40.1%
4.8% 5.2% bilion 40.1% Kementerian Pertahanan
20.9%
Kementerian Dalam Negeri
Kementerian Kewangan
SOSIAL
20.3% Kementerian Kesihatan
EKONOMI
KESELAMATAN Kementerian Pendidikan
PENTADBIRAN AM
0 10 20 30 40 50 60
LAIN-LAIN RM bilion
RAJAH 3.3. Perbelanjaan Mengurus Mengikut Komponen RAJAH 3.4. Perbelanjaan Mengurus Mengikut
Sektor
% kepada OE
100
90 20222:
10.8%
80 RM233.5
bilion
70
11.0%
60 34.7%
50
35.1% 20211:
40 RM219.6 39.9%
30 bilion
20 41.1%
5.8%
10 8.2%
0 5.3%
2013 2014 2015 2016 2017 2018 2019 2020 20211 20222
8.1%
SOSIAL
BAYARAN PERSARAAN LAIN-LAIN
BAYARAN KHIDMAT HUTANG PEMBERIAN DAN SERAHAN KEPADA KERAJAAN NEGERI EKONOMI
PERKHIDMATAN DAN BEKALAN PEMBERIAN KEPADA BADAN BERKANUN KESELAMATAN
EMOLUMEN SUBSIDI DAN BANTUAN SOSIAL PENTADBIRAN AM
LAIN-LAIN
RAJAH 3.5. Perbelanjaan Pembangunan Mengikut RAJAH 3.6. Pinjaman Boleh Dituntut Persekutuan
Sektor di bawah Kumpulan Wang Pembangunan
Mengikut Penghutang, Akhir 2020
RM bilion 24.85
4.9% 20222: 24
11.9%
RM75.6
bilion
5.7% 20
11.8%
16
20211:
12.98
RM62.0 28.0% 30.0%
bilion 12
54.5%
53.2%
8
4.89
4
SOSIAL
EKONOMI 0.14 0.01 0.20
KESELAMATAN 0
KERAJAAN TEMPATAN
KERAJAAN NEGERI
KOPERASI
SYARIKAT
ORGANISASI LAIN
BADAN BERKANUN
PENTADBIRAN AM
1
Anggaran disemak
2

s ek s yen 4
Pengurusan
Hutang
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 pengurusan hutang
seksyen 4
Pengurusan Hutang
Perspektif Keseluruhan mempercepat pembukaan semula kegiatan

ekonomi dan sosial serta menjadi pemangkin
kepada proses pemulihan.
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
Pembiayaan
tinggi pada 2021 dan 2022. Namun, ekonomi Kerajaan telah mengumumkan empat siri
global kini semakin pulih meskipun pada kadar pakej bantuan dan rangsangan tambahan
lebih perlahan daripada jangkaan berikutan pada 2021 iaitu Perlindungan Ekonomi
ketidaktentuan akibat peningkatan semula kes dan Rakyat Malaysia (PERMAI), Program
COVID-19 dengan kemunculan varian baharu. Strategik Memperkasa Rakyat dan Ekonomi
Kerajaan di seluruh dunia telah meneruskan (PEMERKASA), Program Strategik Memperkasa
sokongan fiskal bagi mempercepat pemulihan Rakyat dan Ekonomi Tambahan (PEMERKASA+)
ekonomi dengan suntikan fiskal dianggarkan dan Pakej Perlindungan Rakyat dan Pemulihan
berjumlah USD16.9 trilion.1 Sehubungan itu, Ekonomi (PEMULIH) berjumlah RM225 bilion
penawaran kertas hutang kerajaan dalam dengan suntikan fiskal sebanyak RM25
pasaran diunjur kekal tinggi untuk memenuhi bilion. Pakej ini bertujuan menyediakan
keperluan pinjaman kerajaan bagi membiayai bantuan kepada rakyat dan perniagaan
langkah rangsangan. Walau bagaimanapun, untuk mengurangkan impak krisis pandemik
kelonggaran dasar monetari bagi menangani COVID-19 yang diburukkan lagi dengan
ketidaktentuan pasaran kewangan, situasi kemunculan varian baharu yang lebih mudah
ekonomi global dan tekanan inflasi telah merebak dan menyebabkan lanjutan tempoh
mewujudkan persekitaran kadar faedah rendah Perintah Kawalan Pergerakan (PKP). Justeru,
seterusnya memberi manfaat kepada kerajaan Kerajaan telah mengkaji semula keperluan
dengan kos pembiayaan lebih rendah. pembiayaan tahun ini dengan mengambil
kira peningkatan perbelanjaan Kerajaan
Selaras dengan trend global, Kerajaan telah Persekutuan dan pengurangan kutipan hasil.
melancarkan empat pakej bantuan dan Sehubungan itu, sasaran awal defisit fiskal
rangsangan. Di samping itu, pelaksanaan iaitu 5.4% kepada KDNK telah disemak semula
semula langkah pengawalan ketat sejak Mei kepada 6.5% bagi menampung keperluan
2021 berikutan peningkatan kes COVID-19 telah pembiayaan tambahan susulan pengumuman
menyebabkan semakan semula pertumbuhan pakej tersebut.
ekonomi kepada lebih perlahan dan dijangka
memberi impak kepada defisit fiskal. Oleh itu, Jumlah pinjaman kasar Kerajaan Persekutuan
Dewan Rakyat telah meluluskan peningkatan dijangka mencatat RM210.8 bilion atau
had statutori hutang daripada 60% kepada 13.9% kepada KDNK dengan RM110.4 bilion
65% kepada KDNK di bawah Akta Langkah- daripada jumlah tersebut digunakan untuk
Langkah Sementara bagi Pembiayaan Kerajaan membiayai semula hutang yang matang
(Penyakit Koronavirus 2019 (COVID-19)) 2020 manakala RM98.8 bilion untuk membiayai
[Akta 830] bagi menyediakan fleksibiliti defisit. Pembiayaan semula hutang yang
fiskal dan membolehkan pakej rangsangan matang merangkumi Sekuriti Kerajaan Malaysia
dilaksanakan dengan berkesan. Selain itu, (MGS) sebanyak RM38.7 bilion, Terbitan
kelancaran pelaksanaan Program Imunisasi Pelaburan Kerajaan Malaysia (MGII) RM29
COVID-19 Kebangsaan (PICK) yang merupakan bilion, bil perbendaharaan RM33 bilion, Sukuk
sebahagian daripada komponen penting di Perumahan Kerajaan (SPK) RM6 bilion dan
bawah Pelan Pemulihan Nasional (PPN) akan pinjaman luar pesisir RM3.7 bilion.
1
IMF October 2021 Fiscal Monitor.

Pinjaman kasar dalam negeri dianggar tinggi pada 58.2% daripada jumlah pinjaman
berjumlah RM205.5 bilion atau 97.5% kasar dalam negeri manakala kertas hutang
daripada jumlah pinjaman kasar. Kecairan berjangka panjang (10 tahun ke atas) lebih
yang mencukupi dalam pasaran domestik rendah pada 41.8%. Secara umum, terbitan
membolehkan Kerajaan membiayai keperluan kertas hutang berjangka pendek yang lebih
pinjaman tambahan merentasi pelbagai banyak akan merendahkan kos keseluruhan
tempoh matang. Terbitan MGS dijangka kekal pembiayaan dan purata tempoh matang namun
tinggi sebanyak RM83 bilion atau 39.4% meningkatkan risiko pembiayaan semula.
daripada jumlah pinjaman kasar manakala
MGII pada RM77 bilion atau 36.5%. Di samping Sebahagian besar operasi pembiayaan Kerajaan
itu, terbitan bil perbendaharaan dianggar dilaksanakan melalui lelongan awam merangkumi
lebih tinggi sebanyak RM45.5 bilion atau 84.7% daripada jumlah pinjaman dalam negeri.
21.6% daripada jumlah pinjaman kasar bagi Kaedah ini dilaksanakan berdasarkan kemampuan
memenuhi keperluan aliran tunai jangka pasaran untuk menerima pertambahan
pendek. tawaran kertas hutang. Pada 2021, Kerajaan
meningkatkan pembukaan semula kertas hutang
JaDUaL 4.1. Pembiayaan Kerajaan Persekutuan penanda aras iaitu sebanyak 94.6% daripada 37
2020 – 2021 terbitan berbanding 88% daripada 34 terbitan
pada 2020 untuk memastikan keseimbangan
BaHaGIan
pengagihan penawaran kertas hutang sepanjang
rM JUTa tahun. Jumlah pembukaan semula yang lebih
(%)
tinggi akan menyebabkan saiz terbitan terkumpul
2020 20212 2020 20212 yang lebih besar dan memudahkan aktiviti
pengesanan indeks oleh pelabur dalam pasaran
Pinjaman kasar 181,067 210,777 100.0 100.0 hutang domestik sekali gus meningkatkan lagi
Dalam negeri 181,067 205,500 100.0 97.5 kecairan perdagangan pasaran sekunder. Justeru,
Kerajaan telah mengambil pendekatan proaktif
MGS 73,000 83,000 40.3 39.4
melalui komunikasi secara efektif dengan pasaran
MGII 76,466 77,000 42.2 36.5 terutamanya berkenaan keperluan pembiayaan
Bil perbendaharaan 31,601 45,500 17.5 21.6 tambahan dan perubahan strategi pembiayaan.
Kerajaan Persekutuan kekal komited untuk
Luar pesisir - 5,277 - 2.5 mencapai objektif pengurusan hutang iaitu
Pinjaman pasaran - 5,277 - 2.5 meminimumkan kos pembiayaan di samping
mengekalkan profil kematangan hutang yang
Pinjaman projek - - - -
seimbang.
Bayaran balik 94,477 110,376 100.0 100.0
Dalam negeri 94,146 106,700 99.6 96.7 Kerajaan menerima bidaan berjumlah RM186
bilion untuk terbitan pasaran sebanyak RM87
Luar pesisir 331 3,676 0.4 3.3 bilion bagi tempoh lapan bulan pertama 2021
Pinjaman bersih 86,590 100,401 - - mencerminkan permintaan yang stabil terhadap
kertas hutang Kerajaan. Nisbah bidaan kepada
Dalam negeri 86,921 98,800 - -
terbitan (BTC) sebanyak 2.14 kali menunjukkan
Luar pesisir -331 1,601 - - kemampuan Kerajaan mengurus keperluan
Perubahan aset 1
1,054 -1,624 - - peningkatan pinjaman yang mendadak tanpa
menjejaskan fungsi pasaran bon domestik
Jumlah pembiayaan
87,644 98,777 - - walaupun berada dalam persekitaran ekonomi
defisit
mencabar. Walau bagaimanapun, nisbah BTC
1
(+) menunjukkan pengurangan aset; (-) menunjukkan pertambahan
tersebut lebih rendah berbanding tempoh yang
aset sama iaitu 2.27 kali pada 2020. Nisbah BTC bagi
2
Anggaran permintaan kertas hutang berjangka pendek
Sumber: Kementerian Kewangan Malaysia dan sederhana juga lebih rendah iaitu 1.89 kali
berbanding kertas hutang berjangka panjang
Profil terbitan kertas hutang telah diselaraskan pada 2.42 kali dipengaruhi oleh keutamaan
dengan peningkatan terbitan instrumen pelabur dan trend pasaran terutama apabila
berjangka pendek dan sederhana. Komposisi permintaan pelabur terhadap kertas hutang
kertas hutang jangka pendek (bertempoh berjangka pendek telah terjejas berikutan
matang kurang dari setahun) dan jangka jangkaan normalisasi kadar faedah AS pada Jun
sederhana (3 hingga 7 tahun) dijangka lebih 2021. Selain itu, pelabur institusi seperti syarikat

insurans dan dana persaraan masih cenderung berlaku susulan jangkaan normalisasi kadar
memilih kertas hutang berjangka panjang yang faedah AS serta faktor risiko domestik yang
bersesuaian dengan profil kematangan liabiliti meningkat akibat kes harian COVID-19 yang
mereka. tinggi, pelanjutan PKP dan ketidaktentuan
politik. Walaupun berdepan persekitaran
Beberapa inisiatif telah dilaksanakan untuk mencabar, namun aliran masuk asing bersih
memastikan pasaran kewangan domestik dalam lapan bulan pertama 2021 mencatatkan
kekal terurus. Sehingga akhir September 2021, RM28.4 bilion dengan permintaan asing untuk
Jawatankuasa Dasar Monetari (MPC) Bank MGS mencatat aliran masuk bersih sebanyak
Negara Malaysia (BNM) terus mengekalkan RM14.4 bilion. Aliran dana yang positif juga
Kadar Dasar Semalaman (OPR) pada 1.75%. menunjukkan keyakinan pelabur terhadap usaha
Di samping itu, BNM melanjutkan fleksibiliti berterusan Kerajaan untuk memulihkan ekonomi
sementara kepada institusi perbankan yang dengan mempercepat kadar vaksinasi melalui
melanggan MGS dan MGII bagi memenuhi PICK yang merupakan komponen penting PPN.
pematuhan Keperluan Rizab Berkanun
(SRR) sehingga akhir Disember 2022 untuk Malaysia kekal sebagai peneraju pasaran
memastikan kecairan yang mencukupi dalam sukuk global dengan pegangan sebanyak
menyokong aktiviti perantaraan kewangan. 40.9% daripada jumlah sukuk global terkumpul
Nisbah SRR kekal pada 2.00% dan langkah pada akhir Jun 2021.2 Terbitan MGII dijangka
ini telah menambah kecairan sekitar RM46 mencatat 36.5% daripada jumlah pinjaman
bilion dalam sistem perbankan. Inisiatif kasar manakala MITB pada 14.2%. Sejak awal
berterusan oleh BNM untuk menambah baik 2021, spread antara kadar hasil bon dan
pasaran bon domestik Kerajaan telah berjaya sukuk Kerajaan bertempoh matang 3- dan
mengeluarkan Malaysia daripada FTSE Russell 5-tahun semakin mengecil dan kadar hasil
Watch List dan dikekalkan dalam Indeks Bon MGII berkurang lebih cepat berbanding kadar
Kerajaan Dunia. hasil MGS. Sehingga akhir Ogos 2021, kadar
hasil MGII 5-tahun adalah 4 mata asas lebih
Walaupun terdapat peningkatan dalam rendah berbanding kadar hasil MGS bertempoh
penawaran kertas hutang kerajaan, namun matang yang sama. Di samping itu, permintaan
kos pinjaman kekal rendah disokong pelabur lebih tertumpu kepada MGII yang
persekitaran kadar faedah yang rendah merekodkan nisbah BTC sebanyak 2.34 kali
berikutan dasar monetari yang akomodatif. berbanding MGS pada 1.96 kali. Lebihan
Walau bagaimanapun, keputusan Pilihanraya langganan ini mencerminkan permintaan
AS 2020 telah mempengaruhi kedinamikan kukuh terhadap kertas hutang Kerajaan patuh
kadar hasil US Treasury (UST) yang meningkat Syariah disokong oleh persekitaran pasaran
seiring dengan perkembangan ekonomi AS domestik yang menggalakkan.
selepas kelonggaran sekatan pergerakan dan
kadar vaksinasi yang lebih cepat berbanding Pinjaman kasar luar pesisir sehingga
sasaran. Kenaikan kadar hasil UST juga telah akhir Ogos 2021 berjumlah RM5.3 bilion
mempengaruhi prestasi kadar hasil MGS dengan disumbangkan oleh terbitan sukuk dua tranche
kadar kupon penanda aras MGS 3-tahun berada berjumlah USD1.3 bilion pada 28 April 2021.
pada 2.34%, 5-tahun pada 2.68% dan 10-tahun Terbitan sukuk bertempoh matang 10-tahun
pada 3.20% sehingga akhir Ogos 2021. Namun dan 30-tahun ini amat dinantikan oleh pelabur
begitu, strategi Kerajaan untuk membuka berikutan kejayaan Malaysia dalam penerbitan
semula kertas hutang yang mempunyai kadar produk patuh Syariah yang inovatif. Tranche
kupon rendah telah menghasilkan penurunan bertempoh matang 10-tahun merupakan
ketara dalam purata wajaran kos pinjaman terbitan Sukuk Lestari berdenominasi dolar
Kerajaan daripada 4.18% pada 2017 kepada AS berdaulat yang pertama di dunia dengan
3.70% pada akhir Ogos 2021. kadar kupon ditetapkan pada 2.070% manakala
tranche 30-tahun pada 3.075%. Struktur sukuk
Pasaran bon domestik merekodkan aliran ini unik kerana aset sandaran sukuk adalah
masuk asing bersih berterusan selama 14 100% bukan fizikal iaitu baucar perjalanan
bulan sejak April 2020. Walau bagaimanapun, sistem pengangkutan awam yang bersih sejajar
trend ini berubah mulai Julai 2021 disebabkan dengan konsep kelestarian. Terbitan ini terus
oleh pemegangan asing dalam sekuriti jangka memperkukuh kedudukan Malaysia sebagai
pendek yang lebih rendah terutamanya Bil peneraju hab kewangan Islam terkemuka
Perbendaharaan Malaysia (MTB). Trend ini dalam pasaran global.
2
RAM Sukuk Snapshot 2Q2021.

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. Terbitan Bon GSSS Global Penglibatan Malaysia dalam pembiayaan

mampan bermula pada 2014 dengan
USD bilion pelancaran Rangka Kerja Sukuk Pelaburan
700 Mampan dan Bertanggungjawab (SRI) oleh
600 573 574
Suruhanjaya Sekuriti Malaysia. Rangka Kerja
SRI telah membuka laluan kepada penjajaran
500 konsep pembiayaan dan pelaburan mampan
400 berdasarkan nilai dan prinsip kewangan
335 Islam. Selain itu, Matlamat Pembangunan
300 Mampan (SDG) telah mula disesuaikan dan
207
200 diterapkan dalam konteks rangka kerja
155
102 perancangan pembangunan negara sejak
100 49 Kerajaan menerima pakai Agenda 2030
0 sejajar dengan teras strategi utama
2015 2016 2017 2018 2019 2020 20211
Rancangan Malaysia Kesebelas (RMKe-11),
2016-2020. Kerajaan juga telah
EROPAH, TIMUR TENGAH DAN AFRIKA (EMEA)
mengumumkan langkah untuk menyokong
AMERIKA
ASIA PASIFIK pelan pembangunan ekosistem kewangan
mampan semasa pembentangan Belanjawan
1
Akhir Jun 2021 2021 bagi memacu pelaksanaan pelan
Sumber: Bloomberg
tersebut.
Terbitan Sukuk Global 2021 oleh Malaysia
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.

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 Kerajaan Malaysia Kerajaan Malaysia

sebagai Penjual Baucar sebagai Wakil sebagai Obligor
3a. Terimaan 3b. Pembelian

sukuk Baucar*
2. Melantik 4. Agihan
Perjanjian Perjanjian
Kerajaan Malaysia Terimaan
Pembelian Baucar Wakalah
sebagai Wakil
5a. Aset Sukuk

Wakalah
Aku Janji
Malaysia Wakala Sukuk Berhad Pembelian
(Penerbit/Pemegang Amanah)
5b. Matang: Harga
4. Pengagihan Pelaksanaan Sukuk
1. Terbitan Deklarasi Berkala
sukuk Amanah
5c. Bayaran Pergerakan Aset
Penebusan Aliran Kontrak
Pemegang Sijil Sukuk Pergerakan Tunai
Langkah Penerangan
1 Sijil Amanah dikeluarkan oleh Malaysia Wakala Sukuk Berhad (MWSB) iaitu sebuah syarikat bertujuan khas
(SPV) kepada pemegang sijil sebagai pertukaran untuk terimaan sukuk.
2 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.
3 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.
4 Pemegang Amanah akan mengagihkan pulangan daripada penjualan Baucar kepada pemegang sijil
secara berkala pada setiap tarikh pengagihan.
5 a) 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.
b) Terimaan daripada harga pelaksanaan akan digunakan untuk menebus sukuk dari pemegang sijil.
dan c)
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

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 Perjanjian Pembelian Baucar

Menetapkan terma pelantikan Pengurus. Penerbit Menetapkan transaksi Baucar (mewakili hak terhadap
sukuk diisytiharkan sebagai Pemegang Amanah bilangan perjalanan yang telah ditetapkan) di antara
kepada Aset Amanah termasuk aset Wakalah yang Pemegang Amanah dengan Penerbit Sukuk.
dibeli menggunakan terimaan sukuk bagi pihak
pemegang sijil.
Perjanjian Wakalah Aku Janji Pembelian

Menjelaskan pelantikan dan tanggungjawab Kerajaan Menetapkan pembelian aset sandaran oleh Kerajaan
Malaysia sebagai Wakil yang juga berfungsi sebagai daripada Pemegang Amanah seperti yang ditetapkan
ejen Penerbit khususnya berkaitan aset sandaran di dalam perjanjian transaksi.
sukuk.
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.
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

RAJAH 4. Teras Utama Rangka Kerja
Penggunaan Terimaan Penilaian dan Pengurusan Terimaan Pelaporan

Pemilihan Projek
Terimaan terbitan Proses penilaian dan Terimaan setiap sukuk Kerajaan akan
digunakan oleh pemilihan bertujuan SDG Kerajaan Malaysia menyediakan
Kerajaan untuk untuk memastikan akan diuruskan Laporan Sukuk SDG
membiayai kegunaan terimaan terbitan sukuk mengikut Akta 406 dan tahunan bagi setiap
am yang patuh Syariah SDG Kerajaan Malaysia digunakan bagi terbitan sukuk SDG dari
untuk sosial dan alam selaras dengan membiayai dan mula sukuk SDG
sekitar yang dibenarkan Perbelanjaan pembiayaan semula diterbitkan sehingga
oleh Rangka Kerja serta Dibenarkan seperti Perbelanjaan tempoh matang.
diperuntukkan di bawah digariskan di bawah Dibenarkan. Status
Akta Pinjaman Luar Rangka Kerja. perbelanjaan akan
Pesisir 1963 [Akta 403] dipantau seperti yang
dan Akta Kumpulan dinyatakan di bawah
Wang Pembangunan Rangka Kerja SDG.
1966 [Akta 406].
RAJAH 5. Perbelanjaan Sosial dan Hijau Dibenarkan

GOOD HEALTH QUALITY
SUSTAINABLE CITIES LIFE ON LAND
AND COMMUNITIES
Penjagaan Pendidikan Pengangkutan Pengurusan
AND WELL-BEING EDUCATION
Kesihatan 3 dan Latihan 4 Bersih 11 Mampan 15

Pembinaan atau naik taraf Pembinaan atau naik taraf Sumber Asli
fasiliti kesihatan sekolah, universiti dan Pembangunan sistem Pemuliharaan habitat dan
Penyediaan penjagaan institusi pengajian tinggi pengangkutan awam yang biodiversiti melalui
kesihatan bergerak atau Penyediaan program bersih pengurusan mampan
perkhidmatan doktor udara pembangunan dan latihan Perolehan kenderaan Pelaksanaan teknik dan
Penyediaan program dan profesional pengangkutan awam yang pengeluaran hasil pertanian
projek sokongan berkaitan Penyediaan program dikuasakan oleh elektrik mampan
pandemik pembangunan kemahiran atau hidrogen
dan latihan semula R&D dan pembuatan
Pemberian geran dan kenderaan elektrik dan
biasiswa infrastruktur berkaitan
PROJEK SOSIAL DIBENARKAN PROJEK HIJAU DIBENARKAN
Infrastruktur Sokongan Tenaga Boleh Baharu Bangunan Hijau
Asas kepada PKS Pembangunan, pembuatan, Pembinaan bangunan atau
Pembinaan perumahan Pemberian pinjaman atau pemasangan dan fasiliti kerajaan yang
mampu milik sokongan kewangan pengoperasian projek solar memenuhi kriteria untuk
Penyediaan akses bekalan kepada PKS dan mini hidro pensijilan bangunan hijau
air dan elektrik Penyediaan dana dan/atau Pembinaan projek tenaga yang diiktiraf
Perluasan infrastruktur jalur latihan untuk meningkat- solar
lebar kan daya saing eksport
Pembinaan dan naik taraf
ameniti sosial asas
NO POVERTY CLEAN WATER SUSTAINABLE CITIES DECENT WORK AFFORDABLE AND INDUSTRY, INNOVATION SUSTAINABLE CITIES
AND SANITATION AND COMMUNITIES AND ECONOMIC CLEAN ENERGY AND INFRASTRUCTURE AND COMMUNITIES
GROWTH
1 6 11 8 7 9 11

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
3%
10%
21%
4% 1%
12% 14%
40%
45% 18% 10-tahun
33% 10-tahun
67%
10%
33%
83%
6%
ASIA EX-MALAYSIA PENGURUS DANA DAN SYARIKAT INSURANS

MALAYSIA BANK PUSAT DAN KERAJAAN
EMEA BANK
AS LAIN-LAIN

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

Hutang Kerajaan Sebahagian besar hutang Kerajaan

Persekutuan berdenominasi mata wang
Persekutuan ringgit mewakili 96.5% daripada jumlah
keseluruhan manakala 3.5% dalam mata
Pengurusan dan terbitan hutang Kerajaan wang asing. Hutang dalam negeri berjumlah
Persekutuan ditadbir urus di bawah beberapa RM924.8 bilion merangkumi MGS (51.4%)
perundangan berdasarkan jenis instrumen. dan MGII (42.3%) dengan tempoh matang
Sekuriti konvensional domestik iaitu MGS antara 3 hingga 30 tahun. Sementara itu,
dan MTB diterbitkan di bawah Akta Pinjaman bil perbendaharaan iaitu MTB (RM10 bilion)
(Tempatan) 1959 [Akta 637] dan Akta Bil dan MITB (RM24 bilion) merupakan
Perbendaharaan (Tempatan) 1946 [Akta 188] instrumen jangka pendek dengan tempoh
manakala Akta Pendanaan Kerajaan 1983 matang 3-, 6-, 9- atau 12-bulan berjumlah
[Akta 275] mengawal selia terbitan instrumen RM34 bilion. Di samping itu, baki terkumpul
hutang patuh Syariah iaitu MGII dan MITB. SPK yang diterbitkan oleh Kerajaan
Selain itu, Akta Pinjaman Luar Negeri 1963 sebelum penubuhan Lembaga Pembiayaan
[Akta 403] mengawal selia terbitan pinjaman Perumahan Sektor Awam (LPPSA)
luar pesisir. Perundangan ini turut mengurus berkurang kepada RM24.1 bilion dan
penggunaan terimaan dan menetapkan had akan ditebus sepenuhnya pada 2024.
hutang terkumpul bagi setiap instrumen.
Pinjaman luar pesisir terdiri daripada pinjaman
Pada akhir Jun 2021, jumlah keseluruhan pasaran dan projek yang kebanyakannya
hutang Kerajaan Persekutuan adalah sebanyak berdenominasi dolar AS (63%) dan yen
RM958.4 bilion atau 63.3% kepada KDNK. Dari (36.5%) meningkat kepada RM33.6 bilion
segi had hutang statutori, hutang dalam negeri pada akhir Jun 2021 berikutan penerbitan
terkumpul yang meliputi MGS, MGII dan MITB sukuk global dolar AS. Pinjaman pasaran
adalah sebanyak 58.8% kepada KDNK iaitu terdiri daripada sukuk global dan bon
tidak melebihi had 65% seperti diperuntukkan Samurai berjumlah RM28.7 bilion manakala
di bawah Akta 830. Di samping itu, MTB pinjaman projek sebanyak RM4.9 bilion
telah mencecah had RM10 bilion seperti yang adalah bagi membiayai program dan projek
diperuntukkan di bawah Akta 188. Pinjaman sedia ada khususnya universiti,
luar pesisir berjumlah RM33.6 bilion masih loji pembetungan dan infrastruktur
berada di bawah jumlah yang dibenarkan iaitu penyaluran air melalui perjanjian bilateral
RM35 bilion berdasarkan Akta 403. dan multilateral.
JaDUaL 4.2. Garis Panduan Perundangan Hutang
akTa HaD sTaTUTOrI akHIr JUn 2021
Akta Pinjaman (Tempatan) 1959
Akta Pendanaan Kerajaan 1983

MGS, MGII dan MITB terkumpul tidak 58.8% kepada KDNK
melebihi 65% kepada KDNK (RM890.7 bilion)
Akta Langkah-Langkah Sementara
bagi Pembiayaan Kerajaan (Penyakit
Koronavirus 2019 (COVID-19)) 2020
Pinjaman luar pesisir tidak melebihi

Akta Pinjaman Luar Negeri 1963 RM33.6 bilion
RM35 bilion
Akta Bil Perbendaharaan (Tempatan) 1946 MTB tidak melebihi RM10 bilion RM10 bilion

JaDUaL 4.3. Hutang Kerajaan Persekutuan Mengikut Instrumen

2020 – 2021
BaHaGIan BaHaGIan
rM JUTa
(%) kePaDa kDnk (%)
kOMPOnen
2020 20212 2020 20212 2020 20212
Hutang dalam negeri 851,284 924,784 96.8 96.5 60.1 61.1

MGS 436,418 475,418 49.6 49.6 30.8 31.4
MGII 1
375,266 391,266 42.7 40.8 26.5 25.8
SPK 24,100 24,100 2.7 2.5 1.7 1.6
Bil perbendaharaan 15,500 34,000 1.8 3.6 1.1 2.3
Pinjaman luar pesisir 28,276 33,604 3.2 3.5 2.0 2.2
Pinjaman pasaran 23,055 28,703 2.6 3.0 1.6 1.9
Pinjaman projek 5,221 4,901 0.6 0.5 0.4 0.3
Jumlah 879,560 958,388 100.0 100.0 62.1 63.3
Item memorandum:
Pemegangan hutang dalam denominasi ringgit oleh 208,190 233,826 24.5 25.3 14.7 15.4
bukan pemastautin
1
Termasuk Sukuk Prihatin
2
Akhir Jun 2021
Nisbah bayaran khidmat hutang (DSC) kepada Bahagian pemegangan pemastautin kepada
hasil dianggar meningkat kepada 17.6% jumlah hutang berkurang sedikit kepada
pada 2021 (2020: 15.3%) berikutan jangkaan 72.6% sehingga akhir Jun 2021. Pemegangan
penurunan kutipan hasil memandangkan pemastautin berjumlah RM696.1 bilion
kebanyakan sektor ekonomi tidak dibenarkan meliputi pelabur institusi kukuh dan
beroperasi sepanjang tempoh PKP. Kos berjangka panjang seperti Kumpulan Wang
pembiayaan bagi instrumen hutang dalam Simpanan Pekerja (24.1%), syarikat insurans
negeri dijangka mencecah RM38.1 bilion (4.6%) dan Kumpulan Wang Persaraan
manakala RM0.9 bilion bagi pinjaman mata (Diperbadankan) (2.9%). Pemegang pemastautin
wang asing. Kadar faedah purata berwajaran lain termasuk institusi perbankan (33.6%),
ke atas hutang domestik terkumpul dianggar institusi kewangan pembangunan (1.9%)
lebih rendah pada 3.957% (2020: 4.032%) dan lain-lain (5.5%).
mencerminkan persekitaran kadar faedah yang
rendah meskipun pembukaan semula kertas Pemegangan bukan pemastautin kekal
hutang dalam tahun semasa yang lebih tinggi. stabil pada RM262.3 bilion iaitu 27.4%
daripada jumlah hutang. Institusi jangka
Dari aspek profil kematangan hutang, purata panjang seperti dana persaraan, syarikat
wajaran tempoh matang berkurang kepada 8.1 insurans serta bank pusat, supranasional
tahun pada akhir Jun 2021 (2020: 8.6 tahun). dan kerajaan memegang bahagian terbesar
Sumbangan kertas berjangka panjang dan sebanyak 13.6% manakala pengurus
sederhana dengan baki tempoh matang 6 tahun dana menyumbang 9.4%. Baki pegangan
ke atas berkurang kepada 52.1% daripada disumbangkan oleh institusi perbankan
jumlah terkumpul (2020: 56.6%) manakala dengan pemegangan (3.6%) dan lain-lain
bahagian sekuriti dengan baki tempoh matang (0.8%). Selain itu, pelaburan bukan
5 tahun dan ke bawah meningkat kepada pemastautin dalam MGS terus kukuh pada
47.9% (2020: 43.4%). Trend ini sejajar dengan 40.4% daripada jumlah MGS yang diterbitkan
strategi pengurusan hutang oleh Kerajaan (2020: 40.6%) mencerminkan keyakinan
untuk mengimbangi antara permintaan pasaran dan minat pelabur kepada bon
dengan keperluan segera pembiayaan. Kerajaan.

JaDUaL 4.4. Hutang Kerajaan Persekutuan Mengikut Pemegang

2020 – 2021
BaHaGIan BaHaGIan
rM JUTa
kOMPOnen (%) kePaDa kDnk (%)
2020 20213 2020 20213 2020 20213
Pemastautin 647,697 696,067 73.6 72.6 45.7 46.0
Kumpulan Wang Simpanan Pekerja 219,828 230,894 25.0 24.1 15.5 15.3
Kumpulan Wang Persaraan (Diperbadankan) 25,027 27,598 2.8 2.9 1.8 1.8
Syarikat insurans 40,987 44,057 4.7 4.6 2.9 2.9
Institusi perbankan 288,475 322,499 32.8 33.6 20.3 21.3
Institusi kewangan pembangunan 16,670 17,817 1.9 1.9 1.2 1.2
Lain-lain1 56,710 53,202 6.4 5.5 4.0 3.5
Bukan pemastautin 231,863 262,321 26.4 27.4 16.4 17.3
Pengurus dana 77,553 90,237 8.8 9.4 5.5 6.0
Bank pusat, supranasional dan kerajaan 70,877 81,654 8.1 8.5 5.0 5.4
Institusi perbankan 32,684 33,993 3.7 3.6 2.3 2.2
Dana persaraan 35,913 41,106 4.1 4.3 2.5 2.7
Syarikat insurans 7,712 7,646 0.9 0.8 0.6 0.5
Lain-lain2 7,124 7,685 0.8 0.8 0.5 0.5
Jumlah 879,560 958,388 100.0 100.0 62.1 63.3
1
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
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.

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. 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

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) 5.1%
Inflasi (% setahun) 2.1%
Baki Primer (% KDNK) -2.1%
Kadar Faedah Efektif (%) 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
HUTANG NOMINAL KASAR KEPERLUAN PEMBIAYAAN KASAR

(% KDNK) (% KDNK)
80 16
75 14
70 12
65 10
60 8
55 6
Unjuran Unjuran
50 4
2019 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025 2026
UNJURAN DASAR
TREND TERDAHULU
BAKI PRIMER TIDAK BERUBAH

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. 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. 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.

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. Ujian Tekanan Makro-Fiksal
HUTANG NOMINAL KASAR HUTANG NOMINAL KASAR KEPERLUAN PEMBIAYAAN KASAR
(% KDNK) (% Hasil) (% KDNK)

80 600 16
75 14
70 500 12
65 10
60 400 8
55 6
50 300 4
2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026
UNJURAN DASAR KEJUTAN PERTUMBUHAN KDNK BENAR KEJUTAN BAKI PRIMER

KEJUTAN KADAR TUKARAN BENAR KEJUTAN KADAR FAEDAH BENAR
RAJAH 4. Ujian Tekanan Tambahan

HUTANG NOMINAL KASAR HUTANG NOMINAL KASAR KEPERLUAN PEMBIAYAAN KASAR
(% KDNK) (% Hasil) (% KDNK)
90 700 30
85
25
80 600
20
75
70 500 15
65
10
60 400
5
55
50 300 0
2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026
UNJURAN DASAR
KOMBINASI SEMUA KEJUTAN
KEJUTAN LIABILITI LUAR JANGKA
Penilaian Risiko
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:

raJaH 5. Heat Map
Kejutan
Kejutan Baki Kejutan Kadar Kejutan Kadar Kejutan Liabiliti
Paras hutang Pertumbuhan
Primer Faedah Benar Tukaran Benar Luar Jangka
KDNK Benar
Kejutan
Keperluan pembiayaan Kejutan Baki Kejutan Kadar Kejutan Kadar Kejutan Liabiliti
Pertumbuhan
kasar Primer Faedah Benar Tukaran Benar Luar Jangka
KDNK Benar
Pertumbuhan
Keperluan Pegangan Bukan Hutang dalam
Profil hutang Persepsi Pasaran Tahunan Hutang
Pembiayaan Luar Pemastautin Mata Wang Asing
jangka Pendek
HEAT MAP PARAS HUTANG KEPERLUAN PEMBIAYAAN PROFIL HUTANG

KASAR
Sekiranya paras hutang Sekiranya keperluan Sekiranya nilai parameter
tidak melebihi 70% kepada pembiayaan kasar tidak bagi negara kurang
Risiko Rendah KDNK di bawah senario melebihi 15% kepada KDNK daripada tanda aras
unjuran dasar atau kejutan di bawah senario unjuran penilaian risiko rendah
tertentu dasar atau kejutan tertentu
melebihi 70% kepada KDNK pembiayaan kasar melebihi bagi negara berada
di bawah senario kejutan 15% kepada KDNK di bawah di antara tanda aras
Risiko Sederhana
tertentu tetapi tidak pada senario kejutan tertentu penilaian risiko rendah dan
unjuran dasar tetapi tidak pada unjuran atas
dasar
melebihi 70% kepada KDNK pembiayaan kasar melebihi bagi negara melebihi tanda
Risiko Tinggi
di bawah unjuran dasar 15% kepada KDNK di bawah aras penilaian risiko atas
unjuran dasar
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.
RAJAH Debt Profile Vulnerabilities

FIGURE6.6.Pendedahan Profil Hutang
65%
1.2%
600 15 1 45 26% 60
200 183183 bps

mata asas 5 0.5 15 20
3%
Bond spread
Spread Bon External Pembiayaan
Keperluan Financing Annual Change in
Pertumbuhan Public Debt Bukan
Pegangan Held by Public
Hutang Debt Mata
dalam in
(in basis
(dalam matapoint)
asas) Requirement
(% KDNK) Short Term
Tahunan Hutang Non Residents
Pemastautin Foreign
WangCurrency
Asing
(% to GDP) PublicPendek
Jangka Debt (%bahagian)
(% to total) (%bahagian)
(% to total)
MALAYSIA (%bahagian)
(% to total)
MALAYSIA
LOWER EARLY WARNING
HAD RENDAH
UPPER EARLY WARNING
HAD TINGGI
Source: Ministry
Sumber: of Finance,
Kementerian Malaysia
Kewangan and IMF.
Malaysia dan IMF

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. Percetakan Nasional Malaysia Berhad.

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 awam adalah berikutan terbitan sukuk global

oleh Kerajaan Persekutuan serta bon dan sukuk
mata wang asing oleh syarikat awam. Selain itu,
Hutang luar merangkumi pinjaman luar pesisir pemegangan sekuriti hutang dalam denominasi
negara, pemegangan sekuriti hutang dalam ringgit dan deposit oleh bukan pemastautin
denominasi ringgit oleh bukan pemastautin, mencatat RM338.4 bilion atau 33.2%.
deposit bukan pemastautin dan lain-lain
hutang luar. Sehingga akhir Jun 2021, hutang Dari aspek profil kematangan, hutang luar
luar meningkat kepada RM1,021 bilion atau berjangka sederhana dan panjang meliputi
67.4% kepada KDNK terutamanya disebabkan 62.2% daripada jumlah hutang luar yang
oleh peningkatan pinjaman luar pesisir oleh mencerminkan risiko pembiayaan semula
sektor awam dan pemegangan sekuriti hutang yang rendah. Hutang luar berjangka pendek
dalam denominasi ringgit yang lebih besar pula meliputi 37.8% disandar kepada rizab
oleh bukan pemastautin. Pinjaman luar pesisir antarabangsa yang mencukupi. Di samping
kekal sebagai komponen terbesar hutang itu, risiko luaran juga dapat ditangani dengan
luar berjumlah RM589.5 bilion atau 57.8%. ketersediaan aset luaran dan terimaan eksport
Peningkatan pinjaman luar pesisir oleh sektor yang besar.
JaDUaL 4.5. Hutang Luar
2020 – 2021
BaHaGIan BaHaGIan
rM JUTa
2020 20213 2020 20213 2020 20213

Pinjaman luar pesisir 559,560 589,479 58.4 57.8 39.5 38.9
Hutang jangka sederhana dan panjang 360,997 382,627 37.7 37.5 25.5 25.3
Sektor awam 143,934 164,736 15.0 16.2 10.2 10.9
Kerajaan Persekutuan 23,672 28,415 2.5 2.8 1.7 1.9
Syarikat awam 120,262 136,321 12.5 13.4 8.5 9.0
Sektor swasta 217,063 217,890 22.7 21.3 15.3 14.4
Hutang jangka pendek 198,563 206,853 20.7 20.3 14.0 13.6
Pemegangan sekuriti hutang dalam denominasi
220,103 244,828 23.0 24.0 15.5 16.2
ringgit oleh bukan pemastautin
Hutang jangka sederhana dan panjang 210,811 233,045 22.0 22.8 14.9 15.4
Lain-lain1 10,751 12,434 1.1 1.2 0.8 0.8
Hutang jangka pendek 9,292 11,782 1.0 1.2 0.6 0.8
Deposit bukan pemastautin 94,497 93,542 9.8 9.1 6.7 6.2
Lain-lain2 83,983 92,816 8.8 9.1 5.9 6.1
Jumlah 958,144 1,020,665 100.0 100.0 67.6 67.4
1
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

Hutang Sektor Awam komponen terbesar merangkumi 70.7%

daripada jumlah hutang sektor awam diikuti
Hutang sektor awam merangkumi obligasi oleh SABK (22.9%) dan hutang badan berkanun
hutang terkumpul Kerajaan Persekutuan, yang dijamin Kerajaan (6.4%).
kerajaan negeri, syarikat awam bukan
kewangan (SABK) dan hutang badan berkanun Peningkatan bersih hutang SABK kepada
yang dijamin Kerajaan. Sehingga akhir Jun RM309.9 bilion disebabkan oleh pengeluaran
2021, hutang sektor awam meningkat kepada pinjaman untuk projek infrastruktur sedia ada
RM1,355 bilion atau 89.5% kepada KDNK serta terbitan bon di luar negeri oleh syarikat
terutamanya disebabkan oleh peningkatan awam. Hutang badan berkanun juga meningkat
hutang Kerajaan Persekutuan berikutan kepada RM86.7 bilion berikutan pertambahan
pinjaman yang perlu dibuat untuk membiayai pinjaman yang dijamin Kerajaan yang diperoleh
defisit serta pakej rangsangan dan bantuan Lembaga Kemajuan Tanah Persekutuan
COVID-19 yang diumumkan dalam 2021. (FELDA) dan LPPSA bagi tujuan pelaburan dan
Hutang Kerajaan Persekutuan kekal sebagai pembiayaan semula hutang yang matang.
JaDUaL 4.6. Hutang Sektor Awam

2020 – 2021
BaHaGIan BaHaGIan
rM JUTa
2020 20211 2020 20211 2020 20211

Dalam negeri 851,284 924,784 67.8 68.2 60.1 61.1
Luar pesisir 28,276 33,604 2.3 2.5 2.0 2.2
Badan berkanun 80,660 86,735 6.4 6.4 5.7 5.7
Dalam negeri 80,660 86,735 6.4 6.4 5.7 5.7
antaranya: Dijamin 80,660 86,735 6.4 6.4 5.7 5.7
Luar pesisir - - - - - -
Syarikat awam bukan kewangan 294,875 309,948 23.5 22.9 20.8 20.5
Dalam negeri 181,809 180,440 14.5 13.3 12.8 11.9
Luar pesisir 113,066 129,508 9.0 9.6 8.0 8.6
Jumlah 1,255,095 1,355,071 100.0 100.0 88.6 89.5
1
Akhir Jun 2021
Tinjauan 2022 Belas (RMKe-12), 2021 – 2025 dengan siling

perbelanjaan pembangunan berjumlah RM400
Kerajaan akan terus melaksanakan langkah bilion akan meningkatkan pinjaman Kerajaan
pengembangan fiskal dalam Bajet 2022 bagi Persekutuan. Oleh itu, keperluan pinjaman
memastikan kesejahteraan rakyat, melindungi kasar termasuk peruntukan tambahan bagi
kelangsungan perniagaan dan merangsang Kumpulan Wang COVID-19 dijangka kekal
semula ekonomi. Rancangan Malaysia Kedua signifikan iaitu sekitar 12% kepada KDNK.

Strategi pinjaman Kerajaan akan terus Seterusnya, Kerajaan mensasarkan untuk

mengutamakan terbitan pasaran domestik mengurangkan tahap keberhutangan secara
setelah mengambil kira kecairan dalam beransur-ansur dan memperkukuh keupayaan
pasaran yang mencukupi bagi mengimbangi pembiayaan hutang.
kos pembiayaan dengan pendedahan
risiko yang munasabah dalam jangka masa
sederhana. Komposisi instrumen konvensional Kesimpulan
dan patuh Syariah akan diagihkan kepada
pelbagai tempoh matang bagi memastikan Kerajaan Persekutuan telah menunjukkan
keseimbangan spektrum kematangan sekuriti prestasi yang baik dalam mengurangkan paras
setelah mengambil kira permintaan pasaran. hutang pasca krisis dipacu oleh dasar fiskal
Selain itu, dasar monetari yang akomodatif, yang pragmatik dan pelaksanaan rancangan
ketersediaan pasaran domestik yang kukuh pembangunan negara yang kukuh. Oleh
dan kepelbagaian asas pelabur akan terus kerana negara bergantung kepada langkah
menyokong keperluan pembiayaan Kerajaan. perbelanjaan dalam memastikan pemulihan
yang mampan dan berdaya tahan, maka
Pandemik COVID-19 telah meningkatkan penting bagi Kerajaan mengoptimumkan
paras hutang Kerajaan Persekutuan berikutan penggunaan sumber dalam memacu ekonomi
peruntukan pakej bantuan dan rangsangan dan pada masa yang sama peka dengan
tambahan. Oleh itu, hutang keseluruhan kemampanan fiskal jangka masa sederhana.
Kerajaan Persekutuan diunjurkan mencecah Justeru, pembukaan semula sektor ekonomi
66% kepada KDNK manakala hutang statutori secara berperingkat akan membantu peralihan
pada 63.4% pada akhir 2022 iaitu lebih rendah ke arah norma baharu yang meningkatkan
daripada had 65% yang telah diluluskan pertumbuhan dan mengurangkan
oleh Parlimen. Kerajaan terus komited kebergantungan kepada sokongan fiskal. Dasar
untuk mematuhi had hutang statutori yang pengurusan hutang akan terus berpegang
ditetapkan dalam Akta tersebut. Melangkah kepada prinsip akauntabiliti dan ketelusan
ke hadapan, paras konsolidasi fiskal akan serta memastikan kemampanan hutang dalam
bergantung kepada tahap pemulihan ekonomi. jangka masa sederhana.

RAJAH 4.1. Terbitan Mengikut Tempoh Matang RAJAH 4.2. Nisbah BTC MGS dan MGII
% RM bilion Nisbah
100 25 4.0
3.5
80 41.8% 20
50.9% 49.2% 49.8% 3.0
57.0%
60 15 2.5
2.0
40 10 1.5
1.0
20 5
0.5
0 0 0.0
2017 2018 2019 2020 2021 2017 2018 2019 2020 20211
BIL PERBENDAHARAAN 15- HINGGA 20-TAHUN
JUMLAH TERBITAN BULANAN
3- HINGGA 7-TAHUN 30-TAHUN
BTC (SKALA KANAN)
10-TAHUN PURATA BTC (SKALA KANAN)
RAJAH 4.3. Keluk Kadar Hasil Penanda Aras MGS RAJAH 4.4. Kadar Hasil Indikatif MGS
% %
5.0 5.5
4.5
4.6
4.0
3.987
3.5 3.7
3.196
3.0
2.8 2.683
2.5 2.34
1.9 1.75
2.0
1.5 Tahun 1.0

3 5 7 10 15 20 30 2017 2018 2019 2020 20211
2019
2020 3-TAHUN 10-TAHUN OPR
20211 20-TAHUN
5-TAHUN
RAJAH 4.5. Komposisi Hutang Kerajaan Persekutuan

RM bilion % KDNK
1,000 70
60
800
50
600
40
400 30
20
200
10
0 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20212
PINJAMAN LUAR PESISIR MGII HUTANG STATUTORI KEPADA KDNK (SKALA KANAN)
LAIN-LAIN HUTANG DALAM NEGERI MGS HAD STATUTORI (SKALA KANAN)
1
Akhir Ogos 2021
2
Akhir Jun 2021
Sumber: Kementerian Kewangan Malaysia, Bank Negara Malaysia dan Bloomberg

RAJAH 4.6. Hutang Kerajaan Persekutuan Mengikut RAJAH 4.7. Pemegangan Hutang dalam
Pemegang1 Denominasi Ringgit oleh Bukan Pemastautin
RM bilion %
100 60
34.4%
31.1%
80
24.1% 50
60 40.4
27.4%
15.7% 40
40 13.0%
5.5% 20 30 25.3
2.9% 2.9%
1.9%
0 20
2.9%
Dana persaraan
Institusi perbankan
Bank pusat, supranasional
dan kerajaan
Lain-lain
Pengurus dana
Syarikat insurans
26.9%
33.6%
4.6%
10
KWSP INSTITUSI 0
PERBANKAN 2017 2018 2019 2020 20211
SYARIKAT KWAP
INSURANS
INSTITUSI LAIN-LAIN MGS
KEWANGAN
PEMBANGUNAN HUTANG DALAM NEGERI
BUKAN PEMASTAUTIN
RAJAH 4.8. Hutang Kerajaan Persekutuan Mengikut RAJAH 4.9. Bayaran Khidmat Hutang
Baki Tempoh Matang
RM bilion RM bilion % hasil
500 50 20
400 40 16
300 30 12
200 29.1% 20 8
30.8% 29.7%
22.1%
19.9%
100 10 4
0 0 0
2017 2018 2019 2020 20211 2017 2018 2019 2020 2021
< 5 TAHUN 11-15 TAHUN PINJAMAN LUAR PESISIR

6-10 TAHUN ≥16 TAHUN HUTANG DALAM NEGERI
% HASIL (SKALA KANAN)
RAJAH 4.10. Profil Kematangan Hutang

RM bilion
120
100
80
60
40
20
0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
MGS LAIN-LAIN HUTANG DALAM NEGERI

MGII PINJAMAN LUAR PESISIR
1
Akhir Jun 2021

s ek s yen 5
Risiko Fiskal
dan Liabiliti
81 pe nde da h a n huta ng da n
l i a bi l i t i
82 jaminan ker aja an
84 1m a l ays i a de v e lopme nt
be r h a d
85 l i a bi l i t i l a i n
85 k e s i mpul a n

seksyen 5 risiko fiskal dan liabiliti
seksyen 5
Risiko Fiskal dan Liabiliti
Perspektif Keseluruhan Kerajaan telah meneruskan pemulihan aset

1Malaysia Development Berhad (1MDB)
sebagai usaha menangani pendedahan risiko
Pandemik COVID-19 yang berpanjangan telah
daripada liabiliti lain. Langkah yang diambil
memberi kesan kepada aktiviti perniagaan
termasuk rundingan dengan pihak berkaitan,
dan kehidupan rakyat. Situasi ini memerlukan
prosiding undang-undang dan saman sivil.
Kerajaan untuk terus menyokong aktiviti
Usaha pemulihan ini membolehkan Kerajaan
ekonomi dengan pelbagai pakej rangsangan
mengurangkan impak kewangan liabiliti
dan bantuan sama ada melalui suntikan
1MDB ke atas kedudukan fiskal. Kerajaan
fiskal langsung atau langkah bukan fiskal
akan meneruskan langkah pemulihan ini bagi
seperti dana bantuan khas dan skim mikro
mengurangkan pendedahan risiko daripada
kredit serta melalui instrumen separa-fiskal
obligasi 1MDB.
seperti fasiliti jaminan kepada perniagaan.
Keperluan untuk menyediakan suntikan fiskal
dan langkah bantuan yang berterusan dalam
keadaan pandemik yang masih menular telah Pendedahan Hutang dan
meningkatkan pendedahan risiko kepada
Kerajaan. Walau bagaimanapun, langkah
Liabiliti
kawalan terutamanya penilaian yang rapi
Pendedahan hutang dan liabiliti Kerajaan
serta pemantauan berterusan dan penyusunan Persekutuan menunjukkan tahap keberhutangan
semula kedudukan kewangan dan hutang Kerajaan secara keseluruhan. Kedudukan ini
telah dilaksanakan bagi mengurangkan impak merangkumi hutang Kerajaan Persekutuan dan
daripada pendedahan risiko berkenaan.
JADUAL 5.1. Pendedahan Hutang dan Liabiliti

Jaminan Kerajaan terus meningkat namun
Kerajaan Persekutuan,
pada kadar yang lebih perlahan berikutan 2020 – 2021
projek pembangunan dan infrastruktur masih
lagi dilaksanakan secara berhemat. Projek
BAHAGIAn
infrastruktur strategik masih diteruskan RM BILIOn kePADA kDnk
bagi memacu momentum pertumbuhan kOMPOnen (%)
dan pada masa yang sama menggalakkan
2020 20211 2020 20211
aktiviti ekonomi semasa pandemik. Walau
bagaimanapun, sekatan pergerakan yang Hutang Kerajaan
879.6 958.4 62.1 63.3
berpanjangan bagi mengekang penularan Persekutuan
pandemik telah meningkatkan pendedahan Komitmen
risiko Kerajaan dalam bentuk sokongan 185.7 190.4 13.1 12.6
jaminan
kepada entiti yang beroperasi dalam
1MDB 31.1 32.0 2.2 2.1
sektor perkhidmatan seperti pengendali
pengangkutan awam dan konsesi lebuh Liabiliti lain
171.8 152.9 12.1 10.1
raya. Keadaan ini memerlukan Kerajaan (PPP, PFI, PBLT)
untuk memperketat pemantauan dan
Jumlah 1,268.2 1,333.7 89.5 88.1
penilaian kewangan syarikat berkenaan bagi
mengenal pasti risiko serta merangka langkah 1
Akhir Jun
pengurangan pendedahan fiskal. Sumber: Kementerian Kewangan Malaysia

liabiliti lain dalam bentuk komitmen jaminan, dan sosial kepada pembangunan negara.
hutang 1MDB serta komitmen tunai projek Pemberian GG dikawal selia di bawah Akta
perkongsian awam-swasta (PPP), inisiatif Jaminan Pinjaman (Pertubuhan Perbadanan)
pembiayaan swasta (PFI) dan PBLT Sdn. Bhd. 1965 [Akta 96] yang memerlukan setiap entiti
(PBLT). Pelaporan hutang dan liabiliti secara penerima GG diwartakan sebagai pertubuhan
komprehensif bertepatan dengan usaha perbadanan di bawah Akta ini. Pada masa
Kerajaan untuk beralih kepada standard ini, fasiliti GG hanya diberikan kepada entiti
perakaunan akruan di bawah Piawaian berkaitan Kerajaan seperti syarikat berkaitan
Perakaunan Sektor Awam Antarabangsa (IPSAS) kerajaan (GLC), badan berkanun serta agensi
dan pengumpulan statistik mengikut Public di bawah kerajaan negeri.
Sector Debt Statistics oleh Tabung Kewangan
Antarabangsa (IMF). Pada akhir Jun 2021, Pada akhir Jun 2021, jumlah GG terkumpul
pendedahan hutang dan liabiliti Kerajaan meningkat perlahan kepada RM300.4 bilion
Persekutuan dianggarkan berjumlah atau 19.8% kepada KDNK (2020: RM294.7 bilion;
RM1,333.7 bilion atau 88.1% berbanding 20.8% kepada KDNK) terutamanya disebabkan
KDNK. terbitan baharu oleh Lembaga Pembiayaan
Perumahan Sektor Awam (LPPSA) bagi
membiayai kemudahan pinjaman perumahan
kepada penjawat awam dan DanaInfra
Jaminan Kerajaan Nasional Berhad (DanaInfra) untuk meneruskan
pembinaan projek infrastruktur awam. Lebih
Jaminan Kerajaan (GG) merupakan salah satu separuh (54.2%) daripada GG diberikan kepada
instrumen fiskal yang digunakan Kerajaan pembiayaan berkaitan segmen infrastruktur
Persekutuan untuk menyediakan jaminan ke diikuti dengan perkhidmatan (26.6%), pegangan
atas pembiayaan oleh entiti bagi melaksanakan pelaburan (8.3%), utiliti (6.8%) dan lain-lain
program dan projek infrastruktur strategik (4.1%). Sepuluh penerima utama GG mewakili
yang berupaya meningkatkan impak ekonomi lebih 80% daripada jumlah jaminan.
JADUAL 5.2. Penerima Utama Jaminan Kerajaan,

2020 – 2021
BAHAGIAn kePADA
BAHAGIAn
RM JUTA kDnk
enTITI (%)
(%)
2020 20211 2020 20211 2020 20211
Jumlah jaminan pinjaman 294,675 300,435 100.0 100.0 20.8 19.8
antaranya:
DanaInfra Nasional Berhad 72,320 76,020 24.5 25.3 5.1 5.0
Perbadanan Tabung Pendidikan Tinggi Nasional 39,800 40,000 13.5 13.3 2.8 2.6
Prasarana Malaysia Berhad 38,914 38,914 13.2 12.9 2.8 2.6
Lembaga Pembiayaan Perumahan Sektor Awam 30,150 34,150 10.2 11.4 2.1 2.3
Malaysia Rail Link Sdn. Bhd. 21,530 23,177 7.3 7.7 1.5 1.5
Projek Lebuhraya Usahasama Berhad 11,000 11,000 3.7 3.7 0.8 0.7
Khazanah Nasional Berhad 11,300 9,000 3.8 3.0 0.8 0.6
Pengurusan Air SPV Berhad 9,760 8,025 3.3 2.7 0.7 0.5
Suria Strategic Energy Resources Sdn. Bhd. 6,951 7,276 2.4 2.4 0.5 0.5
GovCo Holdings Berhad 7,200 5,700 2.5 1.9 0.5 0.4
Jumlah penerima utama 248,925 253,262 84.4 84.3 17.6 16.7
1
Akhir Jun

Purata tempoh matang berwajaran GG komitmen jaminan. Entiti tersebut diberi

mencatatkan 10.9 tahun pada akhir Jun 2021. jaminan sama ada di bawah Akta 96 atau
Dari segi profil kematangan, 52.8% dijangka jaminan di bawah Seksyen 141 Akta Tatacara
matang dalam tempoh sepuluh tahun dan Kewangan 1957 [Akta 61].
47.2% akan matang dalam tempoh melebihi
sepuluh tahun. Risiko kadar tukaran mata Pada akhir Jun 2021, komitmen jaminan
wang asing adalah rendah memandangkan merekodkan peningkatan kecil kepada RM190.4
lebih 90% daripada GG berdenominasi ringgit bilion (12.6% kepada KDNK) berbanding
manakala selebihnya dalam mata wang lain RM185.7 bilion (13.1% kepada KDNK) pada
seperti renminbi, yen dan dolar AS. 2020 disebabkan oleh terbitan pembiayaan
DanaInfra dan Malaysia Rail Link Sdn. Bhd.
Fasiliti GG secara asasnya diberikan kepada bagi melaksanakan projek infrastruktur
entiti yang mempunyai kedudukan kewangan pengangkutan sedia ada. Terdapat peningkatan
mampan untuk melaksanakan projek strategik risiko daripada penerima GG terutamanya
yang mempunyai tempoh keberhasilan entiti yang beroperasi dalam sektor
yang panjang. Fasiliti ini juga memudahkan perkhidmatan berikutan pelaksanaan pelbagai
entiti tersebut memperoleh pinjaman pada langkah kawalan pergerakan bagi mengekang
kadar pembiayaan yang lebih kompetitif. penularan COVID-19. Justeru, sebuah syarikat
Namun begitu, dalam situasi tertentu, entiti Menteri Kewangan Diperbadankan (MKD)
yang mendapat fasiliti GG berkemungkinan yang membiayai pembelian pesawat Malaysia
memerlukan peruntukan kewangan daripada Airlines iaitu Turus Pesawat Sdn. Bhd. telah
Kerajaan bagi membantu dalam bayaran balik diklasifikasikan sebagai komitmen jaminan
hutang, bantuan modal kerja atau sokongan sejajar dengan langkah penstrukturan semula
aliran tunai. Oleh itu, GG yang diberikan syarikat berikutan penyediaan bantuan
kepada entiti yang menerima bantuan kewangan Kerajaan bagi pembayaran balik
kewangan Kerajaan dikategorikan sebagai hutang.
JADUAL 5.3. Komitmen Jaminan,

2020 – 2021
BAHAGIAn
RM JUTA
enTITI (%)
2020 20211 2020 20211
DanaInfra Nasional Berhad 72,320 76,020 38.9 39.9
Prasarana Malaysia Berhad 38,914 38,914 21.0 20.4
Malaysia Rail Link Sdn. Bhd. 2
21,530 23,177 11.6 12.2
Urusharta Jamaah Sdn. Bhd. 20,683 21,097 11.1 11.1
Suria Strategic Energy Resources Sdn. Bhd.2 6,951 7,276 3.7 3.8
GovCo Holdings Berhad 7,200 5,700 3.9 3.0
Jambatan Kedua Sdn. Bhd.2 5,528 5,514 3.0 2.9
Turus Pesawat Sdn. Bhd. 5,310 5,310 2.9 2.8
MKD Kencana Sdn. Bhd. 3,500 4,500 1.9 2.4
SRC International Sdn. Bhd. 2,485 1,785 1.4 0.9
Sentuhan Budiman Sdn. Bhd. 800 750 0.4 0.4
TRX City Sdn. Bhd. 253 192 0.1 0.1
Assets Global Network Sdn. Bhd. 253 202 0.1 0.1
Jumlah 185,727 190,437 100.0 100.0
1
Akhir Jun
2
Tertakluk kepada nilai kadar tukaran
1
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.

Kerajaan akan terus memantau impak krisis JADUAL 5.4. Hutang 1MDB,
pada akhir Jun 2021
COVID-19 ke atas semua penerima GG
dalam menilai risiko entiti yang memerlukan
bantuan daripada Kerajaan. Pada masa yang PRInsIPAL
kADAR TeMPOH
sama, prestasi kewangan syarikat di bawah kOMPOnen
(%) MATAnG (UsD (RM
kategori komitmen jaminan akan dipantau rapi BILIOn) BILIOn)
bagi memastikan pelan pemulihan syarikat Jaminan
dapat dilaksanakan untuk mengurangkan Kerajaan
pendedahan risiko kepada Kerajaan. Entiti Mei
Sukuk 5.75 - 5.00
yang tidak lagi memerlukan bantuan kewangan 2039
Kerajaan akan dikeluarkan daripada senarai
komitmen jaminan. IPIC-MOF Inc.
Mei
1MDB Energy Ltd 5.99 1.75 7.271
2022
1Malaysia Development 1MDB Energy

(Langat) Ltd
5.75
Oktober
2022
1.75 7.271
Berhad Letter of Support

Mac
Syarikat 1MDB telah ditubuhkan sebagai Bon global 4.44 3.00 12.461
2023
sebuah syarikat MKD pada 2009 bagi memacu
pembangunan strategik negara. Walau Jumlah 32.00
bagaimanapun, kebergantungan tinggi ke
atas modal hutang serta tadbir urus korporat Tertakluk kepada nilai kadar tukaran
1

yang lemah menyebabkan syarikat mengalami
masalah aliran tunai bermula penghujung 2014
dan seterusnya memerlukan bantuan daripada institusi kewangan dan pihak lain seperti firma
Kerajaan. Sehingga akhir Jun 2021, baki hutang audit serta terimaan tunai daripada individu
1MDB kekal pada RM32 bilion. dan syarikat. Selain bayaran penyelesaian
kepada Kerajaan, mantan pengatur terbitan
Sejumlah aset bernilai RM18.2 bilion bon bagi pihak 1MDB iaitu Goldman Sachs
berkaitan 1MDB telah disita atau diperoleh akan membantu dan memberi jaminan untuk
semula dan diletakkan dalam Akaun Amanah mendapatkan semula aset bernilai sekurang-
Mendapatkan Kembali Aset di bawah kawalan kurangnya USD1.4 bilion.
Jabatan Akauntan Negara Malaysia. Aset yang
diperoleh kembali termasuk sitaan aset fizikal Sehingga September 2021, Kerajaan telah
serta bayaran penyelesaian oleh pihak yang menjelaskan sebanyak RM12.8 bilion komitmen
terbabit dengan Jabatan Kehakiman Amerika kewangan dan bayaran khidmat hutang 1MDB.
Syarikat, terimaan penyelesaian daripada Hampir RM10 bilion daripada jumlah ini
Perkembangan Pemulihan Aset 1MDB
Jan - Sept
2019 2020 2021
RM1.47 RM12.68 RM4.08
bilion bilion bilion

dijelaskan melalui pinjaman dan pendahuluan pembangunan infrastruktur termasuk

daripada Kerajaan atau MKD manakala bakinya pembinaan dan pembaikan sekolah,
menggunakan Akaun Amanah. Baki Akaun hospital, universiti dan pusat latihan serta
Amanah selepas mengambil kira pendapatan penyenggaraan bangunan kerajaan. Pada akhir
simpanan (hibah) adalah berjumlah Jun 2021, liabiliti terkumpul PFI dianggarkan
RM15.3 bilion dan mampu membiayai berjumlah RM46.1 bilion.
obligasi 1MDB sehingga 2022. Baki obligasi
keseluruhan 1MDB berjumlah RM39.3 bilion Syarikat PBLT ditubuhkan pada 2005 dengan
merangkumi prinsipal (RM32.2 bilion) dan pemilikan penuh MKD bagi mendapatkan
faedah atau bayaran keuntungan atas pembiayaan dan seterusnya melaksanakan
pembiayaan (RM7.1 bilion). projek infrastruktur termasuk pembinaan
kuarters, balai polis, pusat latihan dan fasiliti
lain untuk kegunaan pasukan polis. Tiada
Liabiliti Lain pembiayaan baharu yang diterbitkan oleh
PBLT sejak 2015 dan liabiliti terkumpul PBLT
Liabiliti kewangan lain Kerajaan termasuk dianggarkan berkurang kepada RM4 bilion
komitmen di bawah projek PPP dan PFI serta sehingga akhir Jun 2021.
pembiayaan yang diterbitkan oleh PBLT untuk
melaksanakan projek infrastruktur Polis Diraja
Malaysia. Terdapat projek yang dilaksanakan di Kesimpulan
bawah pendekatan PPP melibatkan tanggungan
fiskal oleh Kerajaan manakala sebahagian Melangkah ke hadapan, pelaporan risiko
projek lain dibiayai sepenuhnya oleh sektor oleh Kerajaan akan terus ditambah baik bagi
swasta. Sehingga akhir Jun 2021, satu projek menyediakan penilaian yang lebih komprehensif
baharu telah ditambah di bawah senarai ke atas pendedahan Kerajaan. Pemantauan dan
PPP iaitu sistem pengurusan tanah secara pengawasan yang ketat disertai dengan langkah
elektronik (e-Tanah) bagi negeri Perak dengan mitigasi penting bagi mengurangkan impak
komitmen berjumlah RM249 juta sehingga ke atas kedudukan fiskal Kerajaan berikutan
2032. Jumlah komitmen tunai berdasarkan peningkatan pendedahan risiko akibat daripada
98 perjanjian projek dari 2021 hingga 2047 kesan pandemik. Justeru, Kerajaan terus
dianggarkan sebanyak RM102.8 bilion. melaksanakan langkah pembaharuan untuk
memperkukuh disiplin fiskal dan memperkemas
Liabiliti di bawah projek PFI adalah dalam tadbir urus terutamanya dalam pengurusan
bentuk pembiayaan daripada Kumpulan Wang syarikat berkaitan kerajaan sebagai usaha
Simpanan Pekerja (KWSP) dan Kumpulan meminimumkan pendedahan risiko daripada
Wang Persaraan (Diperbadankan) (KWAP) syarikat yang berkemungkinan menghadapi
bagi memudah cara pelaksanaan projek kesulitan.

RAJAH 5.1. Jaminan Pinjaman Terkumpul RAJAH 5.2. Profil Kematangan Jaminan Pinjaman1
RM bilion % KDNK RM bilion Bahagian (%)

300 24 120
36.1% 35.4%
19.8%
250 20 100
200 16 80
150 12 60 16.7%
100 8 40 11.8%
50 4 20
0 0 0
2016 2017 2018 2019 2020 20211 < 5 tahun 6 - 10 tahun 11 - 15 tahun > 16 tahun
JAMINAN PINJAMAN
% KDNK (SKALA KANAN)
RAJAH 5.3. Jaminan Pinjaman Mengikut Segmen1
2.2% 1.9%
6.8%
8.3%
INFRASTRUKTUR
PERKHIDMATAN
PEGANGAN PELABURAN RM300.4 54.2%
UTILITI bilion
KEWANGAN
PERLADANGAN 26.6%
RAJAH 5.4. Obligasi PPP Terkumpul Mengikut Sektor1
2.5%
3.8%
SOSIAL
31.2%
PENTADBIRAN AM RM102.8
EKONOMI bilion 62.5%
KESELAMATAN
30.8%
1
Akhir Jun 2021
Sumber: Kementerian Kewangan dan Unit Kerjasama Awam Swasta (UKAS), Jabatan Perdana Menteri Malaysia

s ek s yen 6
Sektor Awam
Disatukan
89 s e k tor awa m di satuk a n

Sisipan - Statistik Kewangan Kerajaan
95 ker aja an am
96 k e r a j a a n nege r i
97 s ya r i k at awa m buk a n
k e wa ng a n

seksyen 6 sektor awam disatukan
seksyen 6
Sektor Awam Disatukan
Sektor Awam Disatukan signifikan untuk manfaat sosial dan ekonomi

jangka panjang. Sebaliknya, defisit SABK
menggambarkan perbelanjaan modal yang
Sektor awam disatukan (CPS) di Malaysia terdiri bersifat komersial bagi menjana pendapatan.
daripada unit kerajaan am dan syarikat awam
bukan kewangan (SABK). Pelaporan kedudukan Baki semasa CPS pada 2021 dijangka
kewangan CPS bertujuan menganggar saiz meningkat kepada RM61.8 bilion
keseluruhan sektor awam, menilai kesan (2020: RM55.9 bilion) terutamanya disebabkan
aktiviti CPS ke atas ekonomi dan mengenal oleh pertambahan hasil Kerajaan Persekutuan.
pasti sumber risiko fiskal. Rangka kerja CPS Selain itu, DE sektor awam disatukan diunjur
memerlukan semua pindahan dan pinjaman bertambah sebanyak 19.3% kepada
bersih di antara setiap unit sektor awam RM140.1 bilion (2020: RM117.5 bilion) selari
diasingkan untuk menggambarkan kedudukan dengan peningkatan pelaburan untuk
kewangan sebagai entiti disatukan. memulihkan aktiviti ekonomi terutamanya
oleh Kerajaan Persekutuan dan SABK. Selepas
Penilaian prestasi kewangan kerajaan mengambil kira perbelanjaan Kumpulan Wang
am berbeza dengan SABK. Sebagai unit COVID-19 (KWC-19) dan mengasingkan semua
berorientasikan sosial, baki kerajaan am transaksi antara unit, defisit keseluruhan sektor
cenderung untuk mengalami defisit disebabkan awam dijangka lebih tinggi sebanyak RM117.4
oleh perbelanjaan pembangunan (DE) yang bilion atau 7.7% kepada Keluaran KDNK pada
tinggi, menunjukkan pelaburan modal yang 2021 (2020: RM99.5 bilion; 7%).
JADUAL 6.1. Kedudukan Kewangan Sektor Awam Disatukan,

2020 - 2022
PeRUBAHAn
RM JUTA
(%)
2020 20212 20223 2020 20212 20223
Hasil 248,349 254,334 257,268 -1.7 2.4 1.2

Perbelanjaan mengurus 263,556 258,830 271,947 -11.6 -1.8 5.1
Baki semasa -15,207 -4,496 -14,679 -66.6 -70.4 226.5
Baki semasa SABK 71,152 66,260 87,969 -44.6 -6.9 32.8
Baki semasa sektor awam 55,945 61,764 73,290
Perbelanjaan pembangunan 117,460 140,095 155,478 -12.6 19.3 11.0
Kerajaan am 55,621 66,158 80,766 -4.0 18.9 22.1
SABK 61,839 73,937 74,712 -19.2 19.6 1.0
Kumpulan Wang COVID-19 1
37,980 39,039 23,000 2.8 -41.1
% kepada KDNK -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 pemulihan ekonomi
2
Anggaran disemak
3

Seksyen 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 System of
pengumpulan aset dan liabiliti. National Accounts
2008 Rumusan ekonomi antara residen
(2008 SNA) sesebuah ekonomi dengan bukan
residen dalam tempoh tertentu.
Balance of
Payments and Menunjukkan nilai aset kewangan
Monetary and
Financial Statistics International dan kedudukan liabiliti antara
Manual and Investment Position residen sesebuah ekonomi
Menilai situasi monetari dan Compilation Manual, Sixth dengan bukan residen pada
impak dasar monetari dalam Guide 2016 Edition (BPM6),
tempoh pelaporan.
pasaran wang dan modal. 2009
Government
Finance Statistics
Manual 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

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. Komponen Utama Sektor Awam
Sektor Awam
Kerajaan Am Syarikat Awam
Kerajaan Kerajaan Kerajaan Syarikat Awam Syarikat Awam

Pusat* Negeri Tempatan Bukan Kewangan 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 Penyata kewangan

Transaksi Aliran Ekonomi Lain
Bermula berakhir
Hasil
Perbelanjaan
Belanja
= Baki semasa Perubahan Perubahan

Nilai bersih Nilai bersih
bersih nilai bersih nilai bersih
Pelaburan
Aset bukan Aset bukan Aset bukan Aset bukan
aset bukan
kewangan kewangan kewangan kewangan
kewangan
= Pinjaman/ Keuntungan Perubahan

pembiayaan /kerugian volum lain
bersih pegangan
Perolehan Aset Aset Aset

Aset kewangan
aset kewangan kewangan kewangan kewangan
Peningkatan
Liabiliti Liabiliti Liabiliti Liabiliti
Liabiliti

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. Penyata Utama Government Finance Statistics Manual 2014
Merumuskan transaksi dalam tempoh Menunjukkan kesan kepada kedudukan

Penyata
pelaporan (hasil, perbelanjaan, Penyata Aliran kewangan:
perubahan stok aset modal dan Operasi dan Stok Transaksi
pembiayaan) Bersepadu Lain-lain aliran ekonomi
i. Keuntungan/kerugian pegangan
ii. Perubahan volum dalam aset dan
liabiliti
Menunjukkan kedudukan stok bagi aset, Penyata Penyata Menunjukkan jumlah terimaan tunai
liabiliti dan nilai bersih setiap unit sektor Jumlah Sumber dan atau perbelanjaan melalui operasi serta
Perubahan Penggunaan transaksi dalam aset bukan kewangan,
awam pada permulaan dan akhir tempoh Nilai Bersih Tunai
perakaunan. aset kewangan dan liabiliti (selain tunai)
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.

JADUAL 1. Status Malaysia bagi Pelaporan Government Finance Statistics Manual 2014
sekTOR InsTITUsI
Budgetary Central • Pelaporan rasmi GFSM 2014 • Semakan perbezaan • Pelaporan rasmi GFSM
Government (BCG) berasaskan data tunai statistik data BCG untuk 2014 berasaskan data
– Kerajaan Persekutuan • Pembangunan Chart of pelaporan GFSM 2014 akruan
Accounts untuk pemetaan berasaskan simulasi
kod perakaunan akruan data akruan 2018
JANM kepada kod GFSM Kerajaan Persekutuan
2014
• Pembangunan penyata
kompilasi data BCG untuk
pelaporan GFSM 2014
Extrabudgetary funds • Mereka bentuk dan • Menambah baik • Menyemak liputan
– Badan Berkanun menstruktur semula serta templat pengumpulan Badan Berkanun
Persekutuan mengguna pakai templat data Persekutuan supaya
pengumpulan data untuk • Semakan perbezaan lebih menyeluruh
diselaraskan dengan statistik bagi penyatuan
klasifikasi GFSM 2014 data
Kerajaan Negeri • Libat urus bersama
kerajaan negeri untuk
menambah baik
pengumpulan data
berdasarkan GFSM
2014
Kerajaan Tempatan • Mereka bentuk, • Menambah baik
menstruktur semula dan templat pengumpulan
mengguna pakai templat data
pengumpulan data untuk • Semakan perbezaan
diselaraskan dengan statistik bagi penyatuan
klasifikasi GFSM 2014 data
• Liputan menyeluruh bagi
kerajaan tempatan
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.

JADUAL 2. Pelaporan Negara ASEAN bagi Government Finance Statistics Manual 2014
BUDGETARY CENTRAL keRAJAAn keRAJAAn

neGARA
GOVERNMENT (BCG) PUsAT AM
1 Brunei TB TB TB
2 Cambodia / / TB
3 Indonesia TB / /
4 Lao PDR / TB TB
5 Malaysia /* TB TB
6 Myanmar / / /
7 Filipina / TB TB
8 Singapura / / /
9 Thailand / / /
10 Viet Nam 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

Kerajaan Am kepada RM23.5 bilion (2020: RM28.3 bilion)

disebabkan oleh pengurangan hasil melebihi
penurunan OE. Walau bagaimanapun, DE
Sektor kerajaan am di Malaysia merangkumi disatukan dianggar meningkat sebanyak 22.3%
Kerajaan Persekutuan, kerajaan negeri, kepada RM68.5 bilion terutamanya disebabkan
kerajaan tempatan dan Badan Berkanun DE Kerajaan Persekutuan yang lebih tinggi.
Persekutuan1 yang melaksanakan fungsi Mengambil kira perbelanjaan tambahan
ekonomi utama kerajaan. Fungsi kerajaan Kerajaan Persekutuan di bawah KWC-19,
am termasuk menyediakan barangan dan perbelanjaan keseluruhan dijangka meningkat
perkhidmatan awam secara bukan komersial, kepada RM366.8 bilion (2020: RM358.1 bilion).
memastikan agihan semula pendapatan Sehubungan itu, selepas pindahan dan
dan kekayaan serta membiayai aktiviti pinjaman bersih antara unit diasingkan, defisit
terutamanya melalui cukai atau pindahan. keseluruhan kerajaan am pada 2021 dijangka
Pelaporan kedudukan kewangan kerajaan am meningkat kepada RM84 bilion atau 5.5%
bertujuan untuk menilai prestasinya dan impak kepada KDNK (2020: RM65.6 billion; 4.6%).
keseluruhan operasi kerajaan ke atas ekonomi.
Defisit keseluruhan kerajaan am dibiayai
Hasil disatukan kerajaan am pada 2021 terutamanya oleh pinjaman Kerajaan
dianggar berkurang sebanyak 3.3% kepada Persekutuan dan rizab terkumpul. Semua
RM282.9 bilion terutamanya disebabkan oleh kerajaan negeri2 dan Badan Berkanun
kekurangan hasil Kerajaan Persekutuan dan Persekutuan hanya boleh meminjam daripada
Badan Berkanun Persekutuan. Perbelanjaan atau dengan kelulusan Kerajaan Persekutuan
mengurus (OE) disatukan juga diunjur lebih manakala kerajaan tempatan3 boleh meminjam
rendah sebanyak 1.8% kepada RM259.3 bilion dengan kelulusan kerajaan negeri. Oleh itu,
terutamanya disebabkan oleh rasionalisasi pendedahan terhadap risiko kredit kerajaan
perbelanjaan Kerajaan Persekutuan. Baki am adalah terkawal di peringkat Kerajaan
semasa kerajaan am dijangka berkurang Persekutuan.
JADUAL 6.2. Kedudukan Kewangan Kerajaan Am Disatukan,

2020 – 2022
PeRUBAHAn
RM JUTA
(%)
2020 20212 20223 2020 20212 20223
Hasil 292,427 282,859 294,347 -10.4 -3.3 4.1
Perbelanjaan mengurus 264,090 259,316 272,317 -11.5 -1.8 5.0
Baki semasa 28,337 23,543 22,030
Perbelanjaan pembangunan 55,987 68,464 82,052 -3.7 22.3 19.8
Kumpulan Wang COVID-191 37,980 39,039 23,000 2.8 -41.1
% kepada KDNK -4.6 -5.5 -5.1
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
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.

Kerajaan Negeri dan bekalan serta emolumen. Di samping itu,

DE disatukan diunjur bertambah sebanyak
22.6% kepada RM12 bilion (2020: -11.5%;
Hasil disatukan bagi kerajaan negeri pada
RM9.8 bilion). Projek pembangunan utama
2021 diunjur meningkat sebanyak 3% kepada
yang dilaksanakan pada 2021 termasuk
RM35.4 bilion atau 2.3% kepada KDNK.
pembangunan kawasan luar bandar di Sarawak,
Daripada jumlah tersebut, RM28.7 bilion
projek dan program pertanian di Sabah,
atau 81.1% merupakan hasil janaan negeri
pembinaan dan penaiktarafan jalan raya di
(2020: RM27 billion; 78.5%) manakala bakinya
Selangor serta pelaksanaan projek bekalan
terdiri daripada pindahan dan geran oleh
air di Pahang dan Kedah. Oleh itu, jumlah
Kerajaan Persekutuan. Sumber utama hasil
perbelanjaan disatukan kerajaan negeri dijangka
negeri adalah cukai jualan, royalti petroleum,
meningkat sebanyak 14.4% kepada
faedah pelaburan, premium tanah dan cukai
RM27.2 bilion.
tanah. Dari segi hasil yang dijana oleh negeri,
Sarawak, Sabah, Selangor, Terengganu dan
Secara keseluruhan, baki semasa kerajaan
Johor kekal sebagai penyumbang utama
negeri disatukan dianggar sebanyak
mewakili 85.5% atau RM24.5 bilion.
RM20.2 bilion mewakili 57% daripada jumlah
hasil disatukan. Baki keseluruhan kerajaan
Hasil cukai dianggar berjumlah RM9.5 bilion
negeri juga dianggar mencatat lebihan
atau 26.7% daripada jumlah hasil disatukan.
sebanyak RM8.7 bilion.
Kutipan cukai langsung dijangka sebanyak
RM3.5 bilion yang sebahagian besar terdiri JADUAL 6.3. Kedudukan Kewangan Kerajaan
daripada cukai ke atas sumber asli seperti Negeri Disatukan,
tanah, lombong dan perhutanan. Cukai tidak 2020 - 2021
langsung diunjur sebanyak RM6 bilion atau
63.3% daripada hasil cukai terutamanya RM JUTA PeRUBAHAn
disumbangkan oleh cukai jualan4 ke atas (%)
produk petroleum berjumlah RM4.2 bilion. 2020 20211 2020 20211
Hasil 34,414 35,435 2.1 3.0
Hasil bukan cukai dijangka mencatat
RM12.6 bilion atau 35.6% daripada jumlah hasil Perbelanjaan
14,003 15,221 13.2 8.7
mengurus
disatukan. Komponen utama hasil tersebut
adalah royalti petroleum (RM3.7 bilion), faedah Baki semasa 20,411 20,214
pelaburan (RM3.2 bilion) serta premium tanah Perbelanjaan
(RM2.1 bilion). Terimaan bukan hasil dianggar pembangunan 9,782 11,996 -11.5 22.6
berjumlah RM13.3 bilion yang sebahagian kasar
besar merangkumi geran daripada Kerajaan Kumpulan Wang
Persekutuan. Geran tersebut termasuk 9,774 11,832 -11.3 21.1
Pembangunan
pemberian ikut kepala yang ditetapkan
Kumpulan Wang
berdasarkan unjuran kependudukan tahunan, Bekalan Air
8 164 -78.4 1950.0
pemberian bagi membiayai perbelanjaan
mengurus di bawah Senarai Bersama Tolak: Terimaan
666 476 -11.5 -28.5
balik pinjaman
Perlembagaan Persekutuan dan bayaran
perkhidmatan bagi penglibatan penjawat Perbelanjaan
awam negeri dalam projek pembangunan pembangunan 9,116 11,520 -11.5 26.4
bersih
Persekutuan.
Baki keseluruhan 11,295 8,694
Jumlah OE disatukan kerajaan negeri dijangka
% kepada KDNK 0.8 0.6
meningkat sebanyak 8.7% kepada RM15.2 bilion
(2020: 13.2%; RM14 bilion) sebahagian besar 1
Anggaran
disebabkan peningkatan jumlah perkhidmatan 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.

Syarikat Awam Bukan Oleh kerana pemulihan ekonomi antara

negara dan sektor adalah berbeza, kedudukan
Kewangan kewangan disatukan SABK dijangka mencatat
lebihan semasa yang sederhana sebanyak
Kemerosotan ekonomi yang tidak dapat RM40.5 bilion pada 2021 (2020: RM28 bilion)
dielakkan telah memaksa banyak sektor berbanding paras sebelum krisis iaitu
ekonomi beradaptasi dengan cepat supaya sekitar RM60 bilion. Namun demikian, SABK
mampu bertahan semasa krisis terutamanya memperuntukkan perbelanjaan modal yang
daripada impak sekatan kawalan pergerakan tinggi sebanyak RM73.9 bilion berikutan
bagi mengawal penularan pandemik.
keadaan ekonomi, pengawalseliaan dan
Dalam memastikan kelangsungan operasi,
suasana politik global yang dinamik.
syarikat awam bukan kewangan (SABK) turut
Oleh itu, defisit keseluruhan bagi 2021
mengadaptasi norma baharu dan lebih bersedia
dianggar berkurang kepada RM33.4 bilion
dalam menghadapi cabaran masa hadapan.
(2020: RM33.9 bilion) atau 2.2% kepada KDNK.
Pada akhir 2020, SABK merekodkan aset bersih
disatukan lebih rendah iaitu berjumlah
Sebahagian besar sektor ekonomi terus
RM457.4 bilion (2019: RM515.1 bilion)
disebabkan oleh penjejasan nilai yang berkembang pada kadar yang lebih perlahan
tinggi. Walaupun begitu, ketersediaan aset kesan daripada pelaksanaan Perintah Kawalan
berkualiti dan aliran pendapatan yang kukuh Pergerakan (PKP) berikutan pandemik
membolehkan SABK membiayai pelaburan COVID-19. Walau bagaimanapun, subsektor
melalui pendapatan terkumpul dan pinjaman. telekomunikasi, penjagaan kesihatan
dan tenaga yang merupakan penyedia
RAJAH 6.1. Aset dan Liabiliti SABK, perkhidmatan penting semasa pandemik
Akhir 2020 dijangka mencatat prestasi lebih baik. Pada
masa yang sama, pandemik ini juga telah
RM bilion mendorong syarikat terutamanya dalam
1,000
subsektor pengangkutan dan utiliti untuk
menyusun semula strategi perniagaan
800 melalui pendigitalan. Oleh kerana portfolio
Aset bersih:
RM457.4 bilion perniagaan SABK yang majoritinya bukan di
bawah subsektor telekomunikasi, penjagaan
600
kesihatan dan tenaga, pendapatan SABK
RM977.1 bilion diunjur mencatat pertumbuhan lebih perlahan
400 sebanyak 4.4% kepada RM310.2 bilion atau
20.5% kepada KDNK.
RM519.7 bilion
Termasuk hutang:
200 RM247.2 billion Jumlah perbelanjaan SABK pada 2021 dijangka
meningkat kepada RM343.6 bilion
(2020: RM331 bilion) atau 22.7% kepada KDNK
0
sejajar dengan pengembangan perniagaan dan
JUMLAH ASET keperluan pelaburan. Daripada jumlah tersebut,
JUMLAH LIABILITI perbelanjaan semasa dijangka mencatat 78.5%
sementara bakinya untuk perbelanjaan modal.
Aktiviti pelaburan SABK akan diteruskan

berikutan dasar Kerajaan untuk terus JADUAL 6.4. Kedudukan Kewangan Syarikat Awam
menyokong ekonomi dan pelonggaran PKP Bukan Kewangan Disatukan1,
2020 - 2021
secara berperingkat melalui Pelan Pemulihan
Negara. Antara projek yang sedang berjalan
PeRUBAHAn
termasuk Transit Aliran Massa Laluan Putrajaya RM JUTA
(%)
dan Transit Aliran Ringan Laluan 3. Walau 2020 20212 2020 20212
bagaimanapun, projek lain seperti pembinaan
Hasil 297,146 310,154 -22.8 4.4
projek pembangunan gas di Sabah dan
Sarawak, pembangunan tenaga hidro dan Perbelanjaan
269,172 269,627 -18.4 0.2
semasa
infrastruktur pendigitalan telah terkesan oleh
Baki semasa 27,974 40,527
PKP. Seiring dengan liputan program vaksinasi
yang meluas dan pembukaan semula ekonomi Perbelanjaan
61,839 73,937 -19.2 19.6
modal
secara berperingkat, SABK dijangka dapat
Baki keseluruhan -33,865 -33,410
menormalisasikan operasi dan menambah baik
prestasi kewangan pada 2022. % kepada KDNK -2.4 -2.2
1
Merujuk kepada 26 SABK utama
2
Anggaran

2022 Fiscal Outlook
and Federal
Government
Revenue Estimates
1. T.Page & Preface FO.indd 99 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

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 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

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

T H E 2022 F E D E RA L G OV E RN M E N T BU D G E T
WHE RE IT CO MES F RO M
Borrowings and Use

of Government’s
Assets
29.5%
Income Tax
35.7%
RM 332,100 1
MILLION
Non-tax Other Direct Tax

Revenue 2.6%
18.9%
Indirect Tax
13.3%
W HERE IT G OES
General
Administration COV I D - 19 F u n d 3
1.2% 6.9%
D E VE LO P ME NT Security
E XP E ND I TU R E 2.7%
Social
6.8% Emoluments
26.0%
Economic
12.1%
RM 332,100 2
MILLION
Debt Service
Others Charges
6.1% 13.0%
Subsidies and
Social Assistance O PE R AT I N G
5.2% E X PE N D I T URE
Grants and Transfers
to State Governments
Retirement Supplies and Services
2.4%
Charges 9.1%
8.5%
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
fiscal outlook 2022 105

content
Page
FOREWORD 101
PREFACE 103
THE 2022 FEDERAL GOVERNMENT BUDGET 105
ACRONYMS AND ABBREVIATIONS 109
SECTION 1 FISCAL POLICY OVERVIEW
Overview 113
Expansionary Fiscal Policy Underpins Economic Recovery 113
Information Box – National Trust Fund 114
Fiscal Position in 2021 121
Outlook for 2022 122
Medium-Term Fiscal Framework, 2022-2024 122
Feature Article – Fiscal Responsibility Act Framework 124
Conclusion 130
SECTION 2 FEDERAL GOVERNMENT REVENUE

Overview 135
Revenue in 2021 135
Feature Article – Medium-Term Revenue Strategy: A Call for Revenue 137
Reforms in Malaysia
Conclusion 143
SECTION 3 FEDERAL GOVERNMENT EXPENDITURE

Overview 147
Performance 2021 147
COVID-19 Fund 150
Information Box – COVID-19 Fund Updates 152
Federal Recoverable Loans 157
Conclusion 158
SECTION 4 DEBT MANAGEMENT

Overview 163
Financing 163
Feature Article – Government of Malaysia’s 2021 Global Sukuk 166
Federal Government Debt 172
Feature Article – Malaysia's Debt Sustainability Analysis 2021 174
External Debt 181
Public Sector Debt 182
Conclusion 183
SECTION 5 FISCAL RISK AND LIABILITY

Overview 189
Debt and Liabilities Exposure 189
Government Guarantees 190
1Malaysia Development Berhad 192
Other Liabilities 193
Conclusion 193
SECTION 6 CONSOLIDATED PUBLIC SECTOR

Consolidated Public Sector 197
Information Box – Government Finance Statistics 198
General Government 203
State Governments 204
Non-Financial Public Corporations 204
2. Content FO.indd 107 18/10/2021 5:54 PM

Page
TABLE
Table 1.1. Federal Government Financial Position 121
Table 1.2. Medium-Term Fiscal Framework (MTFF) 123
Table 2.1. Federal Government Revenue 136
Table 3.1. Federal Government Operating Expenditure by Component 148
Table 3.2. Federal Government Development Expenditure by Sector 150
Table 3.3. COVID-19 Fund Allocation 151
Table 4.1. Federal Government Financing 164
Table 4.2. Debt Legislative Guidelines 172
Table 4.3. Federal Government Debt by Instrument 173
Table 4.4. Federal Government Debt by Holder 174
Table 4.5. External Debt 181
Table 4.6. Public Sector Debt 182
Table 5.1. Federal Government Debt and Liabilities Exposure 189
Table 5.2. Major Recipients of Loan Guarantees 190
Table 5.3. Committed Guarantees 191
Table 5.4. 1MDB’s Debt 192
Table 6.1. Consolidated Public Sector Financial Position 197
Table 6.2. Consolidated General Government Financial Position 203
Table 6.3. Consolidated State Governments’ Financial Position 204
Table 6.4. Consolidated NFPCs Financial Position 205
FIGURE
Figure 1.1. Federal Government Overall and Primary Balance 131
Figure 1.2. Federal Government Revenue, Operating Expenditure and Current Balance 131
Figure 1.3. Federal Government MTFF Overall Balance 131
Figure 1.4. Revised Fiscal Position in 2021 131
Figure 2.1. Petroleum-Related and Non-Petroleum Revenue 144
Figure 2.2. Revenue as Percentage to GDP 144
Figure 3.1. Total Expenditure by Sector 159
Figure 3.2. Total Expenditure by Ministry and Agency 159
Figure 3.3. Operating Expenditure by Component 159
Figure 3.4. Operating Expenditure by Sector 159
Figure 3.5. Development Expenditure by Sector 159
Figure 3.6. Federal Recoverable Loans under Development Fund 159
Figure 4.1. Issuance by Maturity 184
Figure 4.2. BTC Ratios of MGS and MGII 184
Figure 4.3. MGS Benchmark Yield Curve 184
Figure 4.4. MGS Indicative Yields 184
Figure 4.5. Federal Government Debt Composition 184
Figure 4.6. Federal Government Debt by Holder 185
Figure 4.7. Non-Resident Holdings of Ringgit-Denominated Debt Securities 185
Figure 4.8. Federal Government Debt by Remaining Maturity 185
Figure 4.9. Debt Service Charges 185
Figure 4.10. Debt Maturity Profile 185
Figure 5.1. Outstanding Loan Guarantees 194
Figure 5.2. Maturity Profile of Loan Guarantees 194
Figure 5.3. Loan Guarantees by Segment 194
Figure 5.4. Outstanding PPP Obligations by Sector 194
Figure 6.1. NFPCs Assets and Liabilities 205
PUBLIC FINANCE STATISTICS 207
TREASURY MEMORANDUM ON THE FEDERAL GOVERNMENT REVENUE ESTIMATES FOR 2022 231
2. Content FO.indd 108 18/10/2021 5:54 PM

acronyms and abbreviations
ACRONYMS AND ABBREVIATIONS
11MP Eleventh Malaysia Plan e-Tanah electronic land management

system
12MP Twelfth Malaysia Plan
FELDA Federal Land Development
1MDB 1Malaysia Development Authority
Berhad
FPC Fiscal Policy Committee
AG Accountant General’s
Department of Malaysia FRA Fiscal Responsibility Act
BCG budgetary central government GDP Gross Domestic Product
BEPS Base Erosion and Profit GFSM 2014 Government Finance Statistics
Shifting Manual 2014
BNM Bank Negara Malaysia GGs Government guarantees
BPN Bantuan Prihatin Nasional GKP SME Prihatin Grant
BPR Bantuan Prihatin Rakyat GLC government-linked companies
bps basis points GoM Government of Malaysia
BSH Cost of Living Aid GSSS Green, Social, Sustainability

and Sustainability-linked
BTC bid-to-cover
IMF International Monetary Fund
CCM Companies Commission of
Malaysia IPSAS International Public Sector
Accounting Standards
CENDANA Dana Pemasaran dan Promosi
Pendigitalan di bawah Agensi IRB Inland Revenue Board
Pembangunan Ekonomi
Kebudayaan KHAZANAH Khazanah Nasional Berhad
CIA Collection Intelligence KWAP Retirement Fund

Arrangement (Incorporated)
CITA companies income tax KWC-19 COVID-19 Fund
COVID-19 Coronavirus Disease 2019 LPPSA Public Sector Home Financing

Board
CPO crude palm oil
LRT light rail transit
CPS consolidated public sector
MAA Malaysia Automotive
DanaInfra DanaInfra Nasional Berhad Association
DE development expenditure MACC Malaysia Anti-Corruption

Commission
DSA Debt Sustainability Analysis
MCO Movement Control Order
DSC debt service charges
MGII Malaysian Government
EPF Employees Provident Fund Investment Issues
ESG environmental, social and MGS Malaysian Government

governance Securities
3. Acronyms FO n.indd 109 18/10/2021 5:55 PM

acronyms and abbreviations
MIDA Malaysia Investment PETRONAS Petroliam Nasional Berhad

Development Authority
PFI private financing initiative
MITB Malaysian Islamic Treasury
Bills PICK National COVID-19
Immunisation Programme
MOF Ministry of Finance
PITA petroleum income tax
MOF Inc. Minister of Finance
Incorporated PPP public private partnership
MPC Monetary Policy Committee PPR People’s Housing Project
MRT mass rapid transit PRIHATIN PRIHATIN Rakyat Economic

Stimulus Package
MSMEs micro-,small- and medium-
sized enterprises PRIHATIN Additional PRIHATIN SME
PKS+ Economic Stimulus Package
MTB Malaysian Treasury Bills
PENJANA National Economic Recovery
MTFF Medium-Term Fiscal Plan
Framework
REITs real estate investment trusts
MTRS Medium-Term Revenue
Strategy RMCD Royal Malaysia Customs
Department
MWSB Malaysia Wakala Sukuk Berhad
RPGT real property gains tax
NCI National Committee
Investment SDG Sustainable Development Goal
NFPCs non-financial public SME small and medium enterprise

corporations
SPK Government Housing Sukuk
NRP National Recovery Plan
SPV special purpose vehicle
NTF National Trust Fund
SRI Sustainability and Responsible
OE operating expenditure Investing
OECD Organisation for Economic Co- SRR Statutory Reserve Requirement

operation and Development
SST Sales Tax and Service Tax
OPR overnight policy rate
SVDP Special Voluntary Disclosure
PBLT PBLT Sdn. Bhd. Program
PDRM Royal Malaysian Police SWF sovereign wealth fund
PEMULIH National People’s Well-Being TIV total industry volume

and Economic Recovery
Package TRC Tax Reform Committee
PERMAI Perlindungan Ekonomi dan TVET technical and vocational

Rakyat Malaysia education and training
PEMERKASA Strategic Programme to WGBI World Government Bond Index

Empower the People and
WSP Wage Subsidy Programme
Economy
VAT value-added tax
PEMERKASA+ Strategic Programme to
Empower the People and
Economy Plus
3. Acronyms FO n.indd 110 18/10/2021 5:55 PM

s ecti o 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 fiscal policy overview
section 1
Fiscal Policy Overview
Overview Recognising that vaccination is the key factor

in addressing the pandemic, the Government
Against the backdrop of the prolonged launched the National COVID-19 Immunisation
COVID-19 pandemic, fiscal policy assumes a Programme (PICK) on 24 February 2021. The
primary role in economic recovery. The third rollout of PICK signifies the Government
wave of the COVID-19 outbreak poses a major commitment to ensure at least 80% of the
challenge to the Government’s fiscal burden, adult population receives full vaccination by
particularly in balancing its impact on the the end of October 2021. Subsequently, in
future generation. With an exponential rise in June 2021, the Government unveiled the
positive cases, a national state of emergency National Recovery Plan (NRP), a roadmap
was declared effective from 11 January until to exit from the pandemic and accelerate
1 August 2021 to enhance enforcement, economic recovery. The NRP, tabled in
improve containment measures and tighten Parliament in July 2021, provides clear
border control. In view of the extraordinary guidance for reopening the economy and
situation, the Government has proactively social activities through a four-transitional
extended its policy flexibility and pragmatism phase strategy based on data analytics. As
to protect the people and businesses as well a policy continuation, the NRP consolidates
as supporting the economy. all containment and economic assistance
measures into a comprehensive and whole-
The Government continues to provide of-nation approach in uniting the country to
substantial fiscal support in 2021 in the combat the pandemic.
form of additional assistance and stimulus
packages to cushion the adverse impact of
the pandemic and containment measures. Expansionary Fiscal
A series of four packages totalling RM225
billion has been introduced this year, namely
Policy Underpins
the Perlindungan Ekonomi dan Rakyat Malaysia Economic Recovery
(PERMAI), Strategic Programme to Empower
the People and Economy (PEMERKASA), The Federal Government’s fiscal stance
Strategic Programme to Empower the People continue to prioritise steering the nation
and Economy Plus (PEMERKASA+) and National out of the pandemic crisis. The provision
People’s Well-Being and Economic Recovery of significant fiscal support is expected
Package (PEMULIH). Additional fiscal injection to contain the outbreak, sustain domestic
under these packages, estimated at RM25 economic activity, generate investments,
billion, aims to boost healthcare spending, stimulate consumer spending and create job
ensure business continuity and ease the opportunities. The rollout of more targeted
burden of the rakyat. Overall, the Government recovery measures has positively impacted the
has announced eight assistance and stimulus economy, as reflected by the strong economic
packages totalling RM530 billion since the growth of 7.1% in the first half of this year.
pandemic last year with fiscal support of RM80 The Government is confident that with the
billion provided under the COVID-19 Fund. smooth political transition as well as policy

continuation and clarity, the economy will 2021 compared to 30,000 in the early stages
recover and record positive growth in 2021. of implementation due to a higher supply of
vaccines. As at end-August, the Government
As the global economic recovery continues has secured more than 87 million vaccine
to be uneven and volatile, fiscal operations doses worth around RM4.3 billion to ensure
remain proactive and agile to respond to a smooth PICK implementation. Malaysia
dynamic economic environments and policy achieved its target of inoculating 80% of the
priorities. Efforts to enhance spending adult population in September 2021.
effectiveness and efficiency will be supported
by prudent expenditure measures as well In addition, the socioeconomic and
as optimising the operating environment in development agenda remains the top priority
adjusting to the new normal. Furthermore, for the Government in the medium term, as
strategies to improve revenue buoyancy will be stipulated in the Twelfth Malaysia Plan,
implemented more orderly without disrupting 2021 – 2025 (12MP). Consequently, fiscal
the recovery momentum. resources will also be directed to implement
programmes and projects under the 12MP,
To drive health and economic recovery, the which will serve as a catalyst in charting
Government has mobilised various fiscal the path for a prosperous, inclusive and
tools to balance the spending needs and sustainable nation. In this extraordinary
fiscal sustainability. This includes partial situation, the Government has tabled a
utilisation of the National Trust Fund (NTF) to motion in Parliament to increase its statutory
ensure sufficient funding and accelerate the debt limit, taking into account the financing
implementation of vaccination programmes needs of the recovery measures and the
under PICK. As a result, Malaysia’s vaccination implementation of 12MP. In ensuring
rate is among the fastest globally, thus medium-term fiscal sustainability, the fiscal
allowing the Government to reopen more consolidation trajectory is envisaged to be
economic sectors to boost the economy. The more gradual than initially projected. This is to
number of daily vaccinations has recorded a provide sufficient fiscal support for the nation’s
sharp increase to around 500,000 doses in July 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:

section 1 FISCAL POLICY OVERVIEW
FIGURE 1. Type of SWF
STABILISATION FUND SAVINGS FUND STRATEGIC AND PENSION

DEVELOPMENT FUND RESERVE FUND
To function as a buffer To serve as savings for To serve a broad To function as
mechanism to cushion future generations, macroeconomic reserve for pension
a country’s budget especially when a country purpose, such as liabilities that need to
from the volatility of is dependent on driving the domestic be fulfilled by the
commodity prices or non-renewable resources capital market or government. The
economic shocks. The such as petroleum. investing in strategic source of fund is mainly
source is usually from the Therefore, the resources can sectors. The source of the from annual
proceeds of natural be shared across fund does not necessarily government transfers
resources and budget generations by converting come from the excess of where it will be invested
surpluses. the non-renewable wealth government budget or to build up the fund
into investment portfolios. other reserves but also from sufficiently to cover the
Example: State Oil Fund of Savings fund usually has a debt and equity instruments. pension liabilities.
Republic Azerbaijan, SOFAZ; Chile defined timeframe before any
Economic & Social Stabilization utilisation is allowed. Example: Temasek Holdings, Example: Government Pension
Fund Singapore; Public Investment Fund, Investment Fund, Japan; Danish
Example: Government Pension Fund Saudi Arabia Labour Market Supplementary
Global, Norway and Abu Dhabi Pension Fund (ATP), Denmark
Investment Authority
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

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. Growth and Return on Asset of the NTF

RM billion %
25 25
20 19.5 20
15
15
10
10 6.0
5
5
0
0 -5
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ASSET SIZE
RETURN ON ASSET (RIGHT SCALE)
Source: NTF Annual Report

FIGURE 3. Financial Position of the NTF,

as at 31 December 2020
Assets Liability and Accumulated Fund

0.1% 0.1%
2.2%
4.4%
9.1%
42.2% 53.3%
RM19.5 billion RM19.5 billion
88.6%
CASH & CASH EQUIVALENT PAYABLES

FINANCIAL ASSETS CONTRIBUTIONS
RECEIVABLES ACCUMULATED SURPLUSES
INVESTMENT IN ASSOCIATES FINANCIAL ASSET RESERVES
Source: NTF Audited Financial Statement 2020
FIGURE 4. Summary of the NTF’s Investment Portfolios
EQUITY
• Domestic and foreign equity GOLD

holdings – e.g.: Putrajaya Holdings
Berhad • Investment through BNM
• Investment through external fund • Investment limited to physical

management programmes BOND gold
• Biggest asset allocation
• Domestic and foreign securities

REITs • Invested through BNM and DEPOSIT
external fund management
• Domestic and foreign Real programmes • Minimum asset allocation
Estates Investment Trust (REITs)
• Foreign and local currency
• Investment through BNM and
external fund management
programmes
Source: NTF Annual Report

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.

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) Operation Surge Capacity

26 July – 1 August
600 Gazettement of the
Amendment to Act 339 through
500 the Emergengy Ordinance
21 April
400
300
200
100
0
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.

FIGURE 6. Global Sovereign Wealth Fund Utilisation 2020

USD billion
NORWAY 35.7
SINGAPORE 31.8
MEXICO 5.4
PERU 5.4
COLOMBIA 3.2
AZERBAIJAN 2.7
CHILE 2.0
IRELAND 1.8
TRINIDAD & TOBAGO 1.5
ANGOLA 1.5
MALAYSIA 1.2
IRAN 1.1
KAZAKHSTAN 1.1
NIGERIA 0.4
BOTSWANA 0.3
TIMOR LESTE 0.3
GHANA 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). 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

Fiscal Position in 2021 Given the growing fiscal needs, the

Government has recalibrated its spending
priority towards supporting the healthcare
In the 2021 Budget, the Government initially system, easing the burden of the rakyat and
projected fiscal deficit to reduce to 5.4% to ensuring business continuity. Consequently,
GDP, based on the assumption of steady expenditure has been reprioritised to
economic recovery in the second half of 2020 accommodate the additional assistance and
and the expected spillover into 2021. However, economic stimulus packages, resulting in
the emergence of new COVID-19 variants, higher spending requirements under the
which is more virulent and contagious, COVID-19 Fund. Thus, total expenditure is
poses big challenges to the Government in expected to remain significant at RM320.6
protecting the rakyat, businesses and economy. billion, marginally lower by 0.6% than budget
Consequently, the Government re-imposed estimates of RM322.5 billion.
the movement control orders (MCO) and
announced additional assistance and stimulus The operating expenditure (OE) will be
packages to ease the burden of the rakyat and rationalised by 7.1% or RM16.9 billion at
businesses. RM219.6 billion, mainly from supplies and
services as well as grants to statutory bodies
These initiatives further affected the Federal with high reserves. Similarly, development
Government financial position. Revenue is expenditure (DE) is expected to fall by 10.1%
estimated to be lower at RM221 billion or to RM62 billion from budget estimates of
14.6% to GDP in 2021, a shortfall of 6.7% RM69 billion. Several development projects
from the budget estimates. The shortfall is were reviewed and rescheduled following the
mainly due to lower tax revenue. However, implementation of the MCO, which affected the
the shortfall will be cushioned by additional progress of the projects. However, the COVID-19
revenue from higher average crude oil and Fund allocation is estimated to increase by
palm oil prices as well as additional dividends 129.4% or RM22 billion to RM39 billion to
and a special payment from Government’s finance the additional assistance and stimulus
entities. packages.
table 1.1. Federal Government Financial Position,

2020 – 2022
cHanGe sHare to GDP

rm million (%) (%)
2020 20213 20224 2020 20213 20224 2020 20213 20224

Revenue 225,076 221,023 234,011 -14.9 -1.8 5.9 15.9 14.6 14.3
Operating expenditure 224,600 219,600 233,500 -14.7 -2.2 6.3 15.9 14.5 14.3
Current balance 476 1,423 511 0.0 0.1 0.0
Gross development expenditure 51,360 62,000 75,600 -5.2 20.7 21.9 3.6 4.1 4.6
Less: Loan recovery 1,259 800 600 -21.5 -36.5 -25.0 0.1 0.1 0.0
Net development expenditure 50,101 61,200 75,000 -4.7 22.2 22.5 3.5 4.0 4.6
COVID-19 Fund 1
38,019 39,000 23,000 2.6 -41.0 2.7 2.6 1.4
Overall balance -87,644 -98,777 -97,489 -6.2 -6.5 -6.0
Primary balance2 -53,149 -59,777 -54,389 -3.8 -3.9 -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

The longer-than-expected pandemic has forced Electrified Double Track Rail Gemas - Johor
the Government to increase its spending Bahru, Rapid Transit System Link and Pan
capacity in providing additional fiscal support. Borneo Highway.
Thus, the Federal Government’s fiscal deficit
is projected to widen to 6.5% to GDP due With a higher ceiling for the COVID-19 Fund,
to additional fiscal injection coupled with the Government will allocate RM23 billion for
lower GDP projections. Similarly, excluding the stimulus and economic recovery measures.
debt service charges, the primary balance is The allocation will support programmes and
expected to increase to 3.9% to GDP. projects such as wage subsidy and cash
assistance programmes as well as small-
scale projects. As stipulated under the
Outlook for 2022 Temporary Measures for Government Financing
(Coronavirus Disease 2019 (COVID-19)) Act 2020
As the global economy remains uncertain, [Act 830], the Fund will continue to remain in
there is a need to revitalise domestic economic operation until end-2022.
and social activities to expedite the recovery.
The vaccination programme is one of the key After considering revenue growth and
enablers in reopening the social and economic expenditure requirement, the fiscal deficit is
sectors. In 2022, the economic outlook is expected to moderate to 6% to GDP. Similarly,
expected to improve further and return to excluding the debt service charges, the
its potential growth trajectory, supported primary deficit is estimated at 3.3% to GDP.
by broader vaccination coverage and stable The Government is committed to providing
domestic and external demand. As published adequate fiscal support to revitalise the
in the inaugural Pre-Budget Statement, domestic economy back to its growth potential.
the 2022 Budget is formulated with three Hence, the resumption of fiscal consolidation
main objectives: protecting and driving the will be on a more gradual trajectory, guided by
recovery of lives and livelihoods, rebuilding the medium-term fiscal framework.
national resilience and catalysing reforms. The
Government will continue its expansionary
budget policy in supporting the national
development agenda, as outlined in the 12MP.
Medium-Term Fiscal
Framework, 2022 – 2024
The Federal Government’s revenue collection in
2022 is estimated to be higher at RM234 billion In the medium term, fiscal strategy will be
or 14.3% to GDP, driven by the anticipated guided by the Medium-Term Fiscal Framework
increase in tax revenue collection to RM171.4 (MTFF). MTFF serves as guidance for budgetary
billion and non-tax revenue to RM62.6 billion. planning by setting a three-year macro-fiscal
Similarly, total expenditure is budgeted to be projection, including revenue and expenditure.
slightly higher at RM332.1 billion or 20.3% Hence, the MTFF is an important tool for
to GDP, attributed to higher OE at RM233.5 public finance management and operations to
billion and DE at RM75.6 billion. The remaining promote fiscal discipline, ensure effective and
RM23 billion is for the disbursement under efficient spending and embark on institutional
the COVID-19 Fund. The increase in OE is reforms.
mainly due to supplies and services, debt
service charges as well as emoluments. DE In the 2021 – 2023 MTFF, published in the
allocation will be mainly directed towards the 2021 Budget, the Government projected the
implementation of programmes and projects fiscal consolidation to average 4.5% to GDP
under 12MP, among others include the over the three years. The projection was

based on the assumptions of steady economic In the medium term, the fiscal consolidation
recovery with real GDP growth between trajectory is expected to be more gradual than
4.5% - 5.5%, stable crude oil prices (USD45 - initially projected, with the overall fiscal deficit
USD55 per barrel) and crude oil production averaging at 5% to GDP for the 2022 – 2024
of 580,000 barrels per day. Total revenue MTFF period. The Government will continue
was estimated at 14.7% to GDP, while total implementing reform initiatives to ensure fiscal
expenditure was projected at 19.3% to GDP. sustainability and improve debt affordability
while at the same time continuously
However, due to the prolonged COVID-19 supporting economic recovery.
pandemic, the Government has provided
more fiscal injection and increase its statutory
table 1.2. Medium-Term Fiscal Framework (MTFF),
debt ceiling to ensure adequate spending for
2022 – 2024
economic stimulus and recovery measures as
well as implementation of 12MP. Consequently, 2022 – 2024
the 2022 – 2024 MTFF has been revised with
a more gradual fiscal consolidation on the rm billion sHare to GDP
(%)
assumption of nominal GDP growth averaging
7.7%, average crude oil prices at USD67 per Revenue 736.0 13.9
barrel as well as average crude oil production Non-petroleum 600.7 11.3
of 580,000 barrels per day. Petroleum-related 135.3 2.6
Operating expenditure 726.9 13.7
Total revenue in the medium term is projected Current balance 9.1 0.2
at RM736 billion or 13.9% to GDP, contributed Gross development
250.0 4.7
mainly from non-petroleum revenue estimated expenditure
at RM600.7 billion or 11.3% to GDP. Petroleum- Less: Loan recovery 1.8 0.0
related revenue is forecast at RM135.3 billion Net development
248.2 4.7
or 2.6% to GDP. Efforts to enhance the expenditure
revenue base will be guided by the Medium- COVID-19 Fund1 23.0 0.5
Term Revenue Strategy (MTRS) that outlines Overall balance -262.1 -5.0
the mobilisation stages of revenue measures, Primary balance -122.6 -2.3
review of tax legislation and modernisation of Underlying assumptions:
revenue administration.
Average real GDP
growth (%) 5.5
The total indicative expenditure ceiling for the
Average nominal GDP
2022 – 2024 period, including the COVID-19 7.7
growth (%)
Fund, is estimated at RM999.9 billion or 18.9%
Average crude oil price
to GDP. OE allocation is projected at RM726.9 67
(USD per barrel)
billion or 13.7% to GDP, while DE at RM250 Average oil production
580,000
billion or 4.7% to GDP. The ceiling will provide (barrels per day)
broad guidance to ministries and agencies for
1
budget planning, hence facilitating a smooth Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020
implementation and financing of programmes to finance economic stimulus packages and recovery plan
Note: MTFF estimate, excluding budget measures
and projects. Source: Ministry of Finance, Malaysia

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].

FIGURE 1. Fiscal Regulatory Framework
FEDERAL CONSTITUTION 1957
Financial Procedure Act 1957
REVENUE EXPENDITURE DEBT OTHERS

of which: of which: of which: of which:
• Income Tax Act • Development • Treasury Bills • Minister of
1967 Funds Act 1966 (Local) Act 1946 Finance
• Petroleum (Incorporation)
• Temporary • Loan (Local) Act
(Income Tax) Act Act 1957
Measures for 1959
1967 Government • Loans Guarantee
• Customs Act Financing • External Loans (Bodies
1967 (Coronavirus Act 1963 Corporate) Act
Disease 2019 • Housing Loan 1965
• Excise Act 1976
(COVID-19)) Act Fund Act 1971
• Sales Tax Act 2020
2018 • Government
Funding Act 1983
• Service Tax
Act 2018
Treasury Instructions & Circulars

• Procurement • Asset Management • Public Monies
• Budget Management • Loan Management
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: Refers only to Malaysian Government Securities (MGS), Malaysian Government Investment Issues (MGII) and Malaysian Islamic Treasury Bills (MITB)
1

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.

FIGURE 2. Proposed Fiscal Responsibility Act Framework
INTRODUCTION MANDATE FOR KEY REPORTING FISCAL POLICY OTHERS

FISCAL POLICY COMPONENTS COMMITTEE
• Title and • Key principles • Revenue • Pre-budget • Members • Sanctions
commencement document
• Charter/Schedule • Expenditure • Roles • Transitional
• Objective • Post-budget period
• Escape clauses • Debt document • Power
• Interpretation / • Role of the
• Fiscal risk • Other reports
Definition Ministry of
Finance,
• Coverage 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:
a) Implement accrual accounting in accordance with international accounting standards;

b) Ensure predictable and stable tax rates;
c) Improve the management of government assets;
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) Increase public investment spending; and
j) Widen the revenue base by introducing new sources of revenue and reducing tax
exemptions.

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.”
RAM Rating Services Sdn. Bhd., Press Releases, November 2019
“Finally, it is hoped that the government takes fiscal transparency seriously, especially in its
intention to table the Fiscal Responsibility Act in 2021.”
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.

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

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 assistance system and public procurement.

The publications have received positive
and constructive feedback from various
The prolonged COVID-19 crisis has forced the
Government to continue providing additional stakeholders. These initiatives reinforce the
fiscal support to bolster the healthcare system, Government’s commitment to improving
safeguard the people and facilitate economic governance in budgetary and public finance
recovery. The Government is confident that management.
the rollout of the NRP and the implementation
of PICK will facilitate a safe and systematic Recognising the importance of providing fiscal
reopening of the economic and social sectors, support to sustain growth, it is also imperative
thus boosting the growth momentum. to strengthen public finance management
Furthermore, the 12MP will provide the overall and rebuild fiscal buffers promptly. As a
policy framework for structural reforms and responsible Government, the temporary
medium-term directions in terms of investment increase in the statutory debt ceiling will be
in public infrastructure, human capital, bridging followed by revenue enhancement measures
the development gap between regions and to reduce its fiscal burden. This will help
narrowing income disparities between groups. the build-up of sufficient buffers to provide
counter-cyclical measures in mitigating
As one of the initiatives to enhance fiscal unexpected circumstances in the future. More
transparency and accountability and encourage importantly, institutional reform initiatives,
public participation, the Government has such as the Fiscal Responsibility Act, MTRS and
published its inaugural Pre-Budget Statement Public Expenditure Review, will be pursued in
and a series of public consultation papers ensuring fiscal governance and medium-term
on fiscal legislation, tax reforms, social sustainability.

FIGURE 1.1. Federal Government Overall and Primary Balance
% GDP
0
-1 (1.0)
(0.8)
(1.2) (1.1) (1.2)
(1.3)
(1.7) (1.6)
-2
(2.3)
-3 (2.7) (2.9)
(3.1) (3.0) (3.2) (3.1)
(3.4) (3.4) (3.4) (3.3)
-4 (3.8) (3.7) (3.8) (3.9)
(4.3)
(4.6) (4.7) (4.7)
-5
(5.3)
-6 FISCAL BALANCE
(6.0)
(6.2)
PRIMARY BALANCE (6.5)
-7 (6.7)
-8
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
RM billion
280 REVENUE
OPERATING EXPENDITURE
210 CURRENT ACCOUNT BALANCE
140
70
-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 Fiscal deficit (% GDP)

0
-1 FISCAL CONSOLIDATION PATH
2.6 0.7
-2 1.7 1.4
1.5
borrowings
Additional
2.9
-3 1.4 0.9
2.4
0.21
-4
-5 2.4
5.4
5.4
3.2
-6
-7
09
20 B
10
20 1
12
13
14
20 5
16
20 8
20 9
20 20
20 3
24
20 8
20 1R
07
17
2021 Stimulus Revenue Revenue Expenditure 2021

1
1
1
22
2
0
20
20
20
20
20
20
20
20
20
Budget packages shortfall measures measures estimated

position
Note: 2021: Revised estimate
2022: Budget estimate, excluding 2022 Budget measures
Source: Ministry of Finance, Malaysia 1
Reflecting lower nominal GDP

s ecti o 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 3 conclus ion

section 2 federal government revenue
section 2
Federal Government Revenue
Overview 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
The COVID-19 pandemic has led to the
as a result of lower investment income. In
re-enforcement of containment measures
contrast, tax revenue, which constitutes 73.2%
which have affected the economy, business
of total revenue (10.7% to GDP), is estimated
operations and social interactions. This has
to increase 4.8% to RM161.8 billion (2020:
resulted in the provision of fiscal support
RM154.4 billion), while non-tax revenue is
among others via tax incentives and reliefs to
expected to record RM59.2 billion (3.9% to
cushion the impact of the pandemic. Hence,
GDP), representing 26.8% of total revenue.
revenue is expected to underperform for the
year, constraining fiscal space and effort to
Direct tax is anticipated to turn around by
rejuvenate the economy.
6.7% to RM120 billion, mainly contributed by
higher companies income tax (CITA) collection
However, the implementation of the National
of RM60.6 billion. The better performance
Recovery Plan (NRP) and acceleration of
is a consequence of a low base effect,
the nationwide vaccination programme are
supported by several factors such as higher
expected to boost recovery and revenue
tax instalment payments from the corporate
with the gradual reopening of the economy.
sector in 2021 following tax deferments
High commodity prices coupled with revenue
provided in 2020. Higher collection in CITA
enhancement initiatives that were undertaken
was also due to improved performance of
during the year have also provided some
the services and manufacturing sectors and
upside to revenue collection.
higher collection from profit-making entities
that were not affected by the pandemic, mainly
As part of the effort to improve inclusivity
in the banking, pharmaceutical and palm oil
and transparency in preparing annual budget,
industries. However, individual income tax is
the inaugural Pre-Budget Statement and four
estimated to decline by 6.6% to RM36.4 billion
Public Consultation Papers were issued.
due to fewer taxable individual taxpayers
One of the papers, namely Review of Tax
following higher unemployment rate at 4.5%.
Incentives, was published to solicit views
Similarly, the petroleum income tax (PITA)
on the proposal to review the overall tax
is estimated lower at RM11.5 billion (2020:
incentive framework. This initiative signifies a
RM12.8 billion) attributed to higher extraction
fresh approach by the Government to engage
costs borne by petroleum companies,
business communities and the public to
albeit increasing crude oil prices in 2021.
strengthen the overall tax administration and
compliance. Nevertheless, the collection of other direct
taxes, mainly consisting of stamp duties and
real property gains tax (RPGT), is estimated
Revenue in 2021 to increase to RM8.2 billion (2020: RM7.6
billion), supported by higher property market
Federal Government revenue in 2021 is transactions following the rise in value and
projected to register a lower collection of volume of properties sales from all market and
RM221 billion (14.6% to GDP) compared with price segments.1
1
Valuation and Property Services Department. Retrieved from https://napic.jpph.gov.my/portal

taBle 2.1. Federal Government Revenue

2020 – 2022
rM Million cHanGe sHare

coMPonent (%) (%)
2020 20211 20222 2020 20211 20222 2020 20211 20222
Tax revenue 154,398 161,830 171,374 -14.5 4.8 5.9 68.6 73.2 73.2
Direct tax 112,511 120,048 127,334 -16.5 6.7 6.1 50.0 54.3 54.4
of which:
CITA 50,065 60,588 65,499 -21.5 21.0 8.1 22.2 27.4 28.0
Individual 38,953 36,400 37,510 0.7 -6.6 3.0 17.3 16.5 16.0
PITA 12,772 11,500 12,400 -38.5 -10.0 7.8 5.7 5.2 5.3
Indirect tax 41,887 41,782 44,040 -8.6 -0.3 5.4 18.6 18.9 18.8
of which:
SST 26,773 26,528 27,560 -3.2 -0.9 3.9 11.9 12.0 11.8
Excise duties 9,855 9,760 10,200 -6.2 -1.0 4.5 4.4 4.4 4.3
Import duty 2,346 2,330 2,500 -14.2 -0.7 7.3 1.0 1.1 1.1
Export duty 746 1,406 1,610 -33.7 88.5 14.5 0.3 0.6 0.7
Non-tax revenue 70,678 59,193 62,637 -15.7 -16.2 5.8 31.4 26.8 26.8
of which:
Licences and permits 10,932 10,252 10,958 -24.6 -6.2 6.9 4.9 4.6 4.7
Investment income 46,067 35,989 39,457 -23.3 -21.9 9.6 20.5 16.3 16.9
Total revenue 225,076 221,023 234,011 -14.9 -1.8 5.9 100.0 100.0 100.0
Share to GDP (%) 15.9 14.6 14.3
1
Revised estimate
2
Budget estimate excluding 2022 Budget measures
Indirect tax collection is estimated to decline revision of the projected total industry volume
marginally by 0.3% to record RM41.8 billion (TIV) for motor vehicles by 12.3% to about
(2020: RM41.9 billion), mainly due to lower 500,000 units for the year.2
collection from Sales Tax and Service Tax
(SST) and excise duties. SST is expected However, the lower collection from total
to record RM26.5 billion, a slight decline indirect tax is cushioned by the increase in
by 0.9% attributed to the extension of the the collection from the windfall profit levy
sales tax exemptions on passenger vehicles and export duty for crude palm oil (CPO). The
until 31 December 2021 and the impact of windfall profit levy increased to RM0.9 billion in
the containment measures on consumers 2021 (2020: RM0.2 billion) on account of higher
and businesses. Similarly, excise duties are CPO prices of around RM4,000 per tonne,
forecast to record a lesser collection at RM9.8 well above the threshold price of RM2,500 per
billion due to lower motor vehicle production tonne in Peninsular Malaysia and RM3,000
following closures of plants in the entire value per tonne in Sabah and Sarawak. The windfall
chain during the Movement Control Order profit levy is collected from palm oil producers
(MCO) period. This is in line with downward 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

In contrast, the export duty is collected from charges. Receipts from licences and permits
exporters based on CPO monthly gazetted are expected to decline to RM10.3 billion (2020:
market price, while for crude petroleum, RM10.9 billion) due to lower proceeds from
export duty is charged at 10% of the exported petroleum royalties. Motor vehicle licences
oil profit. In this regard, the total export duty collection is forecast to be stable at around
collection for 2021 is estimated at RM1.4 RM2.8 billion, taking into account the relief
billion, of which RM0.7 billion is from CPO and granted by the Government in renewals of new
RM0.6 billion is from crude petroleum. licences. Similarly, the levy on foreign workers
is estimated to maintain around RM1.7 billion.
Non-tax revenue is estimated lower at RM59.2
billion in 2021 (2020: RM70.7 billion), largely In 2021, the share of petroleum-related
due to lower investment income, particularly revenue is projected to be lower at 19.2%
dividends from PETRONAS amounting to of total revenue (2020: 24.9%). Although its
RM25 billion (2020: RM34 billion). However, share is lower, the RM42.5 billion revenue is
the Government received higher dividends estimated to be higher compared to Budget
from Bank Negara Malaysia (BNM) amounting estimates of RM37.8 billion, resulting from
to RM4 billion (2020: RM3.5 billion) and higher PETRONAS dividends in line with
is expected to receive RM2 billion from improving global crude oil prices. Non-
Khazanah Nasional Berhad (2020: RM1 billion). petroleum revenue is projected to improve by
Furthermore, the Government has received 5.6% to RM178.5 billion (2020: RM169 billion),
a special payment of RM5 billion from the anchored by better collection from tax revenue
Retirement Fund (Incorporated) (KWAP) to that reflects a mild economic recovery in 2021
partly finance the current year’s retirement 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.

section 2 FEDERAL GOVERNMENT REVENUE
FIGURE 1. Main Components of the Medium-Term Revenue Strategy
Revenue & Tax System

Other Goals Reform (TSR)
to finance to meet
expenditure the goals
needs
Medium-
Term
Revenue
Strategy
Sustained Coordinated
Political Capacity -
Commitment building
to fully develop to support TSR
and implement implementation
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

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

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 processes 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
Tax Tax Tax

Policy Administration 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

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

Gaspar, V., & Toro, J. (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.
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.
Outlook for 2022 Direct tax collection is projected to increase

by 6.1% to RM127.3 billion, constituting
The Federal Government revenue is projected 74.3% of total tax revenue, driven by better
to increase by 5.9% to RM234 billion, in corporate earnings prospects resulting from
line with better economic prospects. Tax the acceleration in the vaccination programme
revenue remains the major contributor to and anticipated economic recovery. Hence,
total revenue, consisting of 73.2% of the total CITA remains the largest contributor to the
share and is expected to increase to RM171.4 increase in direct tax at RM65.5 billion in 2022.
billion. However, as a percentage to GDP, it is This is followed by individual income tax,
estimated to decline slightly to 10.5% reflecting which is expected to improve by 3% to RM37.5
lower buoyancy during the economic recovery billion, consistent with expected improvements
period. in the job market. Similarly, PITA is expected

to record a higher collection of RM12.4 billion. RM5 billion is expected from KWAP as a
Furthermore, revenue from other components contribution to partly finance retirement
of direct tax, namely stamp duties and RPGT, charges. The collection from licences and
are expected to be higher at RM6.6 billion and permits is expected to increase slightly to
RM1.8 billion, respectively, on expectations of RM10.9 billion, attributed to higher proceeds
higher value and volume of transactions from from petroleum royalties at RM4 billion. Other
the property segment. major components under licences and permits,
namely motor vehicles licences and levy on
Indirect tax is forecast to improve by 5.4% foreign workers are estimated to be stable at
to RM44 billion. This is mainly contributed by RM3 billion and RM1.9 billion, respectively.
SST collection with a share of 62.5% to total
indirect tax, registering RM27.6 billion or 1.7% In 2022, petroleum-related revenue is
to GDP, supported by improving consumer and forecast to register RM43.9 billion or 18.8%
business sentiments. Of this, RM14.6 billion to total revenue, with PETRONAS dividends
are from sales tax while RM13 billion are from accounting for more than half of the total.
service tax, attributed to a higher projection Non-petroleum revenue is also projected to
of motor vehicle TIV as well as better outlook increase by 6.5% to RM190.1 billion, reflecting
anticipated from telecommunications and better revenue diversification on the back of a
insurance sectors. In consonance with the favourable economic outlook. The Government
expected pick-up in motor vehicle production will continue to ensure sustainable non-
by 21% in 2022, excise duties collection is petroleum revenue generation to meet
projected to improve to RM10.2 billion.3 expenditure commitments, particularly to serve
the needs of the rakyat.
Given the necessity to support growth,
the expansionary fiscal spending will also
need to be backed by improving revenue Conclusion
collection. Thus, the Government will continue
to enhance tax auditing and compliance to As a responsible revenue administrator, the
ensure that tax dues are collected accordingly. Government is committed to enhancing
These initiatives will be complemented its collection efficiency with the advent of
by revenue administration enhancements technology and innovation. This initiative
such as simplifying tax procedures and will improve service delivery and simplify
reducing bureaucratic tape to improve clarity procedures and thus, increase tax compliance.
and certainties, leading to tax collection With the commitment to support fiscal reform
efficiency and effectiveness. In addition, to initiatives, the adoption of the Medium-Term
place Malaysia as a preferred investment Revenue Strategy (MTRS) will help streamline
destination, the tax incentive framework will be its tax policy, improve tax administration and
continuously enhanced to avoid distortions in enhance the legal framework. In addition,
resource allocations in line with international the Government will continue to assess its
best practices. revenue ecosystem holistically while engaging
the business community in developing a good
Non-tax revenue is estimated to increase revenue policy in line with international best
by 5.8% to RM62.6 billion, primarily due to practices. These efforts will lead to sustainable
higher proceeds from investment income. revenue generation, which is crucial to
The annual dividends from PETRONAS and rebuilding buffers for fiscal sustainability and
BNM are expected at RM25 billion and RM5 debt affordability while facilitating counter-
billion, respectively. As in 2021, a total of cyclical measures to mitigate any crisis.
3
Malaysia Automotive Association. Market Review 1st Half 2021. Retrieved from http://www.maa.org.my/news.html

FIGURE 2.1. Petroleum-Related and Non-Petroleum Revenue

(% of total revenue)
18.8 Petroleum
24.9 19.2
Petroleum 41.3 35.4
19.7 20.1
18.9
19.2 12.0 11.8

19.0 11.9
Non-
7.6 petroleum
Non- 7.5
petroleum
49.1 49.3
44.3
37.8
32.2
2009 2010 2020 20211 20222
SST PETROLEUM REVENUE

DIRECT TAX (EXCLUDING PITA) OTHERS
FIGURE 2.2. Revenue as Percentage to GDP
22.3
19.4
Petroleum 9.2
15.9
6.9
14.6 14.3
4.0
2.8 2.7 Petroleum
1.0
1.0
1.0 0.5 1.0 1.2 1.0
1.7 1.5 0.9 0.7 0.9
1.8 1.7 1.7
Non- 2.2 2.2
1.2 1.1 1.0
petroleum Non-
petroleum
7.6
7.2 7.3 7.0 7.1 7.0
2009 2010 2020 20211 20222
SST PETROLEUM REVENUE
INDIRECT TAX (EXCLUDING SST) OTHERS

DIRECT TAX (EXCLUDING PITA) INVESTMENT INCOME (EXCLUDING PETRONAS DIVIDEND)
1
Revise estimate
2
Budget estimate excluding 2022 Budget measures

s ecti o 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
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 federal government expenditure
section 3
Federal Government Expenditure
Overview release of the inaugural Pre-Budget Statement

and Public Consultation Papers for the
The resurgence of COVID-19 cases has forced preparation of 2022 Budget. In addition, the
the Government to reimpose movement Government will regularly conduct expenditure
control orders (MCOs) that impacted almost reviews to ensure effective and efficient
all economic sectors and limit social activities. spending, thus support fiscal consolidation in
A series of assistance and economic stimulus the medium term.
packages was swiftly introduced to provide
immediate assistance to the rakyat and
businesses. These packages adopt a targeted Performance 2021
approach in ensuring impactful measures
in effectively softening the impact of the The Federal Government’s total expenditure
pandemic. for 2021 was budgeted at RM322.5 billion.
However, during the year, a series of four
The additional fiscal support was mainly for assistance and economic stimulus packages,
strengthening the public health system and namely Perlindungan Ekonomi dan Rakyat
providing cash assistance to households Malaysia (PERMAI), Strategic Programme
and businesses. This has resulted in higher to Empower the People and Economy
spending, particularly for commitments (PEMERKASA), Strategic Programme to
under the COVID-19 Fund. The additional Empower the People and Economy Plus
spending was offset by a rigorous expenditure (PEMERKASA+) and National People’s Well-Being
recalibration. In addition, the Government and Economic Recovery Package (PEMULIH),
continues to manage its fiscal resources totalling RM225 billion, were announced with a
by enhancing spending efficiency, reducing fiscal injection of RM25 billion. In general, the
leakages and optimising operating expenditure packages were in the form of cash assistance
in the new norm. These initiatives are for rakyat and businesses, particularly for
complemented by close monitoring and regular those affected by the extended MCOs due to
reporting on a weekly basis, in line with the pandemic. Furthermore, the additional
principles of accountability and transparency. stimulus and containment measures have put
pressure on revenue which is projected to be
In general, the expenditure commitments lower than Budget estimates. The situation
during the pandemic crisis have expanded necessitated an expenditure recalibration,
due to the Government’s priority to provide particularly operating expenditure, which has
sufficient support to the economy. The roll-out to be fully funded by revenue in line with
of the National Recovery Plan (NRP) and the the Federal Constitution. Hence, the Federal
steady progress of the vaccination programme Government’s total expenditure for 2021 was
will facilitate the reopening of businesses, revised downwards to RM320.6 billion, albeit
thus help the economy return to its potential higher than total spending in the previous year
growth trajectory. The implementation of the (2020: RM314 billion).
Twelfth Malaysia Plan, 2021 – 2025 (12MP)
will also catalyse the recovery process and The recalibration involved a net reduction of
steer the nation towards achieving prosperity, RM1.9 billion in expenditure, resulting from
inclusivity and sustainability in the medium expenditure savings amounting to RM23.9
term. At the same time, the principles of billion, of which RM22 billion was redirected to
accountability and good governance will finance additional direct fiscal injection under
continue to be enhanced in line with global the COVID-19 Fund. Savings in expenditure
best practices, as illustrated through the were generated from the deferment of certain

programmes and projects, suspension of non- statutory bodies with high reserves. Similarly,
critical programmes, revision of allocations for supplies and services are also revised lower
budget measures, as well as expected shortfall due to the reclassifications of development-
in spending due to the delayed progress in the related items to DE and savings derived from
implementation of projects during the MCOs. the suspension of allocation for non-critical
items.
Of the total revised allocation, operating
expenditure (OE) is estimated at RM219.6 Compared with 2020, the revised OE at
billion (14.5% to GDP), development RM219.6 billion is lower by 2.2% (2020:
expenditure (DE) at RM62 billion (4.1% to RM224.6 billion). The lower allocation is
GDP), while the balance of RM39 billion (2.6% predominantly due to the reduced provision
to GDP) is for the COVID-19 Fund. The social for supplies and services at RM23.3 billion
sector remains as the largest beneficiary (2020: RM29.3 billion), particularly for repairs
at RM128.5 billion (40.1% of the total), and maintenance, professional services as well
followed by economic (RM66.9 billion; 20.9%), as office supplies. In addition, the outlays for
security (RM31.5 billion; 9.8%) and general subsidies and social assistance declined to
administration (RM16.7 billion; 5.2%) sectors. RM16.7 billion (2020: RM19.8 billion) mainly
Charged expenditures and transfer payments due to the financing of the cash assistance
consisting, among others, debt service charges, programme through COVID-19 Fund. However,
retirement charges, and transfers to states the decline is expected to be offset by
account for 24% of total expenditure. higher outlays for fuel subsidies. In addition,
emoluments and retirement charges are
The OE for 2021 is revised lower by 7.1% estimated to increase to RM84.5 billion (2020:
to RM219.6 billion from the original budget RM83 billion) and RM27.6 billion (2020: RM27.5
allocation of RM236.5 billion. The downward billion), respectively, mainly due to annual
revision is mainly attributed to savings in salary and pension increment. Similarly, debt
grants and transfers as well as supplies and service charges are estimated to increase by
services. The lower allocation for grants and 13.1% to RM39 billion (2020: RM34.5 billion),
transfers is due to budget cuts in grants to following higher financing needs for DE and
table 3.1. Federal Government Operating Expenditure by Component,

2020 – 2022
cHanGe sHare
rm million
comPonent (%) (%)
2020 20211 20222 2020 20211 20222 2020 20211 20222
Emoluments 82,996 84,529 86,510 3.1 1.8 2.3 36.9 38.5 37.0
Retirement charges 27,533 27,581 28,067 6.3 0.2 1.8 12.3 12.6 12.0
Debt service charges 34,495 39,000 43,100 4.7 13.1 10.5 15.4 17.8 18.5
Grants and transfers to state 7,669 7,745 7,927 1.3 1.0 2.3 3.4 3.5 3.4
governments
Supplies and services 29,323 23,265 30,367 -6.9 -20.7 30.5 13.0 10.6 13.0
Subsidies and social assistance 19,769 16,701 17,352 -17.3 -15.5 3.9 8.8 7.6 7.4
Asset acquisition 631 415 533 -18.1 -34.2 28.4 0.3 0.2 0.2
Refunds and write-offs 654 511 375 -26.8 -21.9 -26.6 0.3 0.2 0.2
Grants to statutory bodies 10,291 13,190 14,066 -25.3 28.2 6.6 4.6 6.0 6.0
Others 11,239 6,663 5,203 -75.3 -40.7 -21.9 5.0 3.0 2.3
Total 224,600 219,600 233,500 -14.7 -2.2 6.3 100.0 100.0 100.0
Share to GDP (%) 15.9 14.5 14.3
1
Revised estimate
2

COVID-19 related expenses, while grants and and construction of sewage treatment plants,
transfers to states and statutory bodies are providing and improving electricity and water
estimated to increase by 16.6% to RM20.9 supply, improving entrepreneurial skills for
billion (2020: RM18 billion). micro-, small- and medium-sized enterprises
(MSMEs) as well as encouraging and enhancing
The year 2021 marks the first year of the technological adoption among businesses. The
12MP. A sum of RM400 billion is allocated transport, energy and public utilities, and trade
for DE under the 12MP, a significant increase and industry subsectors constitute 29.6% of
of 61% compared to the actual expenditure total DE.
of RM248.5 billion for the Eleventh Malaysia
Plan. The allocation will be channelled to fund Compared with 2020, the outlays for the
new and ongoing projects and programmes social sector in 2021 are expected to increase
planned under the economic, social, security by 25.5% to RM17.3 billion (2020: RM13.8
and general administration sectors. These billion), with education and training, and
projects and programmes are aligned with the health remaining as the key subsectors. The
three key themes of 12MP, namely resetting education and training subsector receives
the economy; strengthening security, wellbeing the biggest provision of RM8.1 billion,
and inclusivity; and advancing sustainability. higher by 20.5% as compared with RM6.7
The themes resonate with the country’s longer- billion in 2020 mainly for the enhancement
term aspirations in the Shared Prosperity of technical and vocational education and
Vision 2030 and 2030 Agenda for Sustainable training (TVET) programmes; upgrading and
Development. renovation of schools, teachers’ quarters and
tertiary institutions; and extension of teaching
However, with the expenditure recalibration, hospitals. While for the health subsector, a
DE is revised lower to RM62 billion from the sum of RM4.4 billion or 7.1% of DE is allocated
original budget of RM69 billion. The downward for improving healthcare accessibility and
revision is also in line with the reassessment facilities, particularly for rural and outskirt
and deferment of several projects. Nonetheless, areas. Moreover, this expenditure also includes
the lower DE is offset by the reclassification enhancing and maintaining hospitals and
of several development-related items from OE. clinics, and purchasing vehicles and equipment.
Of the total, RM60.8 billion is direct allocation, Among the construction projects under this
while RM1.2 billion are loans to state subsector include hospitals in Tanjung Karang,
governments and Government-linked entities. Selangor and Pendang, Kedah as well as
expansion of Seberang Jaya Hospital in Pulau
As the Government continues to focus on Pinang. Meanwhile, the housing subsector
the economic sector, the allocation for this receives RM1.6 billion for the year, an increase
sector remains the largest with a share of of 55.9% from actual spending of RM1 billion
54.5%, followed by social (28%), security in 2020. The expenditure for the subsector is
(11.8%) and general administration (5.7%) focused on the People’s Housing Project (PPR)
sectors. Expenditure for the economic as well as upgrading and maintaining civil
sector is estimated at RM33.8 billion, mainly servants’ quarters.
for enhancing public transportation and
communication network infrastructure, A sum of RM7.3 billion, an increase of 26.5%
developing public utilities, escalating trade from the preceding year (2020: RM5.8 billion),
and industrial activities as well as boosting is allocated for the security sector. The bulk of
agriculture. The transport subsector is the allocation is for projects and programmes
allocated with RM13 billion, mainly to finance aimed at strengthening the nation’s defence
major ongoing projects, such as Electrified and internal security, including upgrading
Double Track Gemas-Johor Bahru and Pan of military and security equipment as well
Borneo Highway projects, as well as the as maintaining and upgrading the security
upgrading of federal roads throughout the integrated network system. Similarly, the
country. Energy and public utilities and trade allocation for the general administration sector
and industry subsectors are allocated RM3 increases by 17.6% to RM3.6 billion (2020:
billion and RM2.4 billion, respectively. Some RM3 billion). The outlays for the sector will
of the key projects and programmes under be mainly channelled to improve public sector
these subsectors include upgrading works delivery and productivity, with the focus on

table 3.2. Federal Government Development Expenditure by Sector,

2020 – 2022
cHanGe sHare
rm million
sector (%) (%)
2020 20211 20222 2020 20211 20222 2020 20211 20222
Economic 28,712 33,767 40,205 -8.3 17.6 19.1 55.9 54.5 53.2
of which:
Transport 12,779 13,014 15,509 -7.1 1.8 19.2 24.9 21.0 20.5
Trade and industry 2,576 2,365 2,087 -15.7 -8.2 -11.8 5.0 3.8 2.8
Energy and public utilities 2,315 2,976 3,167 -16.1 28.6 6.4 4.5 4.8 4.2
Agriculture 2,003 2,815 2,860 -13.4 40.5 1.6 3.9 4.5 3.8
Environment 1,324 1,537 2,059 -23.2 16.1 34.0 2.6 2.5 2.7
Social 13,827 17,347 22,671 -4.5 25.5 30.7 27.0 28.0 30.0
of which:
Education and training 6,737 8,118 11,955 -11.7 20.5 47.3 13.1 13.1 15.8
Health 3,983 4,397 4,457 118.0 10.4 1.4 7.8 7.1 5.9
Housing 1,015 1,582 1,771 -52.3 55.9 11.9 2.0 2.6 2.3
Security 5,785 7,317 8,970 3.0 26.5 22.6 11.2 11.8 11.9
General administration 3,036 3,569 3,754 9.4 17.6 5.2 5.9 5.7 4.9
Total 51,360 62,000 75,600 -5.2 20.7 21.9 100.0 100.0 100.0
Share to GDP (%) 3.6 4.1 4.6
1
Revised estimate
2
empowering digitalisation in the public sector. upward revision is mainly to accommodate

In addition, the allocation is also for the higher requirements for programmes such as
enhancement and maintenance of government Bantuan Prihatin Rakyat (RM16.8 billion); Wage
buildings, infrastructure and facilities. Subsidy Programme (WSP) 2.0 (RM9.7 billion);
PRIHATIN SME Grant (RM3.4 billion); COVID-19
related expenses (RM2.9 billion); social
COVID-19 Fund assistance support to vulnerable groups (RM2
billion); and small-scale projects (RM1.3 billion)
The Government’s initiatives in combating the which constitute 92.7% of the total allocation
pandemic continue to be financed under the for the Fund in 2021.
COVID-19 Fund. The implementation of several
assistance and economic stimulus packages In 2022, a sum of RM23 billion (1.4% to GDP)
has led to an increase in the COVID-19 Fund is budgeted for the COVID-19 Fund. The bulk
allocation. The fund ceiling, which was initially of allocation is provided for cash assistance,
capped at RM45 billion in 2020, has been social assistance support to vulnerable groups
increased to RM110 billion to accommodate and WSP, which will be carried over from 2021.
the additional expenditure under the new 2022 will be the final year for the COVID-19
assistance and economic stimulus packages. Fund as it is a temporary fund with a lifespan
of three years. Thus, the total requirement of
In line with the increase in its ceiling, the the fund is estimated to reach around RM100
allocation for the Fund for 2021 has been billion, below the approved ceiling of RM110
revised upwards to RM39 billion from the billion. The remaining balance will serve as a
initial budget of RM17 billion, higher by 2.6% buffer for contingencies should the need
compared to the actual spending in 2020. The arise.

table 3.3. COVID-19 Fund Allocation
rm million
ProGrammes
20211 20222
Wage subsidy, job retention and workers’ hiring incentive and training assistance 9,670 3,000
programmes
Bantuan Prihatin Nasional 16,801 8,000
Small scale projects 1,311 2,000
Skill and upskilling programmes 360 1,000
PENJANA SME financing – 2,000
PRIHATIN SME Grant 3,435 –
Micro credit loans under Bank Simpanan Nasional and TEKUN Nasional 520 1,000
Allocation for COVID-19 related expenses 2,940 2,000
Food security fund 313 –
COVID-19 special allowance for frontliners – –
PENJANA National Fund 290 –
ePenjana 151 –
Electricity bill discounts 502 –
Additional RM100 for Bantuan Sara Hidup (BSH) – –
Special assistance to students of higher education institutions – –
Bumiputera Relief Financing 200 –
MY30 public transport subsidy 200 –
Social assistance for taxi drivers, school bus drivers, tour bus drivers, tour guides, 123 –
trishaw operators and e-hailing drivers
Social assistance support to vulnerable groups 1,980 3,540
Smart automation grant 90 460
Soft loan under MyCreative Venture – –
Social protection and training for gig economy workers – –
E-Dagang campaign for SME and micro enterprises 10 –
“Shop Malaysia Online” for online consumption 40 –
PEKA B40 health care support – –
Grant for child care centers and kindergartens 29 –
Digital content fund – –
Assistance to non-governmental organisations 10 –
Digitalisation of government service delivery 15 –
Digitalisation marketing and promotion fund under the Cultural Economy Development 10 –
Agency (CENDANA)
MyAssist SME One Stop Centre – –
TOTAL 39,000 23,000
1
Revised estimate
2

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]

table 1: COVID-19 Fund Ceiling and Spending Performance by Programme (RM million)
Ceiling
Disbursement
Programmes First Second (As at end-
Amendment Amendment August 2021)
1 Wage subsidy, job retention and workers’ hiring incentive and 18,300 31,000 17,280
training assistance programmes
2 Bantuan Prihatin Nasional 25,200 41,000 25,008
3 Small scale projects 4,000 6,000 3,692
4 Skill and upskilling programmes 2,000 2,000 483
5 PENJANA SME financing 2,000 2,000 -
6 PRIHATIN SME Grant 2,400 6,000 4,986
7 Micro credit loans under Bank Simpanan Nasional and TEKUN 1,000 2,000 635
Nasional
8 Allocation for COVID-19 related expenses 5,000 9,000 2,623
9 Food security fund 1,000 1,000 486
10 COVID-19 special allowance for frontliners 600 600 -
11 PENJANA National Fund 600 600 310
12 ePenjana 520 520 650
13 Electricity bill discounts 500 500 604
14 Additional RM100 for Bantuan Sara Hidup (BSH) 300 300 -
15 Special assistance to students of higher education institutions 300 300 225
16 Bumiputera Relief Financing 200 200 200
17 MY30 public transport subsidy 200 200 198
18 Social assistance for taxi drivers, school bus drivers, tour bus 160 160 152
drivers, tour guides, trishaw operators and e-hailing drivers
19 Social assistance support to vulnerable groups 110 6,010 994
20 Smart automation grant 100 100 71
21 Soft loan under MyCreative Venture 100 100 30
22 Social protection and training for gig economy workers 75 75 25
23 E-Dagang campaign for SME and micro enterprises 70 70 30
24 “Shop Malaysia Online” for online consumption 70 70 56
25 PEKA B40 health care support 50 50 50
26 Grant for child care centers and kindergartens 50 50 33
27 Digital content fund 35 35 -
28 Assistance to non-governmental organisations 25 25 11
29 Digitalisation of government service delivery 20 20 14
30 Digitalisation marketing and promotion fund under the 10 10 2

Cultural Economy Development Agency (CENDANA)
31 MyAssist SME One Stop Centre 5 5 5
TOTAL 65,000 110,000 58,853


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://
Ministry of Finance, Malaysia (2021). Infografik PEMERKASA+ 2021. Retrieved from http://

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 economic (20.3%), security (10.3%) and general

administration (4.8%) sectors. The remaining
balance amounting to RM81.3 billion (24.5%)
The recovery momentum is expected to
will be allocated for charged expenditure and
gain traction in 2022 in line with the steady
transfer payments.
progress of the vaccination programme,
bolstered by the implementation of the NRP.
The OE allocation for 2022 is budgeted at
Furthermore, the recently announced 12MP
RM233.5 billion or 14.3% to GDP. The amount
will be the catalyst to revitalise the economy,
is 6.3% higher compared with the 2021 revised
promote investments, accelerate digitalisation
allocation of RM219.6 billion. Emoluments, debt
and strengthen the civil service. Given the
service charges, and retirement charges remain
need to ensure a durable recovery, the
the top three recipients constituting 67.5% of
2022 Budget is formulated with three main
the total OE or 9.6% to GDP.
objectives: to sustain and spur economic
activities, rebuild economic resilience, and
Emoluments for civil servants account for the
catalyse the reform agenda. Hence, the largest share of OE in 2022. This component,
Government will continue its expansionary representing about a third of total OE, is
fiscal stance to steer the country to its estimated to increase to RM86.5 billion. The
potential growth trajectory. increase is partly to cater for the annual salary
increment. Likewise, retirement charges are
A total sum of RM332.1 billion (20.3% to estimated to increase to RM28.1 billion (12% of
GDP) will be allocated in the 2022 Budget. Of total OE) due to the annual pension increment,
this amount, RM233.5 billion (70.3%) will be coupled with a higher number of pensioners
channelled to OE, RM75.6 billion (22.8%) for and beneficiaries estimated at about 628,300. A
DE and the balance of RM23 billion for the total of 73.7% of retirement charges comprise
COVID-19 Fund. In terms of sectoral allocation, monthly pension payments for pensioners and
RM133.2 billion or 40.1% of the total 2022 beneficiaries, while the remaining are mainly
Budget will be allocated for programmes and for gratuity payments and cash awards in lieu
projects under the social sector, followed by of un-utilised accumulated leave.

A total of RM43.1 billion will be allocated for Thus, an allocation of RM75.6 billion will be
debt service charges in 2022. Of this amount, allocated for DE (2021: RM62 billion). Of the
98.2% is allocated for coupons on domestic total, RM66.9 billion is allocated for 5,575
debts, while the balance is for offshore ongoing projects, while RM8.7 billion is for
loans. The debt service charges ratio to OE is 1,180 new projects. The economic sector
estimated higher at 18.5%, in line with the use remains the largest recipient at 53.2% of DE,
of debt instrument in financing expansionary followed by social (30%), security (11.9%) and
fiscal stance. general administration (4.9%) sectors.
Allocation for supplies and services, which A sum of RM40.2 billion will be provided
represents 13% of OE, increases by 30.5% to for the economic sector to increase
RM30.4 billion. The increase is attributed to economic capacity and enhance the nation’s
higher outlays for medical supplies as well competitiveness. The focus continues to be
as an allocation for professional services. on projects related to transport, trade and
Ministries that will be receiving the highest industry as well as energy and public utilities
allocation among others are the Ministry of subsectors. The transport subsector will be
Health (33.1%), the Ministry of Home Affairs allocated RM15.5 billion to construct, refurbish,
(12.5%) and the Ministry of Education (11.2%). and maintain key infrastructures, such as
highways, roads, railways, bridges, ports,
A substantial amount of outlays will be for
and airports. These include existing projects,
the procurement of medical supplies as
namely Electrified Double Track Gemas-
well as repairs and maintenance of school
Johor Bahru, Rapid Transit System Link, Pan
facilities. Subsidies and social assistance will
Borneo Highway, as well as the expansion of
be allocated a higher allocation of RM17.4
Kuantan Port, Pahang and Sandakan Airport,
billion (2021: RM16.7 billion), due to higher
Sabah. Among the new projects that will be
provision for social assistance. The Government
undertaken are upgrading Jalan Marabahai
will continuously enhance the current policy
Spur at Tuaran, Sabah, replacing bridges at
and mechanisms to gradually move towards
Sik and Baling, Kedah, and a study on an
targeted assistance in ensuring more equitable
alternative route for Jalan Seremban-Kuala
distribution.
Pilah, Negeri Sembilan.
A sum of RM14.1 billion will be allocated for

Another recipient under the economic sector
grants to statutory bodies, mainly for their
is the trade and industry subsector, with an
operational expenses such as emoluments
allocation of RM2.1 billion. Among programmes
as well as supplies and services. Grants for
under this subsector are for strengthening
public higher education institutions consisting entrepreneurial capabilities, including MSMEs
of public universities and teaching hospitals in line with the National Entrepreneurship
constitute 64.5% of the total allocation. Policy 2030. In addition, the focus will also
Further, a total of RM7.9 billion is allocated for be given to support the growth of industries
grants and transfers to state governments. Of by providing grants or loans for activities
this amount, RM5.9 billion are constitutional including research and development as well
transfers under the Federal Constitution. as product commercialisation. These include
the PUNB Entrepreneur Financing Programme,
As Malaysia enters the second year of Fund for Local Strategic Investment, Fund
the 12MP, DE for 2022 will continue to be for High Impact Project, Research and
distributed to projects and programmes with a Development Loans for Aerospace and
high multiplier impact to reinvigorate economic Electric and Electronic field, Special Business
growth, create a conducive investment climate Financing Scheme for Women (DanaNITA), and
and safeguard the wellbeing of the rakyat. Industry4WRD.

A sum of RM3.2 billion will be allocated housing subsector, of which the bulk of the
to the energy and public utility subsector allocation will be channeled to the construction
to provide greater access to the rakyat, of PPR houses and upgrading of civil servant
particularly the supply of electricity and water, quarters. Other projects under the subsector
telecommunication access and sewerage include Rumah Mesra Rakyat programme
services. Similarly, the agriculture subsector and development of zero waste community
will be provided with an allocation of RM2.9 among selected PPR, such as at Sri Kemuning
billion, mainly for settlers and smallholders in Temerloh, Pahang and Seri Sena in Kangar,
development programmes, oil palm and Perlis.
rubber replanting, paddy irrigation system as
well as poultry and cattle breedings, which The security sector will receive RM9 billion to
are expected to boost the agro-industry. In be channelled to defence (60.4%) and internal
addition, the environment subsector will be security (39.6%) subsectors. This involves the
provided with RM2.1 billion, primarily for enhancement of network systems and services
river restoration and flood mitigation projects as well as the upgrade of military assets and
such as the construction of integrated river security equipment. Furthermore, the allocation
basins, maintenance of flood reservoir pond, will be provided for infrastructure projects,
upgrading of dam and stabilisation of river such as quarters for security personnel, health
banks. facilities and upgrading of prisons.
The social sector, which is the second-largest A sum of RM3.8 billion will be allocated for the
DE recipient, will be allocated RM22.7 billion. general administration sector to strengthen
The allocation increases by 30.7% as compared the public sector under the 12MP. Some of the
to the RM17.3 billion provided in 2021. key projects are digitalisation enhancement in
Education and training subsector continues to the public sector, such as 1GOVNET, MYGOVUC,
receive the largest allocation under this sector, Court Recording Transcription System or
amounting to RM12 billion, particularly for e-Kehakiman and the expansion of public
TVET, research grants, and the construction sector data centre services. In addition, the
and expansion of educational institutions. The allocation is also provided for maintenance
health subsector will be allocated RM4.5 billion of government buildings, assets and facilities,
to ensure the availability and accessibility such as quarters, courts and training
of a comprehensive healthcare system. In institutions.
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
Federal Recoverable
the upgrading of hemodialysis facilities at the Loans
Ministry of Health Malaysia hospitals in Kedah,
Penang and Perak, as well as the autopsy The total outstanding Federal Recoverable
room of Sultan Ismail Hospital Forensic Loans1 as of 31 December 2020 was at
Department, Johor. RM43.1 billion or 2.6% to GDP. Of the total
loans disbursed through the Development
The Government remain committed to Fund, more than half are loans to companies,
providing adequate and quality affordable amounting to RM24.9 billion, followed by
houses to the low- and middle-income earners. state governments at RM13 billion (30.1%)
Thus, RM1.8 billion will be allocated under the 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.

In addition, the loans were also for local other organisations (RM10.9 million). Loans
governments amounting to RM143 million to companies will be utilised mainly to fund
(0.3%), other organisations at RM200 million programmes and projects related to water and
(0.5%) and cooperatives at RM6.8 million electricity supply, land rehabilitation for rubber
(0.02%). estates, oil palm replanting and highways
constructions. Likewise, loans for the state
In 2021, the loan disbursement via DE is governments, local governments and statutory
budgeted at RM1.2 billion or 1.9% of the bodies will be used mainly to upgrade
total DE. Of the total, state governments and maintain water supply and sewerage
and companies remain the largest recipients, infrastructure, construct dams, and finance
constituting 91.2% of the total loans disbursed. crop development projects.
This is followed by statutory bodies (7.8%)
and others (1%). The loans are disbursed Loan repayments in 2022 are estimated
to facilitate long-term investment projects, at RM0.6 billion. About half of the total
such as road infrastructure, water supply and repayments are expected to be received from
sewerage. state governments with major contributions
from Sabah, Sarawak and Selangor. Loan
In 2021, the Government is estimated to repayments from companies are expected
receive loan repayments amounting to RM0.8 at RM0.2 billion, while the balance is from
billion. About 41% of these repayments statutory bodies (RM58.6 million), local
are expected to be received from state governments (RM4.2 million) and other
governments. Sabah and Sarawak continue organisations (RM11.7 million).
to be the major contributors. Similarly,
repayments from companies are also projected
at about RM0.4 billion. Bank Pertanian Conclusion
Malaysia Berhad (Agrobank), Pengurusan
Aset Air Berhad and Yayasan Tekun Nasional The Government will continue to play its role
are the top three contributors, with total in mitigating the impact of the COVID-19
repayments amounting to RM285.5 million. pandemic on the rakyat, businesses and
In addition, total repayments from statutory economy. Its immediate priority is to provide
bodies and local governments are estimated at adequate support for the implementation of
RM59.2 million and RM5.1 million, respectively. the NRP, accelerate economic growth and lead
Meanwhile, repayments expected from other the country out of the economic and health
organisations such as clubs and associations crises. Any withdrawal of fiscal injection will
are estimated at RM35.8 million. depend on the pace of recovery to ensure
the economy returns to its growth trajectory.
In 2022, the Federal Government is budgeted Nevertheless, initiatives to enhance effective
to provide loans totalling about RM2 billion and efficient spending will be pursued. At the
via DE to state governments, companies, same time, as illustrated with the inaugural
statutory bodies and other organisations. publication of the Pre-Budget Statement and
State governments continue to be the Public Consultation Papers, the Government
highest recipient of loans amounting to remain committed to upholding transparency
RM1 billion, followed by companies (RM0.8 and accountability in its public finance
billion), statutory bodies (RM123 million) and management.

FIGURE 3.1. Total Expenditure by Sector FIGURE 3.2. Total Expenditure by Ministry
and Agency
10.3% 20222: Ministry of Transport

RM332.1
billion Ministry of Works OE20222
24.5% DE20222
9.8% Ministry of Rural Development OE20211
DE20211
24.0% Prime Minister's Department
20211: Ministry of Higher Education
RM320.6
4.8% 5.2% billion 40.1% 40.1% Ministry of Defence
20.9% Ministry of Home Affairs

Ministry of Finance
SOCIAL
20.3% Ministry of Health
ECONOMIC
SECURITY Ministry of Education
GENERAL ADMIN
0 10 20 30 40 50 60
OTHERS RM billion
FIGURE 3.3. Operating Expenditure by Component FIGURE 3.4. Operating Expenditure by Sector
% to OE
100
90 20222:
10.8%
80 RM233.5
billion
70
11.0%
60 34.7%
50 35.1% 20211:
40 RM219.6 39.9%
30 billion
20 5.8% 41.1%
10 8.2%
0 5.3%
2013 2014 2015 2016 2017 2018 2019 2020 20211 20222
8.1%
SOCIAL
RETIREMENT CHARGES OTHERS
DEBT SERVICE CHARGES GRANTS AND TRANSFERS TO STATE GOVERNMENTS ECONOMIC
SUPPLIES AND SERVICES GRANTS TO STATUTORY BODIES SECURITY
EMOLUMENTS SUBSIDIES AND SOCIAL ASSISTANCE GENERAL ADMIN
OTHERS
FIGURE 3.5. Development Expenditure by Sector FIGURE 3.6. Federal Recoverable Loans under
Development Fund by Debtor, End-2020
RM billion 24.85
24
4.9% 20222:
11.9%
RM75.6 20
billion
5.7%
11.8%
16
12.98
2021 :
1
RM62.0 28.0% 30.0% 12

billion
54.5% 8
53.2%
4.89
4
SOCIAL 0.14 0.01 0.20

ECONOMIC 0
STATE GOVERNMENTS
COMPANIES
OTHER ORGANISATIONS
LOCAL GOVERNMENTS
STATUTORY BODIES
COOPERATIVES
SECURITY
GENERAL ADMIN
1
Revised estimate
2

s ecti o 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 debt management
section 4
Debt Management
Programme (PICK), as an integral part of the

Overview National Recovery Plan (NRP), is expected to
accelerate the resumption of economic and
Global government debt reached an
social activities and catalyse the recovery.
unprecedented level, nearing 100% to world
gross domestic product (GDP) in 2020 and
is projected to remain elevated in 2021 and Financing
2022. Meantime, global economic recovery is
progressing, albeit slower than anticipated, In 2021, the Government announced four
due to a high degree of uncertainty resulting additional assistance and stimulus packages,
from the resurgence of COVID-19 cases with namely Perlindungan Ekonomi dan Rakyat
the emergence of new variants. Governments Malaysia (PERMAI), Strategic Programme
continue to provide fiscal support to accelerate to Empower the People and Economy
economic recovery with fiscal injections (PEMERKASA), Strategic Programme to
estimated at USD16.9 trillion.1 Therefore, the Empower the People and Economy Plus
supply of government securities in the market (PEMERKASA+) and National People’s Well-Being
is projected to remain high as governments and Economic Recovery Package (PEMULIH),
resort to borrowing to fund stimulus measures. totalling RM225 billion with a fiscal implication
Nevertheless, monetary policy easing to of RM25 billion. The packages aim to provide
address financial market volatility, global assistance to the rakyat and businesses to
economic conditions and inflationary pressures cushion the impact of the COVID-19 pandemic,
led to a low-interest-rate environment, which was exacerbated by the emergence of
benefiting governments with lower financing new and more infectious variants, resulting
costs. in the prolonged Movement Control Orders
(MCO). Thus, the Government reviewed its
In line with global trends, the Government annual borrowing requirements for the
unveiled another four assistance and stimulus year, taking into account the increase in
packages. In addition, the resumption of the Federal Government spending and reduced
strict containment measures beginning May revenue collection. Consequently, the initial
2021 amid rising COVID-19 cases has led to fiscal deficit target of 5.4% to GDP has been
the downward revision of growth projections revised upward to 6.5% to accommodate the
which is expected to impact the fiscal deficit. additional financing requirement following the
Consequently, to provide fiscal flexibility announcement of the packages.
and enable a smooth implementation of
the additional packages, the Dewan Rakyat The Federal Government’s total gross
has approved the increase of statutory debt borrowings are expected to record RM210.8
ceiling from 60% to 65% to GDP under the billion or 13.9% to GDP in 2021, with RM110.4
Temporary Measures for Government Financing billion to be utilised for principal repayments
(Coronavirus Disease 2019 (COVID-19)) Act 2020 while RM98.8 billion for deficit financing.
[Act 830]. Nonetheless, the steady progress Principal repayments consist of maturing
of the National COVID-19 Immunisation Malaysian Government Securities (MGS)
1
IMF October 2021 Fiscal Monitor.

at RM38.7 billion, Malaysian Government The issuance profile was adjusted with the
Investment Issues (MGII) at RM29 billion, increase in issuances of short- and medium-
treasury bills at RM33 billion, Government term instruments. The composition of short-
term papers (less than a year) and medium-
Housing Sukuk (SPK) at RM6 billion and
term papers (3 to 7 years) is anticipated to
offshore borrowings at RM3.7 billion.
be higher at 58.2% of total gross domestic
borrowings, while issuances of long-term
Gross domestic borrowings are estimated papers (exceeding 10 years) are expected to be
to reach RM205.5 billion or 97.5% of total lower at 41.8%. In general, higher issuances
gross borrowings. Given sufficient liquidity of short-term papers lower the overall funding
in the domestic market, the Government has costs and average time to maturity while
been able to fund its additional borrowing increase refinancing risk.
requirements across various tenures. The
issuance of MGS is expected to remain The Government financing operations are
substantial at RM83 billion or 39.4% of total mostly conducted through open market
gross borrowings, while MGII at RM77 billion auctions, constituting 84.7% of total domestic
or 36.5%. In addition, treasury bills issuance issuances in view of the market’s ability to
is estimated to be higher at RM45.5 billion or absorb the additional supply. In 2021, the
21.6% of total gross borrowings to address Government increased the re-opening of the
short-term cash flow needs. benchmark papers, accounting for 94.6% of 37
issuances compared to 88% of 34 issuances
in 2020, to ensure a well-distributed supply
taBle 4.1. Federal Government Financing throughout the year. A higher re-opening will
2020 – 2021 lead to larger outstanding issuance sizes and
facilitate investors’ index-tracking activities
sHare in accessing the domestic debt market, thus
rM Million
(%) further improve the secondary market trading
2020 20212 2020 20212
liquidity. Accordingly, the Government has
taken a proactive approach in effectively
Gross borrowings 181,067 210,777 100.0 100.0 communicating to the market with regard
Domestic 181,067 205,500 100.0 97.5
to additional funding needs and revisions to
financing strategies. The Federal Government
MGS 73,000 83,000 40.3 39.4 remains committed to its debt management
MGII 76,466 77,000 42.2 36.5 objective of minimising funding costs while
Treasury bills 31,601 45,500 17.5 21.6
maintaining a well-spread debt maturity profile.
Offshore - 5,277 - 2.5 The Government received a total bid of

Market loans - 5,277 - 2.5 RM186 billion for market issuances of RM87
Project loans - - - -
billion during the first eight months of 2021,
reflecting a stable demand for government
Repayments 94,477 110,376 100.0 100.0 securities. The bid-to-cover (BTC) ratio at 2.14
Domestic 94,146 106,700 99.6 96.7 times indicates the Government’s ability to
Offshore 331 3,676 0.4 3.3
manage surging borrowing needs without
undermining the functioning of the domestic
Net borrowings 86,590 100,401 - - bond market despite the challenging economic
Domestic 86,921 98,800 - - environment. However, the BTC ratio was lower
Offshore -331 1,601 - -
than the corresponding period in 2020 at 2.27
times. The demand for short- and medium-
Change in assets 1
1,054 -1,624 - - term papers was slightly lower at the BTC ratio
Total deficit of 1.89 times compared to long-term papers
87,644 98,777 - -
financing at 2.42 times. Investor preferences and market
trends mainly influenced the BTC ratio, with
(+) indicates a drawdown of assets; (-) indicates accumulation of
investors’ demand for shorter tenure securities
1
assets
2
Estimate hampered by the likelihood of the US interest
Source: Ministry of Finance, Malaysia rate normalisation in June 2021. On the other

hand, institutional investors, namely insurance followed the expectation of the US policy
companies and pension funds favour long-term rate normalisation as well as increased
issuances to match the maturity profile of their domestic risk factors following escalating daily
liabilities. COVID-19 cases, the extension of MCO and
political uncertainties. Despite the challenging
Several initiatives were implemented in environment, total net foreign inflows in
ensuring an orderly domestic financial market. the first eight months of 2021 reached
As at end-September 2021, the Monetary Policy RM28.4 billion, with foreign demand for MGS
Committee (MPC) of Bank Negara Malaysia registering a net inflow of RM14.4 billion.
(BNM) maintained the Overnight Policy Rate The positive fund flows also demonstrated
(OPR) at 1.75%. BNM also announced the investors’ confidence in the Government’s
extension of temporary flexibility for banking ongoing effort to expedite the vaccination rate
institutions to use MGS and MGII to meet through PICK, an integral part of the NRP.
the Statutory Reserve Requirement (SRR) until
the end-December 2022 to ensure sufficient Malaysia remained the leader in the global
liquidity in supporting financial intermediation sukuk market with a commendable market
activity. The SRR ratio remains unchanged share of 40.9% of the global sukuk outstanding
at 2.00% and this measure has released as at end-June 2021.2 The issuance of MGII
approximately RM46 billion worth of liquidity is expected to account for 36.5% of total
into the banking system. In addition, ongoing gross borrowings, while MITB at 14.2%. Since
initiatives by BNM to enhance the domestic the beginning of 2021, spreads between the
Government bond market has resulted in 3- and 5-year Government’s bond and sukuk
Malaysia being removed from the FTSE yields have been narrowing, with yields on
Russell Watch List and retained on the World MGII declining at a faster pace compared to
Government Bond Index. its MGS equivalent. As at end-August 2021,
the 5-year yields on MGII were 4 basis points
Despite the increase in the supply of lower than the corresponding MGS yields of
government securities, the cost of borrowing similar maturity. In addition, the majority
remained low, buoyed by the low-interest-rate of the bidding interest was skewed towards
environment due to policy easing. However, MGII, which recorded a BTC ratio of 2.34
the outcome of the 2020 US Elections has times compared to MGS at 1.96 times. The
influenced the dynamics of US Treasury oversubscribed issuances reflected strong
(UST) yields, where the yields rose in tandem demand for Shariah-compliant government
with the improvement of the US economy, papers, supported by the enabling environment
following the easing of lockdowns and in the domestic market.
faster-than-expected vaccination rollout. The
spillover effect from the rise in UST yields has Gross offshore borrowings as at end-August
influenced the performance of MGS yields, 2021 amounted to RM5.3 billion due to
with the benchmark coupon rates of 3-, 5- issuances of the dual-tranche sukuk of USD1.3
and 10-year MGS increased to 2.34%, 2.68% billion on 28 April 2021. The sukuk issuance
and 3.20%, respectively as at end-August with a maturity period of 10-year and 30-year
2021. Nevertheless, the Government’s strategy was much anticipated by investors as Malaysia
to re-open papers with lower coupon rates has a successful track record in issuing
has resulted in a noticeable decline in the innovative Shariah-compliant products. The 10-
Government’s weighted average borrowing year tranche being the world’s first sovereign
costs from 4.18% in 2017 to 3.70% as at end- USD Sustainability Sukuk was priced at 2.070%,
August 2021. while the 30-year tranche was 3.075%. The
sukuk structure is unique as its underlying
The domestic bond market recorded 14 assets are 100% non-physical, comprising travel
months of continuous net foreign inflows vouchers of clean energy public transport,
since April 2020. However, the trend reversed which is fully aligned with the concept of
beginning July 2021 due to lower foreign sustainability. The issuance further reinforced
holdings of short-dated securities, particularly Malaysia’s position as a leading Islamic
the Malaysian Treasury Bills (MTB). This financial hub in the global market.
2
RAM Sukuk Snapshot 2Q2021.

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. GSSS Global Bond Issuances Malaysia’s venture into sustainable finance
commenced in 2014 with the formulation of
USD billion the Sustainable and Responsible Investing
700
(SRI) Sukuk Framework by the Securities
600 573 574 Commission Malaysia. The Framework has
paved the way for the alignment of sustainable
500
finance and investment to the values and
400 principles of Islamic finance. In addition, the
335
Sustainable Development Goals (SDG) have
300
207
been localised and integrated within the
200 155 national development planning framework
100
102 since the Government’s formal adoption of the
49
2030 Agenda, as reflected in the alignment
0 to key strategic thrusts of the Eleventh
2015 2016 2017 2018 2019 2020 20211
Malaysia Plan (11MP), 2016-2020. To boost the
EUROPE, THE MIDDLE EAST AND AFRICA (EMEA) implementation of its sustainable finance
AMERICA plan, the Government has also announced
ASIA PACIFIC
measures to support the development of
sustainable finance ecosystem in the 2021
1
End-June 2021
Source: Bloomberg Budget.
Malaysia’s 2021 Global Sukuk Issuance
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.

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. Sukuk Structure and Transaction Flow
Government of Malaysia Government of Malaysia Government of

as Seller of Voucher as Wakeel Malaysia as Obligor
3a. Sukuk 3b. Purchase

Proceeds Vouchers*
Voucher Purchase 2. Appoint GOM Wakalah 4. Distribution

Agreement as Wakeel Agreement proceeds
5a. Pool of Wakalah

Sukuk Assets
Purchase
Malaysia Wakala Sukuk Berhad Undertaking
(Issuer/Trustee)
5b. Maturity: Sukuk
Exercise Price
4. Periodic
Declaration Distribution
1. Issue Sukuk
of Trust
5c. Dissolution Goods Flow
Amount Contract Flow
Sukuk Certificate holders Cash Flow
Step Description
1 Malaysia Wakala Sukuk Berhad (MWSB), a special purpose vehicle (SPV), issued Trust Certificates to sukuk
certificate holders in consideration for the proceeds.
2 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.
3 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.
4 The returns from the sale of vouchers will be paid by the Trustee to the certificate-holders on each
periodic distribution date.
5 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) The funds received from the exercise price will be used to redeem the sukuk from the certificate-
and c) 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

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 Voucher Purchase Agreement

Sets the Delegate’s terms of appointment. The Issuer Specifies transaction of Vouchers (representing an
declares themselve as Trustee of the Trust Assets, entitlement to a specified number of travel units)
including the Wakalah assets purchased with the between the Trustee and the Issuer.
sukuk proceeds for and on behalf of the
certificate-holders.
Wakalah Agreement Purchase Undertaking

Defines the appoinment and duties of GOM as Wakeel Prescribes GOM’s purchase of trust assets from the
to act as the Issuer’s agent in respect of the underlying Trustee as stipulated in the transaction agreement.
assets for the sukuk.
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.
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

FIGURE 4. Key Components of the Framework
Use of Proceeds Project Evaluations Management of Reporting

and Selections Proceeds
Proceeds from this The evaluations and The proceeds of each The Government will
issuance are used by the selection process GOM SDG Sukuk issued prepare the SDG Sukuk
Government to finance ensures that proceeds will be managed in Report annually for each
Shariah compliant from any GOM SDG accordance with Act SDG Sukuk issued, from
general purposes, Sukuk are linked to 406 and can be used the beginning of the
which has eligible social Eligible Expenditures, both for the financing transaction until
and green focus as as set forth in the and refinancing of maturity of the SDG
defined in the Framework. Eligible Expenditures, sukuk.
Framework and also for where the utilisation will
the purpose as be tracked as stipulated
described under the in the Framework.
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

GOOD HEALTH QUALITY
SUSTAINABLE CITIES LIFE ON LAND
AND WELL-BEING AND COMMUNITIES
Healthcare Education Clean Sustainable
EDUCATION
3 and Training 4 Transportation 11 Management 15

of Natural Resources
Construction or upgrading Construction or upgrading Developing clean public Conservation of habitat and
of health facilities schools, universities and transportation system biodiversity through
Providing mobile healthcare higher learning institutions Procurement of electric or sustainable management
or flying doctor services Providing professional hydrogen-powered vehicles Implementation of
Providing pandemic-related development and training for public transportation sustainable agriculture
support programmes and Providing upskilling and R&D and manufacturing of techniques and production
projects reskilling training electric vehicles and
Awarding grants and associated infrastructure
scholarships
ELIGIBLE SOCIAL EXPENDITURES ELIGIBLE GREEN EXPENDITURES

Basic Support for Renewable Energy Green Buildings
Infrastructure SMEs Development, Construction of government
Construction of affordable Providing loans or other manufacturing, installation buildings or facilities that
housing financial support for SMEs and operation of solar and met the criteria of a
Providing access to water Providing funding and/or mini hydro projects recognised green building
and electricity supply training to support export Building solar energy certification
Widening broadband competitiveness projects
infrastructure
Construction or upgrading
basic social amenities
NO POVERTY CLEAN WATER SUSTAINABLE CITIES DECENT WORK AFFORDABLE AND INDUSTRY, INNOVATION SUSTAINABLE CITIES
AND SANITATION AND COMMUNITIES AND ECONOMIC CLEAN ENERGY AND INFRASTRUCTURE AND COMMUNITIES
GROWTH
1 6 11 8 7 9 11

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
3%
10%
21%
4% 1%
12% 14%
40%
45% 18%
33% 10-year 10-year
67%
10%
33%
83%
6%
ASIA EX-MALAYSIA FUND MANAGERS AND INSURANCE COMPANIES

MALAYSIA CENTRAL BANKS AND GOVERNMENTS
EMEA BANKS
US OTHERS

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

Federal Government The Federal Government debt is mainly

denominated in ringgit, constituting 96.5%
Debt of the total, while the remaining 3.5% is
in foreign currency. Domestic debt stood
The issuances and management of the at RM924.8 billion, comprising mainly MGS
Federal Government debt are governed under (51.4%) and MGII (42.3%), with maturities
several legislations according to the types of ranging between 3 to 30 years. In contrast,
instruments. Conventional domestic securities, treasury bills, comprising MTB (RM10 billion)
namely MGS and MTB are issued under the and MITB (RM24 billion), are short-dated
Loan (Local) Act 1959 [Act 637] and Treasury instruments with 3-, 6-, 9- or 12-month
Bills (Local) Act 1946 [Act 188], respectively, maturity totalling RM34 billion. In addition,
while the Government Funding Act 1983 the outstanding balance of the SPK, which
[Act 275] regulates Islamic instruments was issued by the Government before the
issuance, namely MGII and MITB. In addition, establishment of the Public Sector Home
the External Loans Act 1963 [Act 403] governs
Financing Board (LPPSA), reduced
the issuance of offshore borrowings. These
further to RM24.1 billion and will be fully
legislations also stipulate the usage of
redeemed by 2024.
proceeds and the limits on the amount of
outstanding debts for each instrument.
Offshore borrowings, comprising market and
project loans mainly denominated in US dollar
As at end-June 2021, the overall Federal
Government debt stood at RM958.4 billion or (63%) and yen (36.5%), increased to RM33.6
63.3% to GDP. In terms of statutory debt limits, billion as at end-June 2021 due to the USD
accumulated domestic debts of MGS, MGII and global sukuk issuance. Market loans, consisting
MITB constituted 58.8% to GDP, below the of global sukuk and Samurai bond, stood at
65% threshold governed under Act 830. RM28.7 billion, while projects loans totalled
Meanwhile, the MTB has reached the RM10 RM4.9 billion, mainly for financing existing
billion ceiling as provided for under Act 188. programmes and projects for universities,
Offshore borrowings at RM33.6 billion is still sewerage plants and water transfer
within the permissible amount of RM35 billion infrastructure under bilateral and multilateral
under Act 403. arrangements.
taBle 4.2. Debt Legislative Guidelines
act statutorY liMit enD-June 2021
Loan (Local) Act 1959
Government Funding Act 1983

Outstanding MGS, MGII and MITB not 58.8% to GDP
exceeding 65% to GDP (RM890.7 billion)
Temporary Measures for Government
Financing (Coronavirus Disease 2019
(COVID-19)) Act 2020
Offshore borrowings not exceeding

External Loans Act 1963 RM33.6 billion
RM35 billion
Treasury Bills (Local) Act 1946 MTB not exceeding RM10 billion RM10 billion

taBle 4.3. Federal Government Debt by Instrument

2020 – 2021
sHare sHare to GDP

rM Milllion
(%) (%)
coMPonent
2020 20212 2020 20212 2020 20212
Domestic debt 851,284 924,784 96.8 96.5 60.1 61.1

MGS 436,418 475,418 49.6 49.6 30.8 31.4
MGII 1
375,266 391,266 42.7 40.8 26.5 25.8
SPK 24,100 24,100 2.7 2.5 1.7 1.6
Treasury bills 15,500 34,000 1.8 3.6 1.1 2.3
Offshore borrowings 28,276 33,604 3.2 3.5 2.0 2.2
Market loans 23,055 28,703 2.6 3.0 1.6 1.9
Project loans 5,221 4,901 0.6 0.5 0.4 0.3
Total 879,560 958,388 100.0 100.0 62.1 63.3
Memorandum item:
Non-resident holdings of ringgit-denominated 208,190 233,826 24.5 25.3 14.7 15.4
debt securities
1
Including Sukuk Prihatin
2
End-June 2021
For 2021, the debt service charges (DSC) to As at end-June 2021, the share of resident
revenue ratio is estimated to increase to holdings to total debt slightly decreased to
17.6% (2020: 15.3%) due to the anticipated 72.6%. Resident holdings amounted to
reduction in revenue collection as most of the RM696.1 billion, mainly consisting of large
economic sectors was not allowed to operate and long-term institutional investors, such
during the MCO. The financing costs for as Employees Provident Fund (24.1%),
domestic debt instruments is expected to reach insurance companies (4.6%) and Retirement
RM38.1 billion, while the balance of RM0.9 Fund (Incorporated) (2.9%). Other resident
billion is for foreign-currency loans. The holders include banking institutions (33.6%),
weighted average interest rate for outstanding development financial institutions (1.9%) and
domestic debt is estimated to be lower at others (5.5%).
3.957% (2020: 4.032%), reflecting the low-
interest-rate environment, despite higher Non-resident holdings remained stable at
reopenings for current year issuances. RM262.3 billion, accounting for 27.4% of
total debt. Long term institutions, such as
In terms of debt maturity profile, the weighted pension funds, insurance companies as
average time to maturity shortened to 8.1 well as central bank, supranational and
years as at end-June 2021 (2020: 8.6 years). sovereigns, held a sizeable share of 13.6%,
The share of medium- and long-term papers while fund managers accounted for 9.4%.
with a remaining maturity of 6 years and The balance was contributed by banking
above decreased to 52.1% (end-2020: 56.6%), institutions with 3.6% holdings and other
while the share of securities with a remaining non-residents (0.8%). Furthermore, non-
maturity of 5 years and below increased to resident investment in MGS was sustained
47.9% (end-2020: 43.4%). This is in line with at 40.4% of the total MGS outstanding
the Government debt management strategy to (end-2020: 40.6%), reflecting renewed
balance the market demand with immediate investors’ confidence and interest in
financing needs. Government bonds.

taBle 4.4. Federal Government Debt by Holder

2020 – 2021
sHare sHare to GDP

rM Million
coMPonent (%) (%)
2020 20213 2020 20213 2020 20213
Resident 647,697 696,067 73.6 72.6 45.7 46.0

Employees Provident Fund 219,828 230,894 25.0 24.1 15.5 15.3
Retirement Fund (Incorporated) 25,027 27,598 2.8 2.9 1.8 1.8
Insurance companies 40,987 44,057 4.7 4.6 2.9 2.9
Banking institutions 288,475 322,499 32.8 33.6 20.3 21.3
Development financial institutions 16,670 17,817 1.9 1.9 1.2 1.2
Others 1
56,710 53,202 6.4 5.5 4.0 3.5
Non-resident 231,863 262,321 26.4 27.4 16.4 17.3
Fund manager 77,553 90,237 8.8 9.4 5.5 6.0
Central bank, supranational and sovereigns 70,877 81,654 8.1 8.5 5.0 5.4
Banking institutions 32,684 33,993 3.7 3.6 2.3 2.2
Pension funds 35,913 41,106 4.1 4.3 2.5 2.7
Insurance companies 7,712 7,646 0.9 0.8 0.6 0.5
Others 2
7,124 7,685 0.8 0.8 0.5 0.5
Total 879,560 958,388 100.0 100.0 62.1 63.3
1
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
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:

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) 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
c) 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. 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

A. Baseline Scenario Analysis
Macro-fiscal VariaBles aVeraGe (2021-2026)
Real GDP growth (% per annum) 5.1%
Inflation (% per annum) 2.1%
Primary Balance (% to GDP) -2.1%
Effective Interest Rate (%) 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 GROSS FINANCING NEEDS

(% GDP) (% GDP)
80 16
75 14
70 12
65 10
60 8
55 6
Projection Projection
50 4
2019 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025 2026
BASELINE
HISTORICAL
CONSTANT PRIMARY BALANCE

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. 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. 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. 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. 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.

FIGURE 3. Macro-Fiscal Stress Tests
GROSS NOMINAL DEBT GROSS NOMINAL DEBT GROSS FINANCING NEEDS
(% GDP) (% Revenue) (% GDP)

80 600 16
75 14
70 500 12
65 10
60 400 8
55 6
50 300 4
2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026
BASELINE REAL GDP GROWTH SHOCK PRIMARY BALANCE SHOCK

REAL EXCHANGE RATE SHOCK REAL INTEREST RATE SHOCK
FIGURE 4. Additional Stress Tests

GROSS NOMINAL DEBT GROSS NOMINAL DEBT GROSS FINANCING NEEDS
(% GDP) (% Revenue) (% GDP)
90 700 30
85
25
80 600
20
75
70 500 15
65
10
60 400
5
55
50 300 0
2021 2022 2023 2024 2025 2026 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
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:

fiGure 5. Heat Map
Real GDP Growth Primary Balance Real Interest Rate Real Exchange Rate Contingent Liability
Debt level
Shock Shock Shock Shock Shock
Real GDP Growth Primary Balance Real Interest Rate Real Exchange Rate Contingent Liability
Gross financing needs
Shock Shock Shock Shock Shock
External Change in the

Market Public Debt Held by Foreign Currency
Debt profile Financing Share of Short-
Perception Non-Residents Debt
Requirements Term Debt
HEAT MAP DEBT LEVEL GROSS FINANCING NEEDS DEBT PROFILE
If the debt level does not If the gross financing If the country’s parameter
exceed 70% to GDP under needs do not exceed 15% value is less than the lower
Low Risk
baseline or specific shock to GDP under baseline or risk-assessment benchmarks
scenarios specific shock scenarios
If the debt level exceeds If the gross financing If the country’s parameter
70% to GDP under the needs exceed 15% to GDP value is in between the
Moderate Risk
specific shock scenario but under the specific shock lower and upper risk-
not baseline scenario but not baseline assessment benchmarks
If the debt level exceeds If the gross financing If the country’s parameter
High Risk 70% to GDP under the needs exceed 15% to GDP value exceeds the upper
baseline scenario under the baseline scenario risk-assessment benchmarks
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%
1.2%
600 15 1 45 26% 60
200 183 bps 5 0.5 15 20

3%
Bond Spread External Financing Annual Change in Public Debt Held by Public Debt in
(in basis point) Requirement Short Term Non-Residents Foreign Currency
(% to GDP) Public Debt (% to total) (% to total)
MALAYSIA (% to total)
LOWER EARLY WARNING
UPPER EARLY WARNING

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

External Debt the issuance of the global sukuk by the Federal

Government and foreign currency bonds and
sukuk by public corporations. Meanwhile, non-
External debt comprises the nation’s offshore resident holdings of ringgit-denominated debt
borrowing, non-resident holdings of ringgit- securities and deposits collectively accounted
denominated debt securities, non-resident for RM338.4 billion, with a higher share of
deposits and other external debt. As at end- 33.2% of the total.
June 2021, the external debt increased to
RM1,021 billion or 67.4% to GDP, mainly In terms of maturity profile, the medium- to
attributed to higher offshore borrowings long-term external debt stood at 62.2% of the
from the public sector as well as non- total, reflecting low refinancing risk. Short-term
resident holdings of ringgit-denominated debt external debt accounted for 37.8%, backed by
securities. Offshore borrowings remained the an adequate level of international reserves.
largest component of external debt at RM589.5 Furthermore, the external risk is also mitigated
billion, with a share of 57.8%. The higher by sizeable external assets and export
public sector offshore borrowings were due to earnings.
taBle 4.5. External Debt

2020 – 2021
sHare sHare to GDP

rM Million
coMPonent (%) (%)
2020 20213 2020 20213 2020 20213

Offshore borrowings 559,560 589,479 58.4 57.8 39.5 38.9
Medium-and long-term debt 360,997 382,627 37.7 37.5 25.5 25.3
Public sector 143,934 164,736 15.0 16.2 10.2 10.9
Federal Government 23,672 28,415 2.5 2.8 1.7 1.9
Public corporations 120,262 136,321 12.5 13.4 8.5 9.0
Private sector 217,063 217,890 22.7 21.3 15.3 14.4
Short-term debt 198,563 206,853 20.7 20.3 14.0 13.6
Non-resident holdings of ringgit-denominated
220,103 244,828 23.0 24.0 15.5 16.2
debt securities
Medium-and long-term debt 210,811 233,045 22.0 22.8 14.9 15.4
Others1 10,751 12,434 1.1 1.2 0.8 0.8
Short-term debt 9,292 11,782 1.0 1.2 0.6 0.8
Non-resident deposits 94,497 93,542 9.8 9.1 6.7 6.2
Others2 83,983 92,816 8.8 9.1 5.9 6.1
Total 958,144 1,020,665 100.0 100.0 67.6 67.4
1
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

Public Sector 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%).
Public sector debt comprises outstanding debt
obligations of the Federal Government, state The net increase in NFPCs debt to RM309.9
governments, non-financial public corporations billion was attributed to the loan drawdown
(NFPCs), and sovereign-guaranteed debts of for ongoing infrastructure projects as well
statutory bodies. As at end-June 2021, public as issuances of bonds abroad by public
sector debt increased to RM1,355 billion or corporations. In addition, the statutory
89.5% to GDP, mainly contributed by higher bodies’ debt increased to RM86.7 billion due
Federal Government debt resulting from to additional guaranteed loans raised by the
borrowings to finance deficit and COVID-19 Federal Land Development Authority (FELDA)
assistance and stimulus packages announced and LPPSA for their investment and refinancing
during the year. The Federal Government debt purposes.
taBle 4.6. Public Sector Debt

2020 – 2021
sHare sHare to GDP

rM Million
coMPonent (%) (%)
2020 20211 2020 20211 2020 20211
Domestic 851,284 924,784 67.8 68.2 60.1 61.1
Offshore 28,276 33,604 2.3 2.5 2.0 2.2
Statutory bodies 80,660 86,735 6.4 6.4 5.7 5.7
Domestic 80,660 86,735 6.4 6.4 5.7 5.7
of which: Guaranteed 80,660 86,735 6.4 6.4 5.7 5.7
Offshore - - - - - -
Non-financial public corporations 294,875 309,948 23.5 22.9 20.8 20.5
Domestic 181,809 180,440 14.5 13.3 12.8 11.9
Offshore 113,066 129,508 9.0 9.6 8.0 8.6
Total 1,255,095 1,355,071 100.0 100.0 88.6 89.5
1
End-June 2021
Outlook for 2022 2021 – 2025, with a development expenditure

ceiling of RM400 billion, is expected to
The Government will continue its expansionary increase Federal Government borrowings.
fiscal policy in the 2022 Budget to ensure As such, gross financing requirements,
the rakyat’s well-being, protecting businesses including additional allocation for the
continuity and revitalising the economy. In COVID-19 Fund, are expected to remain
addition, the Twelfth Malaysia Plan (12MP), sizeable at around 12% to GDP.

Given the sufficient liquidity, the Government’s will be contingent on the pace of economic
borrowing strategy will continue to prioritise recovery. Subsequently, the Government aims
domestic market issuance to balance the to gradually reduce its level of indebtedness
financing costs with acceptable risk exposure and strengthen debt affordability.
over the medium term. The composition
of conventional and Shariah-compliant
instruments will be distributed over a Conclusion
range of maturities to ensure a well-spread
maturity spectrum in view of market demand. The Federal Government has demonstrated
a credible track record in consolidating its
Furthermore, the accommodative monetary
debt level post-crisis, aided by pragmatic
policy, availability of a deep domestic market
fiscal policy and strong execution of national
and the diversity of investor base will further
development plans. As the country relies on
support the Government’s funding needs.
expansionary measures to ensure a durable
and sustainable recovery, it is crucial for
The COVID-19 pandemic has elevated the
the Government to optimise the utilisation
Federal Government’s debt level due to the
of resources to bolster the economy
provision of additional assistance and stimulus while cognisant of its medium-term fiscal
packages. Thus, the Federal Government sustainability. Thus, the gradual reopening
overall debt is projected to reach 66% to GDP, of economic sectors will facilitate the
while its statutory debt at 63.4% by the end transition towards the new norm, which will
of 2022, lower than the new debt threshold of further boost growth and ease the need for
65% to GDP as approved by the Parliament. further fiscal support. Debt management
In this regard, the Government remains policy will continue to uphold the principles
committed to adhering to the statutory debt of accountability and transparency while
limit stipulated in the respective Acts. Moving ensuring debt sustainability in the medium
forward, the degree of fiscal consolidation term.

FIGURE 4.1. Issuance by Maturity FIGURE 4.2. BTC Ratios of MGS and MGII
% RM billion Ratio
100 25 4.0
3.5
80 41.8% 20
50.9% 49.2% 49.8% 3.0
57.0%
15 2.5
60
2.0
40 10 1.5
1.0
20 5
0.5
0 0 0.0
2017 2018 2019 2020 2021 2017 2018 2019 2020 20211
T-BILLS 15- TO 20-YEAR TOTAL MONTHLY ISSUANCE
3- TO 7-YEAR 30-YEAR
BTC (RIGHT SCALE)
10-YEAR AVERAGE BTC (RIGHT SCALE)
FIGURE 4.3. MGS Benchmark Yield Curve FIGURE 4.4. MGS Indicative Yields
% %
5.0 5.5
4.5
4.6
4.0
3.987
3.7
3.5
3.196
3.0
2.8 2.683
2.34
2.5
1.9 1.75
2.0
1.5 Year 1.0

3 5 7 10 15 20 30 2017 2018 2019 2020 20211
2019 3-YEAR 10-YEAR OPR

2020 20-YEAR
5-YEAR
20211
FIGURE 4.5. Federal Government Debt Composition

RM billion % GDP
1,000 70
60
800
50
600
40
400 30
20
200
10
0 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20212
OFFSHORE BORROWINGS MGII STATUTORY DEBT-TO-GDP (RIGHT SCALE)

OTHER DOMESTIC DEBT MGS STATUTORY DEBT CEILING (RIGHT SCALE)
1
End-August 2021
2
End-June 2021
Source: Ministry of Finance, Malaysia, Bank Negara Malaysia and Bloomberg

FIGURE 4.6. Federal Government Debt by Holder1 FIGURE 4.7. Non-Resident Holdings of
Ringgit-Denominated Debt Securities
RM billion %
100 60
34.4%
31.1%
80
24.1% 50
40.4
60
27.4%
15.7% 40
40 13.0%
5.5% 30 25.3
20
2.9% 2.9%
1.9%
2.9% 0 20
26.9%
33.6%
Central bank, supranational

and sovereigns
Fund manager
Pension funds
Banking institutions
Insurance companies
Others
4.6%
10
EPF BANKING 0
INSTITUTIONS 2017 2018 2019 2020 20211
INSURANCE
COMPANIES KWAP
DFIs OTHERS
MGS
NON RESIDENT
DOMESTIC DEBT
FIGURE 4.8. Federal Government Debt by FIGURE 4.9. Debt Service Charges
Remaining Maturity
RM billion RM billion % revenue
500 50 20
400 40 16
300 30 12
200 29.1% 20 8
30.8% 29.7%
19.9% 22.1%
100 10 4
0 0 0
2017 2018 2019 2020 20211 2017 2018 2019 2020 2021
< 5 YEARS 11-15 YEARS OFFSHORE BORROWING

6-10 YEARS ≥16 YEARS DOMESTIC LOANS
% REVENUE (RIGHT SCALE)
FIGURE 4.10. Debt Maturity Profile

RM billion
120
100
80
60
40
20
0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
MGS OTHER DOMESTIC DEBT

MGII OFFSHORE BORROWINGS
1
End-June 2021

s ecti o 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 x posur 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 fiscal risk and liability
section 5
Fiscal Risk and Liability
Overview liabilities on the fiscal position. The

Government will continue to pursue recovery
actions to mitigate this risk exposure from
The prolonged COVID-19 pandemic has 1MDB’s obligations.
disrupted business activities and the livelihood
of the rakyat. The situation requires the
Government to further support economic
activity through various stimulus and Debt and Liabilities
assistance packages, either from direct fiscal
injection or non-fiscal measures such as special
Exposure
relief funds and micro-credit schemes as well
as through quasi-fiscal instruments such as The debt and liabilities exposure of the Federal
guarantee facilities for businesses. The current Government discloses the overall indebtedness
situation, where the pandemic is still unfolding, of the Government. The position comprises the
and the provision of fiscal stimulus and Federal Government debt and other liabilities
assistance measures needs to be continued, in the form of committed guarantees, 1MDB’s
has elevated the Government’s risk exposure. debt as well as cash commitments of projects
Nevertheless, mitigating measures, in particular under public-private partnership (PPP), private
rigorous evaluation as well as continuous finance initiative (PFI) and PBLT Sdn. Bhd.
monitoring and adjustments of financials and (PBLT). The reporting of a comprehensive
debts, are implemented to reduce the impact debt and liabilities position is also consistent
of the exposure. with the Government’s efforts to progress
towards accrual accounting standards and
Government guarantees continue to increase, statistical treatment under the International
albeit at a much slower pace, as existing Public Sector Accounting Standards (IPSAS) as
development and infrastructure projects are well as the Public Sector Debt Statistics by the
being carried out sparingly. The continuation of International Monetary Fund (IMF). As at end-
strategic infrastructure projects is to catalyse June 2021, the Federal Government debt and
recovery momentum while spurring economic liabilities exposure was estimated at RM1,333.7
activities amid the pandemic. However, the billion or 88.1% to GDP.
extended movement restrictions imposed to
tABLe 5.1. Federal Government Debt and
curb the spread of the pandemic have increased Liabilities Exposure,
the Government’s risk exposure in terms of 2020 – 2021
support provided to entities operating in the
services sector, such as the public transport
sHARe to GDP
operators and highway concessionaires. The RM BiLLion
coMPonent (%)
situation demands the Government to heighten
the monitoring and evaluation of financial 2020 20211 2020 20211
conditions of these companies to quantify the Federal
879.6 958.4 62.1 63.3
risks and formulate mitigating measures to Government debt
reduce its fiscal exposure. Committed
185.7 190.4 13.1 12.6
guarantees
In the effort to contain the exposure of other
1MDB 31.1 32.0 2.2 2.1
liabilities, the Government has proceeded
with the recovery of 1Malaysia Development Other liabilities
171.8 152.9 12.1 10.1
(PPP, PFI, PBLT)
Berhad’s (1MDB) assets. The actions consist
of negotiations with related parties, legal Total 1,268.2 1,333.7 89.5 88.1
proceedings and civil suits. The recovery
exercise has enabled the Government to 1
End-June
reduce the financial impact from 1MDB’s Source: Ministry of Finance, Malaysia

loan facility and ongoing public infrastructure

Government Guarantees projects, respectively. In terms of proportion
by segment, more than half (54.2%) of the
Government guarantee (GG) is one of the fiscal GGs issued are for infrastructure-related
tools mobilised by the Federal Government to financing, followed by services (26.6%),
provide a guarantee on financing raised by investment holding (8.3%), utilities
an entity to execute strategic infrastructure (6.8%) and others (4.1%). The ten main GGs
projects and programmes which will boost constituted more than 80% of the total
economic and social impact on national guarantees.
development. GG issuance is governed under
the Loans Guarantee (Bodies Corporate) Act The weighted average time to maturity of the
1965 [Act 96], which requires each guaranteed GGs stood at 10.9 years as at end-June 2021,
entity to be gazetted as a body corporate while in terms of maturity profile, 52.8% is
under the Act. Currently, the GG facility is expected to mature within ten years,
only granted to government-related entities, whereas 47.2% is expected to mature beyond
such as government-linked companies (GLCs), ten years. Currency risk is largely reduced as
statutory bodies as well as agencies under more than 90% of the GGs is denominated
state governments. in ringgit while the remaining is a mixture of
other currencies, such as renminbi, yen and
As at end-June 2021, total outstanding the US dollar.
GGs increased slightly to RM300.4 billion or
19.8% to GDP (2020: RM294.7 billion; 20.8% Conventionally, GG is a facility given to
to GDP), mainly attributed to new issuances financially sustainable entities to undertake
by the Public Sector Home Financing Board strategic projects that have a longer gestation
(LPPSA) and DanaInfra Nasional Berhad period. It also facilitates the entities in
(DanaInfra) to finance civil servants housing accessing borrowing at a more competitive
tABLe 5.2. Major Recipients of Loan Guarantees,

2020 – 2021
sHARe sHARe to GDP

RM MiLLion
entitY (%) (%)
2020 20211 2020 20211 2020 20211

Total loan guarantees 294,675 300,435 100.0 100.0 20.8 19.8
of which:
DanaInfra Nasional Berhad 72,320 76,020 24.5 25.3 5.1 5.0
National Higher Education Fund Corporation 39,800 40,000 13.5 13.3 2.8 2.6
Prasarana Malaysia Berhad 38,914 38,914 13.2 12.9 2.8 2.6
Public Sector Home Financing Board 30,150 34,150 10.2 11.4 2.1 2.3
Malaysia Rail Link Sdn. Bhd. 21,530 23,177 7.3 7.7 1.5 1.5
Projek Lebuhraya Usahasama Berhad 11,000 11,000 3.7 3.7 0.8 0.7
Khazanah Nasional Berhad 11,300 9,000 3.8 3.0 0.8 0.6
Pengurusan Air SPV Berhad 9,760 8,025 3.3 2.7 0.7 0.5
Suria Strategic Energy Resources Sdn. Bhd. 6,951 7,276 2.4 2.4 0.5 0.5
GovCo Holdings Berhad 7,200 5,700 2.5 1.9 0.5 0.4
Total of major recipients 248,925 253,262 84.4 84.3 17.6 16.7
1
End-June

financing rate. However, in certain situations, Turus Pesawat Sdn. Bhd., a Minister of Finance
entities with GG facilities may also require Incorporated (MOF Inc.) company that funds
funding from the Government to assist them aircraft procurement for Malaysia Airlines,
in debt servicing, working capital assistance was classified as a committed guarantee,
or cash flow support. Hence, GGs provided to in line with its restructuring exercise, which
such entities are categorised as committed involves funding from the Government for debt
guarantees. The entities under this category repayment.
are provided guarantees under Act 96 or
financial undertakings under Section 141 of the In this regard, the Government will
Financial Procedure Act 1957 [Act 61]. continuously monitor the impact of the
COVID-19 crisis on all GG recipients in
As at end-June 2021, committed guarantees assessing the risks of the entities requiring
saw a slight increase to RM190.4 billion (12.6% assistance from the Government. Concurrently,
to GDP) from RM185.7 billion (13.1% to GDP) in the financial performance of the companies
2020, primarily due to issuances by DanaInfra under committed guarantees is closely
and Malaysia Rail Link Sdn. Bhd. in carrying monitored while ensuring implementation of
out existing transport infrastructure projects. a recovery plan to reduce the risk exposure to
With various movement restrictions enforced the Government. The entities will be removed
to contain the spread of COVID-19, there is an from the list under committed guarantees once
increased risk from GG recipients, particularly they no longer require financial assistance
those operating in the services sector. Hence, from the Government.
tABLe 5.3. Committed Guarantees,

2020 – 2021
sHARe
RM MiLLion
entitY (%)
2020 20211 2020 20211
DanaInfra Nasional Berhad 72,320 76,020 38.9 39.9

Prasarana Malaysia Berhad 38,914 38,914 21.0 20.4
Malaysia Rail Link Sdn. Bhd.2 21,530 23,177 11.6 12.2
Urusharta Jamaah Sdn. Bhd. 20,683 21,097 11.1 11.1
Suria Strategic Energy Resources Sdn. Bhd.2 6,951 7,276 3.7 3.8
GovCo Holdings Berhad 7,200 5,700 3.9 3.0
Jambatan Kedua Sdn. Bhd.2 5,528 5,514 3.0 2.9
Turus Pesawat Sdn. Bhd. 5,310 5,310 2.9 2.8
MKD Kencana Sdn. Bhd. 3,500 4,500 1.9 2.4
SRC International Sdn. Bhd. 2,485 1,785 1.4 0.9
Sentuhan Budiman Sdn. Bhd. 800 750 0.4 0.4
TRX City Sdn. Bhd. 253 192 0.1 0.1
Assets Global Network Sdn. Bhd. 253 202 0.1 0.1
Total 185,727 190,437 100.0 100.0
1
End-June
2
Subject to exchange rate valuation
1
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.

tABLe 5.4. 1MDB’s Debt,

1Malaysia Development as at end-June 2021
Berhad
PRinciPAL
RAte MAtURitY
coMPonent
1MDB was established as a MOF Inc. company (%) PeRioD (UsD (RM
BiLLion) BiLLion)
in 2009 to spearhead strategic development
Government
in the country. However, its heavy reliance on
Guarantee
debt capital and poor corporate governance
May
led to cash flow complications beginning late- Sukuk 5.75 - 5.00
2039
2014 and subsequently requiring assistance
from the Government. As at end-June 2021, IPIC-MOF Inc.
1MDB’s outstanding debt remained at May
1MDB Energy Ltd 5.99 1.75 7.271
RM32 billion. 2022
1MDB Energy October
5.75 1.75 7.271
(Langat) Ltd 2022
A total of RM18.2 billion worth of assets linked
to 1MDB has since been seized or recovered Letter of Support
and placed into the Assets Recovery Trust March
Global bond 4.44 3.00 12.461
Account under the custody of the Accountant 2023
General’s Department. The assets recovered
Total 32.00
include the seizure of physical assets and cash
as well as cash settlements by related parties 1
Subject to exchange rate valuation
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 Inc., amounting to almost RM10 billion as
addition to the settlement proceeds paid to well as utilisation of the Trust Account. The
the Government, the former arranger of bond outstanding balance of the Trust Account,
issuances for 1MDB, Goldman Sachs, will assist which also earns placement profits (hibah),
and guarantee a minimum of USD1.4 billion stood at RM15.3 billion and is currently
asset recovery. sufficient to cover 1MDB’s obligations up to
2022. 1MDB’s overall outstanding financial
As of September 2021, the Government has obligations, composing of both principal
paid up to RM12.8 billion for 1MDB’s financial (RM32.2 billion) and interests or profits
commitments and debt servicing via loans on the debt (RM7.1 billion), amounted to
and advances from the Government or MOF RM39.3 billion.
1MDB’S Asset Recovery Progress
Jan - Sept
2019 2020 2021
RM1.47 RM12.68 RM4.08
billion billion billion

Other Liabilities PBLT, a wholly-owned company by MOF Inc.,

was established in 2005 to raise funding and
undertake infrastructure projects, including
Other financial liabilities of the Government
the construction of quarters, police stations,
include commitments under the PPP and PFI
training centres and other facilities for the
projects as well as financing raised by PBLT
police force. There has been no new funding
to develop infrastructure projects for the
Royal Malaysia Police. Projects implemented raised by PBLT since 2015, and the outstanding
under the PPP approach may involve a certain liabilities of PBLT were estimated at RM4 billion
fiscal cost to the Government, while some are as at end-June 2021.
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 Conclusion
management system (e-Tanah) for Perak with
a commitment of about RM249 million up to
Moving forward, risk disclosure by the
2032. The total outstanding cash commitments
Government will continue to be enhanced to
based on 98 PPP projects agreements from
provide a more comprehensive assessment of
2021-2047 were estimated at RM102.8 billion.
the Government’s exposure. With heightened
risk exposure stemming from the effects of
Liabilities under PFI projects are in the form of
financing provided by the Employees Provident the pandemic, increased oversight and scrutiny
Fund (EPF) and Retirement Fund Incorporated as well as the formulation of mitigation
(KWAP) to facilitate the implementation of measures is pertinent to cushion the impact
infrastructure development projects, including on Government’s fiscal position. As such,
construction and refurbishment of schools, the Government is embarking on reforms to
hospitals, universities and training centres as strengthen its fiscal discipline and enhance its
well as maintenance of government buildings. governance, particularly in the management of
As at end-June 2021, outstanding PFI liabilities state-owned enterprises, to minimise the risk
were estimated at RM46.1 billion. exposure from possible distressed companies.

FIGURE 5.1. Outstanding Loan Guarantees FIGURE 5.2. Maturity Profile of Loan Guarantees1
RM billion % GDP RM billion Share (%)

300 24 120
36.1% 35.4%
19.8%
250 20 100
200 16 80
150 12 60 16.7%
100 8 40 11.8%
50 4 20
0 0 0
2016 2017 2018 2019 2020 20211 < 5 years 6 - 10 years 11 - 15 years > 16 years
LOAN GUARANTEES
% GDP (RIGHT SCALE)
FIGURE 5.3. Loan Guarantees by Segment1
2.2% 1.9%
6.8%
8.3%
INFRASTRUCTURE
SERVICES
INVESTMENT HOLDING RM300.4
54.2%
UTILITIES billion
FINANCIAL
26.6%
PLANTATION
FIGURE 5.4. Outstanding PPP Obligations by Sector1
2.5%
3.8%
SOCIAL
31.2%
GENERAL ADMINISTRATION RM102.8
ECONOMIC billion 62.5%
SECURITY
30.8%
1
End-June 2021
Source: Ministry of Finance and Public Private Partnership Unit (UKAS), Prime Minister’s Department, Malaysia

s ecti o 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 consolidated public sector
section 6
Consolidated Public Sector
Consolidated Public incur deficit due to sizeable development

expenditure (DE), reflecting significant capital
Sector investments to yield long-term social and
economic benefits. In contrast, NFPCs’ deficit
Malaysia’s consolidated public sector (CPS) reflects capital expenditure that is commercial
consists of general government units and in nature for income generation.
non-financial public corporations (NFPCs).
The purpose of reporting CPS financial In 2021, the CPS current surplus is anticipated
position is to estimate the overall size of to rise to RM61.8 billion (2020: RM55.9 billion),
the public sector, measure the impact of its mainly due to higher Federal Government
activities on the economy and identify the revenue. In addition, the consolidated DE of
sources of fiscal risks. The CPS framework the public sector is expected to rise by 19.3%
requires all intra-transfers and net lending to RM140.1 billion (2020: RM117.5 billion),
to be netted off from each public sector in line with higher investments to revive
unit to represent its financial position as a economic activities, particularly by the Federal
consolidated entity. Government and NFPCs. After taking into
account the COVID-19 Fund expenditure and
The assessment of the financial performance netting off intra-transactions between units,
of the general government differs from the the overall deficit of the public sector is
assessment of NFPCs. As a social-oriented anticipated to rise to RM117.4 billion or 7.7%
unit, general government balance tend to to GDP in 2021 (2020: RM99.5 billion; 7%).
tABLe 6.1. Consolidated Public Sector Financial Position,

2020 - 2022
cHAnGe
RM MiLLion
(%)
2020 20212 20223 2020 20212 20223
Revenue 248,349 254,334 257,268 -1.7 2.4 1.2

Operating expenditure 263,556 258,830 271,947 -11.6 -1.8 5.1
Current balance -15,207 -4,496 -14,679 -66.6 -70.4 226.5
NFPCs current surplus 71,152 66,260 87,969 -44.6 -6.9 32.8
Public sector current balance 55,945 61,764 73,290
Development expenditure 117,460 140,095 155,478 -12.6 19.3 11.0
General government 55,621 66,158 80,766 -4.0 18.9 22.1
NFPCs 61,839 73,937 74,712 -19.2 19.6 1.0
COVID-19 Fund 1
37,980 39,039 23,000 2.8 -41.1
Overall balance -99,495 -117,370 -105,188
% to GDP -7.0 -7.7 -6.4
1
2
Revised estimate
3

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. 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, System of
and accumulation of assets and National Accounts
liabilities. 2008 Summarises economic transactions
(2008 SNA) between residents of an economy and
nonresidents during a specific period.
Balance of
Payments and Shows the value of the financial
Monetary and
Financial Statistics International assets and liabilities stock
Manual and Investment positions between residents of
Assesses monetary Compilation Position Manual, an economy and non
conditions and the impact of Guide 2016 Sixth Edition
residents at a reporting date.
monetary policy on the money (BPM6), 2009
and capital markets.
Government
Finance Statistics
Manual 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

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. Main Components of The Public Sector
Public Sector
General Public
Government Corporations
Central State Local Public Nonfinancial Public Financial

Government* Governments Governments Corporations 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
Closing balance
Opening balance sheet Transactions Other economic flows
sheet
Revenue
Expenditure
Expense
= Net operating Change Change

Net worth Net worth
balance in net worth in net worth
Investment
Nonfinancial Nonfinancial Nonfinancial Nonfinancial
nonfinancial
assets assets assets assets
assets
= Net lending / Holding Other volume

net borrowing gains/losses changes
Acquisition of Financial Financial Financial

Financial assets
financial assets assets assets assets
Incurrence of
Liabilities Liabilities Liabilities Liabilities
liabilities

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 Shows the influence on the financial

Integrated
reporting period (revenue, expense, Statement Statement of position:
change in stock of capital assets and of Flows and Transactions
Operations Stock Other economic flows
financing)
Position i. Holding gains/losses
ii. Other volume changes in assets/
liabilities
Shows the stock positions of assets, Shows the total amount of cash
liabilities, and net worth of public sector
Statement of Statement of generated or spent through operations
Total Changes Sources and and transactions in nonfinancial assets,
unit at the beginning and end of in Net Worth Uses of Cash
accounting period 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.

tABLe 1. Status for Government Finance Statistics Manual 2014 Reporting: Malaysia
institUtionAL sectoRs
Budgetary central government • Official GFSM 2014 • Statistical discrepancy • Official GFSM 2014
(BCG) submission based on checking of BCG submission based on
– Federal Government cash data data for GFSM 2014 accrual data
• Development of reporting, simulated
Chart of Accounts using Federal
to map AG accrual Government’s 2018
accounting codes to accrual data
GFSM 2014 codes
• Development of BCG
data compilation
sheet for GFSM 2014
reporting
Extrabudgetary funds • Redesign, restructure • Refinement of data • Revision of Federal
– Federal Statutory Bodies and adopt new data collection template Statutory Bodies’
collection template to • Checking of coverage to be more
align with GFSM 2014 consolidated data for comprehensive
classification statistical discrepancy
State governments • Engagement with
state governments
to improve data
collection as per GFSM
2014 requirements
Local governments • Redesign, restructure • Refinement of data
and adopt new data collection template
collection template to • Checking of
align with GFSM 2014 consolidated data for
classification statistical discrepancy
• Comprehensive
coverage of local
governments
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.

tABLe 2. ASEAN Countries’ Reporting for Government Finance Statistics Manual 2014
BUDGetARY centRAL centRAL GeneRAL

coUntRies
GoVeRnMent (BcG) GoVeRnMent GoVeRnMent
1 Brunei NA NA NA
2 Cambodia / / NA
3 Indonesia NA / /
4 Lao PDR / NA NA
5 Malaysia /* NA NA
6 Myanmar / / /
7 Philippines / NA NA
8 Singapore / / /
9 Thailand / / /
10 Viet Nam 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.
and Preceding Remote Support (March 4-8, 2019). International Monetary Fund.
(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

General Government With revenue declining at a faster pace than

OE, the general government’s current surplus
is expected to fall to RM23.5 billion
The general government sector in Malaysia (2020: RM28.3 billion). In contrast, the
comprises the Federal Government, state consolidated DE is projected to rise by 22.3%
governments, local governments and Federal to RM68.5 billion, mainly due to higher Federal
Statutory Bodies1 that undertake principal Government DE. With the Federal Government’s
economic functions of the government. The additional spending from the COVID-19 Fund,
functions include providing non-commercial total expenditure is expected to increase
public goods and services, ensuring income to RM366.8 billion (2020: RM358.1 billion).
and wealth redistribution, and financing Consequently, after netting off intra-transfers
activities primarily through taxation or and net lending, the general government’s
transfers. The purpose of reporting the general overall deficit is expected to increase to
government’s financial position is to evaluate RM84 billion or 5.5% to GDP in 2021
its performance and the overall impact of (2020: RM65.6 billion; 4.6%).
government operations on the economy.
The general government’s overall deficit is
The consolidated general government primarily financed by Federal Government
revenue is expected to decline by 3.3% to borrowings and accumulated reserves. All state
RM282.9 billion in 2021, particularly due to governments2 and Federal Statutory Bodies
the lower revenue of the Federal Government may borrow only from or with the approval
and Federal Statutory Bodies. Similarly, the of the Federal Government, while local
consolidated operating expenditure (OE) is governments3 may borrow with the consent of
estimated to be lower by 1.8% at RM259.3 the respective state governments. Thus, the
billion, mainly attributed to the expenditure credit risk exposure of the general government
rationalisation by the Federal Government. is contained at the Federal Government level.
tABLe 6.2. Consolidated General Government Financial Position,

2020 – 2022
cHAnGe
RM MiLLion
(%)
2020 20212 20223 2020 20212 20223
Revenue 292,427 282,859 294,347 -10.4 -3.3 4.1
Operating expenditure 264,090 259,316 272,317 -11.5 -1.8 5.0
Current balance 28,337 23,543 22,030
Development expenditure 55,987 68,464 82,052 -3.7 22.3 19.8
COVID-19 Fund 1
37,980 39,039 23,000 2.8 -41.1
Overall balance -65,630 -83,960 -83,022
% to GDP -4.6 -5.5 -5.1
1
2
Revised estimate
3
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.

roads in Selangor, and implementing water

State Governments supply projects in Pahang and Kedah. Hence,
the consolidated total expenditure of state
The state governments’ consolidated revenue governments is forecast to be higher by 14.4%
in 2021 is estimated to increase by 3% to to RM27.2 billion.
RM35.4 billion or 2.3% to GDP, of which
RM28.7 billion or 81.1% is from state-generated Overall, the consolidated state governments’
revenue (2020: RM27 billion; 78.5%), while the current balance is estimated at RM20.2 billion
balance is from Federal Government transfers or 57% of total consolidated revenue. The state
and grants. The main sources of their revenue governments’ overall balance is also estimated
are sales tax, petroleum royalties, investment to register a surplus of RM8.7 billion.
income, land premiums and land taxes. In
terms of state-generated revenue, Sarawak,
tABLe 6.3. Consolidated State Governments’
Sabah, Selangor, Terengganu and Johor are Financial Position,
the main contributors, accounting for 85.5% or 2020 - 2021
RM24.5 billion.
RM MiLLion cHAnGe
Tax revenue is estimated at RM9.5 billion or (%)
26.7% of the total consolidated revenue. Direct
2020 20211 2020 20211
tax collection is projected at RM3.5 billion,
mainly tax on natural resources such as land, Revenue 34,414 35,435 2.1 3.0
mines and forestry. Indirect tax is expected to Operating
record RM6 billion or 63.3% of tax revenue, 14,003 15,221 13.2 8.7
expenditure
mainly attributed to sales tax4 on petroleum
Current balance 20,411 20,214
products amounting to RM4.2 billion.
Gross development
9,782 11,996 -11.5 22.6
Non-tax revenue is expected to register expenditure
RM12.6 billion or 35.6% of the total Development
consolidated revenue. The main components 9,774 11,832 -11.3 21.1
Fund
are petroleum royalties (RM3.7 billion),
Water Supply
investment income (RM3.2 billion) and land 8 164 -78.4 1950.0
Fund
premiums (RM2.1 billion). Non-revenue receipts
of RM13.3 billion comprise mainly grants from Less: Loan recovery 666 476 -11.5 -28.5
the Federal Government. The grants include Net development
Capitation Grants, which is based on annual 9,116 11,520 -11.5 26.4
expenditure
population projection, operating grants under
Overall balance 11,295 8,694
the Concurrent List of the Federal Constitution
and service charges for the involvement of % to GDP 0.8 0.6
states’ employees in Federal development
projects. 1
Estimate
The consolidated state government OE

is projected to increase by 8.7% to
RM15.2 billion (2020: 13.2%; RM14 billion) Non-Financial Public
mainly due to higher supplies and services as
well as emoluments. Similarly, consolidated Corporations
DE is expected to increase by 22.6% to
RM12 billion (2020: -11.5%; RM9.8 billion). The inevitable economic downturn has forced
For the year, major development projects many economic sectors to adapt quickly
undertaken include developing rural areas to survive the crisis, particularly from the
in Sarawak, agriculture programmes and impact of the movement control restrictions
projects in Sabah, construction and upgrading 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.

continuing to operate, the non-financial public to record better performance as providers

corporations (NFPCs) are also adapting to of essential services during the pandemic.
the new normal and better prepared to Meanwhile, the pandemic has led companies,
face future disruptions. As at end-2020, the in particular, in the transportation and utility
consolidated net assets of NFPCs were lower at subsectors to reformulate their business
RM457.4 billion (2019: RM515.1 billion) due to strategies through digitalisation. Consequently,
high impairment. Nevertheless, the availability NFPCs’ revenue is projected to register a
of quality assets and robust revenue streams slower growth of 4.4% to RM310.2 billion
enable the NFPCs to finance their investments or 20.5% to GDP as most NFPCs’ business
through retained earnings and borrowings. portfolio is not under telecommunications,
healthcare, and energy subsectors.
FIGURE 6.1. NFPCs’ Assets and Liabilities,
End-2020 The NFPCs’ total expenditure for 2021 is
estimated to increase to RM343.6 billion
(2020: RM331 billion) or 22.7% to GDP in
RM billion
line with business expansion and investment
1,000
requirements. Of the total, current expenditure
is expected to account for 78.5%, while the
balance is for capital expenditure. Given the
800 Net assets:
RM457.4 bilion Government’s policy to support the economy
and gradually relax the MCO through the
600
National Recovery Plan, NFPCs will continue
their investment activities. Among the ongoing
RM977.1 bilion
projects include the Mass Rapid Transit
400 Putrajaya Line and Light Rail Transit Line 3.
RM519.7 billion
However, the MCO affects other projects such
Including debt: as the construction of the gas development
200 RM247.2 billion project in Sabah and Sarawak, hydropower
development, and digitalisation infrastructure.
With further widening of vaccination program
0 coverage and the gradual reopening of the
economy, NFPCs are expected to normalise
TOTAL ASSETS their operations and improve their financial
TOTAL LIABILITIES performance in 2022.
tABLe 6.4. Consolidated Non-Financial Public

Corporations1 Financial Position,
2020 – 2021
With some countries and sectors recovering RM MiLLion cHAnGe

faster than others, the NFPCs’ consolidated (%)
financial position is expected to record a
2020 20212 2020 20212
modest current surplus of RM40.5 billion in
2021 (2020: RM28 billion), compared to the Revenue 297,146 310,154 -22.8 4.4
pre-crisis level averaging RM60 billion. Current
Nevertheless, the global economic, regulatory, 269,172 269,627 -18.4 0.2
expenditure
and political dynamics require NFPCs to incur a
Current balance 27,974 40,527
significant capital expenditure of RM73.9 billion.
Hence, the overall deficit for 2021 is projected Capital
61,839 73,937 -19.2 19.6
to slightly improve at RM33.4 billion expenditure
(2020: RM33.9 billion) or 2.2% to GDP.
Overall balance -33,865 -33,410
Most economic sectors continue to grow at a % to GDP -2.4 -2.2

slower pace due to Movement Control Order
(MCO). However, the telecommunication, 1
Refers to 26 major NFPCs
2
Estimate
healthcare and energy subsectors are expected Source: Ministry of Finance, Malaysia

statistik kewangan awam | public finance statistics
Statistik Kewangan
Awam
Public Finance
Statistics
tinjauan fiskal fiscal outlook 2022 207
4. Jadual Fiskal 2022.indd 207 18/10/2021 6:09 PM

SENARAI STATISTIK KEWANGAN AWAM

LIST OF PUBLIC FINANCE STATISTICS
No. Jadual
Table No.
Kewangan Kerajaan Persekutuan 1.1

Federal Government Finance
Hasil Kerajaan Persekutuan 2.1

Perbelanjaan Mengurus Kerajaan Persekutuan mengikut Komponen 3.1

Federal Government Operating Expenditure by Component
Perbelanjaan Mengurus Kerajaan Persekutuan mengikut Sektor 3.2

Federal Government Operating Expenditure by Sector
Perbelanjaan Pembangunan Kerajaan Persekutuan mengikut Sektor 3.3

Federal Government Development Expenditure by Sector
Pinjaman Bersih Kerajaan Persekutuan 4.1

Federal Government Net Borrowings

Hutang Kerajaan Persekutuan mengikut Pemegang 4.2
Federal Government Debt by Holder
Hutang Luar 4.3

External Debt
Jaminan Pinjaman 5.1

Loan Guarantees

Kedudukan Kewangan Sektor Awam Disatukan 6.1
Consolidated Public Sector Financial Position
Kedudukan Kewangan Kerajaan Negeri Disatukan 6.2

Consolidated State Governments Financial Position
Kedudukan Kewangan Kerajaan Tempatan Disatukan 6.3

Consolidated Local Governments Financial Position
Kedudukan Kewangan Badan Berkanun Disatukan 6.4

Consolidated Statutory Bodies Financial Position

Kedudukan Kewangan Syarikat Awam Bukan Kewangan Disatukan 6.5
Consolidated Non-Financial Public Corporations Financial Position

1.1. KEWANGAN KERAJAAN PERSEKUTUAN 1.1. FEDERAL GOVERNMENT FINANCE

RM juta RM million
2018 2019 2020 20214 20225
Hasil
232,882 264,415 225,076 221,023 234,011
Revenue
% perubahan
5.7 13.5 -14.9 -1.8 5.9
% change
Perbelanjaan mengurus
230,960 263,343 224,600 219,600 233,500
% perubahan
6.1 14.0 -14.7 -2.2 6.3
% change
Baki semasa
1,922 1,072 476 1,423 511
Current balance
Perbelanjaan pembangunan kasar
56,095 54,173 51,360 62,000 75,600
Gross development expenditure
% perubahan
25.0 -3.4 -5.2 20.7 21.9
% change
Perbelanjaan langsung
54,405 52,058 49,331 60,814 73,617
Direct expenditure
% perubahan
28.7 -4.3 -5.2 22.2 22.6
% change
Pinjaman kasar
1,690 2,115 2,029 1,186 1,983
Gross lending
Tolak: Terimaan balik pinjaman
788 1,603 1,259 800 600
Less: Loan recovery
Perbelanjaan pembangunan bersih
55,307 52,570 50,101 61,200 75,000
Net development expenditure
% perubahan
28.5 -4.9 -4.7 22.2 22.5
% change
Kumpulan Wang COVID-191
– – 38,019 39,000 23,000
COVID-19 Fund1
Baki keseluruhan
-53,385 -51,498 -87,644 -98,777 -97,489
Overall balance
% KDNK
-3.7 -3.4 -6.2 -6.5 -6.0
% GDP
Baki primer2
-22,838 -18,565 -53,149 -59,777 -54,389
Primary balance2
% KDNK
-1.6 -1.2 -3.8 -3.9 -3.3
% GDP
Sumber pembiayaan
Sources of financing
Pinjaman bersih luar pesisir
-320 6,977 -331 1,601 –
Net offshore borrowings
Pinjaman bersih dalam negeri
54,427 44,755 86,921 98,800 –
Net domestic borrowings
Perubahan aset3
-722 -234 1,054 -1,624 –
Change in assets3
1
Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 to
(COVID-19)) 2020 untuk membiayai pakej rangsangan dan pelan finance economic stimulus packages and recovery plan
pemulihan ekonomi 2
Excluding debt service charges
2
Tidak termasuk bayaran khidmat hutang 3
(+) indicates drawdown of assets; (-) indicates accumulation of assets
3
(+) menunjukkan pengurangan aset; (-) menunjukkan pertambahan 4
Revised estimate
aset
5
4
Anggaran disemak
5

2.1. HASIL KERAJAAN PERSEKUTUAN 2.1. FEDERAL GOVERNMENT REVENUE

RM juta RM million
2018 % 2019 % 2020 % 20213 % 20224 %
Cukai langsung
130,034 (55.8) 134,723 (51.0) 112,511 (50.0) 120,048 (54.3) 127,334 (54.4)
Direct tax
% perubahan
12.1 3.6 -16.5 6.7 6.1
% change
Cukai pendapatan
122,486 (52.6) 126,507 (47.8) 104,884 (46.6) 111,811 (50.6) 118,722 (50.7)
Income taxes
Syarikat
66,474 (28.5) 63,751 (24.1) 50,065 (22.2) 60,588 (27.4) 65,499 (28.0)
Companies
Individu
32,605 (14.0) 38,680 (14.6) 38,953 (17.3) 36,400 (16.5) 37,510 (16.0)
Individual
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
3,325 (1.4) 3,293 (1.2) 3,094 (1.4) 3,323 (1.5) 3,313 (1.4)
Withholding and others
Lain-lain 1
7,548 (3.2) 8,216 (3.2) 7,627 (3.4) 8,237 (3.7) 8,612 (3.7)
Others1
Cukai tidak langsung
44,026 (18.9) 45,843 (17.3) 41,887 (18.6) 41,782 (18.9) 44,040 (18.8)
Indirect tax
% perubahan
-28.6 4.1 -8.6 -0.3 5.4
% change
Duti eksport
1,725 (0.7) 1,126 (0.4) 746 (0.3) 1,406 (0.6) 1,610 (0.7)
Export duty
Petroleum 1,513 (0.6) 1,091 (0.4) 634 (0.3) 626 (0.3) 850 (0.4)
Lain-lain
212 (0.1) 35 (0.0) 112 (0.0) 780 (0.3) 760 (0.3)
Others
Duti import
2,897 (1.3) 2,733 (1.0) 2,346 (1.0) 2,330 (1.1) 2,500 (1.1)
Import duty
Duti eksais
10,779 (4.6) 10,511 (4.0) 9,855 (4.4) 9,760 (4.4) 10,200 (4.3)
Excise duties
Cukai jualan
3,971 (1.7) 15,385 (5.8) 14,767 (6.6) 14,241 (6.4) 14,560 (6.2)
Sales tax
Cukai perkhidmatan
1,473 (0.6) 12,283 (4.7) 12,006 (5.3) 12,287 (5.6) 13,000 (5.6)
Service tax
Cukai barang dan
perkhidmatan 20,236 (8.7) 0 (0.0) 0 (0.0) 0 (0.0) 0 (0.0)
Goods and services tax
Lain-lain
2,946 (1.3) 3,805 (1.4) 2,167 (1.0) 1,758 (0.8) 2,170 (0.9)
Others
Hasil bukan cukai 2
58,822 (25.3) 83,849 (31.7) 70,678 (31.4) 59,193 (26.8) 62,637 (26.8)
Non-tax revenue2
% perubahan
37.6 42.5 -15.7 -16.2 5.8
% change
Jumlah
232,882 (100.0) 264,415 (100.0) 225,076 (100.0) 221,023 (100.0) 234,011 (100.0)
Total
% perubahan
5.7 13.5 -14.9 -1.8 5.9
% change
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 2
Include licences, fees and permits, service fees, rental, interest and return
dan pulangan pelaburan, denda dan penalti, hasil daripada Wilayah on investment, fines and penalties, revenue from the Federal Territories
Persekutuan dan terimaan bukan hasil and non-revenue receipts
3
Anggaran disemak 3
Revised estimate
4
Anggaran belanjawan tidak termasuk langkah Bajet 2022 4
212 tinjauan fiskal fiscal outlook 2022

3.1. PERBELANJAAN MENGURUS KERAJAAN 3.1. FEDERAL GOVERNMENT OPERATING

PERSEKUTUAN MENGIKUT KOMPONEN EXPENDITURE BY COMPONENT
RM juta RM million
2018 % 2019 % 2020 % 20213 % 20224 %
Emolumen
79,989 (34.6) 80,534 (30.6) 82,996 (36.9) 84,529 (38.5) 86,510 (37.0)
Emoluments
Bayaran persaraan
25,177 (10.9) 25,894 (9.8) 27,533 (12.3) 27,581 (12.6) 28,067 (12.0)
Retirement charges
Bayaran khidmat hutang
30,547 (13.2) 32,933 (12.5) 34,495 (15.4) 39,000 (17.8) 43,100 (18.5)
Debt service charges
Dalam negeri
29,891 (12.9) 32,239 (12.2) 33,770 (15.0) 38,104 (17.4) 42,316 (18.1)
Domestic
Luar negeri
656 (0.3) 694 (0.3) 725 (0.4) 896 (0.4) 784 (0.4)
External
Pemberian dan serahan
kepada kerajaan negeri 7,605 (3.3) 7,574 (2.9) 7,669 (3.4) 7,745 (3.5) 7,927 (3.4)
Grants and transfers to state
governments
Pemberian di bawah
Perlembagaan 5,495 (2.4) 5,619 (2.1) 5,739 (2.5) 5,705 (2.6) 5,887 (2.5)
Constitutional grants
Pemberian/pindahan lain1
2,110 (0.9) 1,955 (0.7) 1,930 (0.9) 2,040 (0.9) 2,040 (0.9)
Other grants/transfers1
Perkhidmatan dan bekalan
35,283 (15.3) 31,507 (12.0) 29,323 (13.0) 23,265 (10.6) 30,367 (13.0)
Supplies and services
Subsidi dan bantuan sosial
Subsidies and social 27,516 (11.9) 23,901 (9.1) 19,769 (8.8) 16,701 (7.6) 17,352 (7.4)
assistance
Pembelian aset
447 (0.2) 770 (0.3) 631 (0.3) 415 (0.2) 533 (0.2)
Asset acquisition
Bayaran balik dan hapus
kira 883 (0.4) 893 (0.3) 654 (0.3) 511 (0.2) 375 (0.2)
Refunds and write-offs
Pemberian kepada badan
berkanun 13,763 (6.0) 13,780 (5.2) 10,291 (4.6) 13,190 (6.0) 14,066 (6.0)
Grants to statutory bodies
Lain-lain2
9,750 (4.2) 45,557 (17.3) 11,239 (5.0) 6,663 (3.0) 5,203 (2.3)
Others2
Jumlah
230,960 (100.0) 263,343 (100.0) 224,600 (100.0) 219,600 (100.0) 233,500 (100.0)
Total
% perubahan
6.1 14.0 -14.7 -2.2 6.3
% change
1
Termasuk pemberian/pindahan selain pemberian yang ditetapkan di 1
Include grants/transfers other than those listed in the Federal Constitution
bawah Perlembagaan Persekutuan 2
Include grants to Statutory Funds, public corporations, international
2
Termasuk pemberian kepada Kumpulan Wang Terkanun, syarikat organisations, insurance claims and gratuities as well as others
awam, pertubuhan antarabangsa, tuntutan insurans dan 3
Revised estimate
pampasan serta lain-lain
4
3
Anggaran disemak
4

3.2. PERBELANJAAN MENGURUS KERAJAAN 3.2. FEDERAL GOVERNMENT OPERATING

PERSEKUTUAN MENGIKUT SEKTOR EXPENDITURE BY SECTOR
RM juta RM million
2018 2019 2020 20213 20224
Ekonomi
14,064 15,605 16,737 17,992 18,799
Economic
Pertanian
4,618 3,457 2,506 3,020 3,184
Agriculture
Tenaga dan kemudahan awam
297 243 642 263 440
Energy and public utilities
Perdagangan dan perindustrian
2,703 2,936 1,891 3,633 3,956
Trade and industry
Pengangkutan
3,448 5,638 5,914 6,316 6,529
Transport
Perhubungan
96 87 11 89 88
Communications
Alam sekitar
70 135 131 121 125
Environment
Lain-lain
2,832 3,109 5,642 4,550 4,477
Others
Sosial
90,968 93,494 94,740 87,548 95,967
Social
Pendidikan dan latihan
56,233 56,546 56,508 56,331 59,361
Education and training
Kesihatan
26,435 27,873 27,133 23,113 28,319
Health
Perumahan
13 10 14 0.4 0.4
Housing
Lain-lain
8,287 9,065 11,085 8,104 8,287
Others
Keselamatan
27,229 23,429 24,790 24,197 25,158
Security
Pertahanan
16,283 10,633 11,032 10,715 11,098
Defence
Keselamatan dalam negeri
10,946 12,796 13,758 13,482 14,060
Internal security
Pentadbiran am1
17,597 16,901 13,675 12,827 12,319
General administration1
Lain-lain2
81,102 113,914 74,658 77,036 81,257
Others2
Jumlah
230,960 263,343 224,600 219,600 233,500
Total
% perubahan
6.1 14.0 -14.7 -2.2 6.3
% change
1
Termasuk perkhidmatan am, bayaran balik dan bayaran ganti serta 1
Includes general services, refund and reimbursement, and foreign affairs
perkhidmatan luar negeri services
2
Termasuk bayaran khidmat hutang, bayaran persaraan dan bayaran 2
Include debt service charges, retirement charges and transfer payments
pindahan 3
Revised estimate
3
Anggaran disemak 4
4

3.3. PERBELANJAAN PEMBANGUNAN KERAJAAN 3.3. FEDERAL GOVERNMENT Development

PERSEKUTUAN mengikut sektor EXPENDITURE by sector
RM juta RM million
2018 % 2019 % 2020 % 20213 % 20224 %
Ekonomi
36,103 (64.4) 31,300 (57.8) 28,712 (55.9) 33,767 (54.5) 40,205 (53.2)
Economic
% perubahan
49.3 -13.3 -8.3 17.6 19.1
% change
Pertanian
2,133 (3.8) 2,314 (4.3) 2,003 (3.9) 2,815 (4.5) 2,860 (3.8)
Agriculture
Tenaga dan kemudahan awam1
2,254 (4.0) 2,760 (5.1) 2,315 (4.5) 2,976 (4.8) 3,167 (4.2)
Energy and public utilities1
Perdagangan dan
perindustrian 2,512 (4.5) 3,054 (5.6) 2,576 (5.0) 2,365 (3.8) 2,087 (2.8)
Trade and industry
Pengangkutan
17,004 (30.3) 13,750 (25.4) 12,779 (24.9) 13,014 (21.0) 15,509 (20.5)
Transport
Perhubungan
68 (0.1) 71 (0.1) 75 (0.1) 182 (0.3) 975 (1.3)
Communications
Alam sekitar
1,665 (3.0) 1,723 (3.2) 1,324 (2.6) 1,537 (2.5) 2,059 (2.7)
Environment
Lain-lain
10,467 (18.7) 7,628 (14.1) 7,640 (14.9) 10,878 (17.6) 13,548 (17.9)
Others
Sosial
12,873 (22.9) 14,484 (26.7) 13,827 (27.0) 17,347 (28.0) 22,671 (30.0)
Social
% perubahan
3.6 12.5 -4.5 25.5 30.7
% change
Pendidikan dan latihan
6,505 (11.6) 7,629 (14.1) 6,737 (13.1) 8,118 (13.1) 11,955 (15.8)
Education and training
Kesihatan
1,773 (3.2) 1,827 (3.4) 3,983 (7.8) 4,397 (7.1) 4,457 (5.9)
Health
Perumahan
1,285 (2.3) 2,126 (3.9) 1,015 (2.0) 1,582 (2.6) 1,771 (2.3)
Housing
Lain-lain
3,310 (5.8) 2,902 (5.3) 2,092 (4.1) 3,250 (5.2) 4,488 (6.0)
Others
Keselamatan
4,929 (8.8) 5,614 (10.4) 5,785 (11.2) 7,317 (11.8) 8,970 (11.9)
Security
% perubahan
-7.6 13.9 3.0 26.5 22.6
% change
Pertahanan
3,262 (5.8) 2,931 (5.4) 3,197 (6.2) 4,478 (7.2) 5,415 (7.2)
Defence
Keselamatan dalam negeri
1,667 (3.0) 2,683 (5.0) 2,588 (5.0) 2,839 (4.6) 3,555 (4.7)
Internal security
Pentadbiran am2
2,190 (3.9) 2,775 (5.1) 3,036 (5.9) 3,569 (5.7) 3,754 (4.9)
General administration2
% perubahan
-25.5 26.7 9.4 17.6 5.2
% change
Jumlah
56,095 (100.0) 54,173 (100.0) 51,360 (100.0) 62,000 (100.0) 75,600 (100.0)
Total
% perubahan
25.0 -3.4 -5.2 20.7 21.9
% change
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

4.1. PINJAMAN BERSIH 4.1. FEDERAL GOVERNMENT

KERAJAAN PERSEKUTUAN NET BORROWINGS
RM juta RM million
2017 2018 2019 2020 20212

40,732 54,427 44,755 86,921 98,800
Sekuriti kerajaan Malaysia
Malaysian Government securities
Terbitan kasar
60,416 51,030 57,200 73,000 83,000
Gross issuances
Bayaran balik prinsipal
53,166 35,327 43,412 30,715 38,700
Principal repayments
Bersih
7,250 15,703 13,788 42,285 44,300
Net
Terbitan kasar
53,500 64,305 58,500 76,4661 77,000
Gross issuances
20,000 27,500 24,000 40,000 29,000
Bersih
33,500 36,805 34,500 36,466 48,000
Net
Bil perbendaharaan
Treasury bills
Terbitan kasar
15,269 16,229 11,778 31,601 45,500
Gross issuances
15,287 14,310 13,711 20,731 33,000
Bersih
-18 1,919 -1,933 10,870 12,500
Net
Terbitan kasar
– – – – –
Gross issuances
– – 1,600 2,700 6,000
Bersih
– – -1,600 -2,700 -6,000
Net
Pinjaman bersih luar pesisir
-342 -320 6,977 -331 1,601
Net offshore borrowings
Projek
Project
Terimaan
63 36 134 – –
Receipts
405 356 327 331 310
Bersih
-342 -320 -193 -331 -310
Net
Pasaran
Market
Terimaan
– – 7,170 – 5,277
Receipts
– – – – 3,366
Bersih
– – 7,170 – 1,911
Net
Jumlah
40,390 54,107 51,732 86,590 100,401
Total
1
Termasuk Sukuk Prihatin 1
Include Sukuk Prihatin
2
Anggaran 2
Estimate

4.2. HUTANG KERAJAAN PERSEKUTUAN 4.2. FEDERAL GOVERNMENT DEBT

mengikut pemegang by holder
RM juta RM million
2017 2018 2019 2020 20216
Hutang dalam negeri

665,572 719,545 764,233 851,284 924,784
Domestic debt
Bil perbendaharaan
4,500 6,500 4,500 15,500 34,000
Treasury bills
Institusi perbankan
855 2,481 2,989 8,656 21,939
Pemilik asing
3,331 3,733 1,511 6,045 10,905
Foreign holders
Lain-lain
314 286 - 799 1,156
Others
268,000 304,300 338,800 375,2665 391,2665
Kumpulan Wang Simpanan Pekerja
91,350 105,281 118,676 116,826 115,803
Employees Provident Fund
Kumpulan Wang Persaraan (Diperbadankan)
11,163 8,968 9,273 9,576 8,612
Retirement Fund (Incorporated)
Syarikat insurans
9,395 10,861 11,858 14,326 15,176
Insurance companies
Bank Negara Malaysia 4,040 3,569 1,549 4,255 5,813
Institusi perbankan
100,760 125,432 138,829 161,357 170,422
Institusi kewangan pembangunan
17,638 17,869 17,459 15,250 16,357
Development financial institutions
Pemilik asing
18,496 15,893 21,095 24,816 30,786
Foreign holders
Lain-lain 1
15,158 16,427 20,061 28,860 28,297
Others1
Sekuriti Kerajaan Malaysia
364,672 380,345 394,133 436,418 475,418
Malaysian Government Securities
90,969 99,791 100,876 90,493 102,545
10,729 14,559 14,742 14,597 18,105
Syarikat insurans
21,544 24,153 23,002 25,970 28,283
Insurance companies
Bank Negara Malaysia 4,616 6,715 2,680 14,407 11,415
Institusi perbankan
55,995 75,074 68,926 86,663 99,708
Institusi kewangan pembangunan
796 1,256 530 780 720
Development financial institutions
Pemilik asing
164,399 146,152 163,888 177,329 192,135
Foreign holders
Lain-lain 2
15,624 12,645 19,489 26,179 22,507
Others2
28,400 28,400 26,800 24,100 24,100

4.2. HUTANG KERAJAAN PERSEKUTUAN 4.2. FEDERAL GOVERNMENT DEBT

mengikut PEmegang (samb.) by holder (cont’d.)
RM juta RM million
2017 2018 2019 2020 20216
Pinjaman luar pesisir

21,265 21,504 28,765 28,276 33,604
Offshore borrowings
Pinjaman pasaran3
15,580 15,907 23,347 23,055 28,703
Market loans3
1,107 1,130 1,118 1,085 1,122
820 837 828 803 831
Syarikat insurans
227 232 230 223 264
Insurance companies
Bank Negara Malaysia 41 42 41 40 41
Institusi perbankan
1,566 1,599 1,582 1,534 1,749
Pemilik asing
10,883 11,111 18,603 18,453 23,514
Foreign holders
Lain-lain4
936 956 945 917 1,182
Others4
Pinjaman projek
5,685 5,597 5,418 5,221 4,901
Project loans
Pemilik asing
Foreign holders 5,685 5,597 5,418 5,221 4,901
Jumlah
686,837 741,049 792,998 879,560 958,388
Total
1
Termasuk institusi kewangan bukan bank; badan berkanun; syarikat 1
Include non-bank financial institutions; statutory bodies; nominees
penamaan dan amanah; syarikat kerjasama dan butiran and trustee companies; co-operatives and unclassified items
yang tidak dapat diklasifikasikan 2
Include securities placed by institutional investors at the central bank
2
Termasuk sekuriti yang disimpan oleh pelabur institusi dalam bank pusat 3
Holders were identified at time of issuance
3
Pegangan dikenal pasti semasa terbitan 4
Include non-bank financial institutions; individuals; non-financial
4
Termasuk institusi kewangan bukan bank; orang perseorangan; syarikat corporations and unidentified sectors
bukan kewangan dan sektor yang tidak dapat dikenal pasti 5
Include Sukuk Prihatin
5
Termasuk Sukuk Prihatin 6
End-June 2021
6
Akhir Jun 2021

4.3. HUTANG LUAR 4.3. external DEBT

RM juta RM million
2017 2018 2019 2020 20216
Pinjaman luar pesisir1

508,583 565,800 563,643 559,560 589,479
Offshore borrowings1
Hutang jangka sederhana dan panjang2
321,094 331,973 348,184 360,997 382,627
Medium- and long-term debt2
Sektor awam
132,464 138,238 129,007 143,934 164,736
Public sector
Kerajaan Persekutuan
16,567 16,708 24,021 23,672 28,415
Federal Government
Syarikat awam3
115,897 121,531 104,986 120,262 136,321
Public corporations3
Sektor swasta
188,630 193,735 219,178 217,063 217,890
Private sector
Sektor perbankan
46,284 47,980 56,039 55,484 54,729
Banking sector
Sektor bukan perbankan
142,346 145,754 163,139 161,579 163,161
Non-bank sector
Hutang jangka pendek 4
187,489 233,827 215,459 198,563 206,853
Short-term debt4
Sektor perbankan
172,199 204,759 199,729 182,078 187,587
Banking sector
Sektor bukan perbankan
15,290 29,068 15,730 16,485 19,266
Non-bank sector
Pemegangan sekuriti hutang dalam
denominasi ringgit oleh bukan
pemastautin 207,389 180,224 201,015 220,103 244,828
Non-resident holdings of ringgit-
denominated debt securities
Hutang jangka sederhana dan panjang 2
196,074 169,158 193,270 210,811 233,045
Medium- and long-term debt2
182,855 158,406 182,151 200,060 220,612
Federal Government
Lain-lain
13,220 10,752 11,119 10,751 12,434
Others
Hutang jangka pendek4
11,314 11,066 7,745 9,292 11,782
Short-term debt4
3,331 3,733 1,511 6,045 10,905
Federal Government
Lain-lain
7,983 7,333 6,234 3,247 878
Others
Deposit bukan pemastautin
92,025 98,109 103,014 94,497 93,542
Non-resident deposits
Lain-lain5
77,221 78,896 79,768 83,983 92,816
Others5
Jumlah
885,218 923,029 947,440 958,144 1,020,665
Total
1
Bersamaan dengan hutang luar negeri di bawah definisi terdahulu 1
Equivalent to the external debt as previously defined, comprise mainly foreign
terutamanya merangkumi hutang mata wang asing diperoleh dan nota currency loan raised, and bonds as well as notes issued offshore
serta bon terbitan luar pesisir 2
Medium- and long-term debt refers to debt with tenure of more than one year
2
Hutang jangka sederhana dan panjang merujuk kepada hutang yang 3
Includes both guaranteed and non-guaranteed debt of public corporations
bertempoh matang melebihi satu tahun
4
Short-term debt refers to debt with tenure of one year and below
3
Terdiri daripada hutang syarikat awam yang dijamin dan tidak dijamin
5
Comprise trade credits, IMF allocation of SDRs and miscellaneous
4
Hutang jangka pendek merupakan hutang yang bertempoh matang
setahun atau kurang 6
End-June 2021
5
Merangkumi kredit perdagangan, peruntukan SDR IMF dan lain-lain Note: Total may not add up due to rounding
6
Akhir Jun 2021 Source: Bank Negara Malaysia
Nota: Angka tidak semestinya terjumlah disebabkan pembundaran
Sumber: Bank Negara Malaysia

5.1. JAMINAN PINJAMAN1 5.1. LOAN GUARANTEES1

RM juta RM million
2016 2017 2018 2019 2020
1Malaysia Development Berhad 5,000 5,000 5,000 5,000 5,000

Assets Global Network Sdn. Bhd. 658 556 455 354 253
Bank Pembangunan Malaysia Berhad 6,518 6,400 6,350 5,900 4,250
DanaInfra Nasional Berhad 29,700 42,180 52,740 63,820 72,320
GovCo Holdings Berhad 4,600 8,800 7,300 7,200 7,200
Jambatan Kedua Sdn. Bhd. 7,395 6,318 5,751 5,648 5,528
Johor Corporation 3,000 2,600 2,600 1,800 1,800
K.L. International Airport Berhad 291 181 94 – -
Khazanah Nasional Berhad 18,000 17,000 15,000 12,500 11,300
Lembaga Kemajuan Tanah Persekutuan 4,150 4,100 4,000 3,900 3,850
Lembaga Pembiayaan Perumahan Sektor Awam 4,000 11,500 17,750 22,450 30,150
Malaysia Debt Ventures Berhad 1,200 900 930 1,200 1,000
Malaysia Rail Link Sdn. Bhd. – 14,493 18,862 18,506 21,530
Malaysian Industrial Development Finance
5 – – – -
Berhad
MKD Kencana Sdn. Bhd. – 1,000 3,500 3,500 3,500
Pelabuhan Tanjung Pelepas Sdn. Bhd. 1,925 1,840 1,995 1,910 325
Penerbangan Malaysia Berhad 661 530 469 388 259
Pengurusan Air SPV Berhad 12,710 13,110 13,310 12,210 9,760
Perbadanan Kemajuan Negeri Pahang 200 120 120 60 60
Perbadanan PR1MA Malaysia – 3,718 5,000 5,000 5,000
Perbadanan Tabung Pendidikan Tinggi Nasional 40,350 40,200 37,700 37,300 39,800
Prasarana Malaysia Berhad 18,700 26,614 31,414 32,264 38,914
Projek Lebuhraya Usahasama Berhad 11,000 11,000 11,000 11,000 11,000
Sabah Electricity Sdn. Bhd. 8 2 – – -
Sarawak Hidro Sdn. Bhd. 1,000 1,000 1,000 1,000 1,000
Senai Airport Terminal Services Sdn. Bhd. 330 330 330 330 330
Sentuhan Budiman Sdn. Bhd. 650 800 800 800 800
Small Medium Enterprise Development Bank
2,310 2,600 2,600 2,500 1,850
Malaysia Berhad
SRC International Sdn. Bhd. 4,000 3,900 3,600 3,485 2,485
Suria Strategic Energy Resources Sdn. Bhd. – 2,940 7,925 6,708 6,951
Syarikat Perumahan Negara Berhad – – 530 530 530
Tenaga Nasional Berhad 2,866 2,555 2,547 2,434 2,366
TRX City Sdn. Bhd. 699 595 485 372 253
Turus Pesawat Sdn. Bhd. 5,310 5,310 5,310 5,310 5,310
Jumlah
187,234 238,191 266,468 275,379 294,675
Total
% KDNK
15.0 17.4 18.4 18.2 20.8
% of GDP
1
Jaminan yang diluluskan di bawah Akta Jaminan Pinjaman (Pertubuhan 1
Guarantees approved under the Loans Guarantee (Bodies Corporate)
Perbadanan) 1965 Act 1965
Nota: Angka tidak semestinya terjumlah disebabkan pembundaran Note: Total may not add up due to rounding

6.1. kedudukan KEWANGAN 6.1. CONSOLIDATED PUBLIC SECTOR

SEKTOR AWAM DISATUKAN FINANCial position
RM juta RM million
2018 2019 2020 20212 20223
Hasil
240,976 252,671 248,349 254,334 257,268
Revenue
265,987 298,243 263,556 258,830 271,947
Baki semasa
-25,011 -45,572 -15,207 -4,496 -14,679
Current balance
Baki semasa syarikat awam bukan kewangan

128,174 128,318 71,152 66,260 87,969
Non-financial public corporations’ current balance
Jumlah baki semasa sektor awam

103,163 82,746 55,945 61,764 73,290
Total public sector current balance
144,494 134,454 117,460 140,095 155,478
Development expenditure
Kerajaan am
63,672 57,936 55,621 66,158 80,766
General government
Syarikat awam bukan kewangan

80,822 76,518 61,839 73,937 74,712
Non-financial public corporations
Kumpulan Wang Covid-191

37,980 39,039 23,000
COVID-19 Fund1
Baki keseluruhan
-41,331 -51,708 -99,495 -117,370 -105,188
Overall balance
% KDNK
-2.9 -3.4 -7.0 -7.7 -6.4
% GDP
1
A specific trust fund established under Temporary Measures for Government
Sementara bagi Pembiayaan Kerajaan (Penyakit Koronavirus 2019 (COVID-19)) Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020 to finance economic
2020 untuk membiayai pakej rangsangan dan pelan pemulihan ekonomi stimulus packages and recovery plan
2
Anggaran disemak 2
Revised estimate
3

6.2. Kedudukan KEWANGAN 6.2. CONSOLIDATED STATE GOVERNMENTS

KERAJAAN NEGERI DISATUKAN Financial Position
RM juta RM million
2017 2018 2019 2020 20214
Hasil1
21,767 30,260 33,692 34,414 35,435
Revenue1
% perubahan
9.4 39.0 11.3 2.1 3.0
% change
Janaan negeri
16,994 23,560 26,304 27,026 28,723
State-generated
Pemberian Persekutuan
4,724 6,649 7,329 7,332 6,660
Federal grants
Bayaran balik Persekutuan
49 51 59 56 52
Federal reimbursements
Perbelanjaan mengurus2
12,303 11,870 12,373 14,003 15,221
Operating expenditure2
% perubahan
19.8 -3.5 4.2 13.2 8.7
% change
Baki semasa
9,463 18,390 21,319 20,411 20,214
Current balance
9,456 13,098 11,051 9,782 11,996
% perubahan
6.5 38.5 -15.6 -11.5 22.6
% change
Kumpulan Wang Pembangunan
9,344 13,070 11,014 9,774 11,832
Development Fund
Kumpulan Wang Bekalan Air
113 28 37 8 164
Water Supply Fund
Tolak: Terimaan balik pinjaman
280 292 752 666 476
Less: Loan recovery
9,177 12,806 10,299 9,116 11,520
Baki keseluruhan
286 5,584 11,020 11,295 8,694
Overall balance
Sumber pembiayaan
Pinjaman bersih Persekutuan
6,779 6,572 6,971 6,717 6,764
Net Federal loans
Perubahan aset3
-7,065 -12,156 -17,991 -18,012 -15,458
Change in assets3
1
Hasil meliputi pemberian pembangunan dan bayaran balik daripada 1
Revenue includes development grants and reimbursements from the
Kerajaan Persekutuan yang sebelum ini diletakkan di bawah sumber Federal Government, which was previously treated as a source of financing,
pembiayaan, selaras dengan System of National Accounts (SNA) serta consistent with the System of National Accounts (SNA) as well as conventions
prinsip perangkaan kewangan awam in public finance statistics
2
Tidak termasuk caruman kepada Kumpulan Wang Pembangunan dan 2
Excludes contribution to Development Fund and Water Supply Fund but
Kumpulan Wang Bekalan Air tetapi termasuk perbelanjaan berulang includes recurrent expenditure from Water Supply Fund
dalam Kumpulan Wang Bekalan Air 3
Positive indicates drawdown of assets; negative indicates accumulation of
3
Positif menunjukkan pengurangan aset; negatif menunjukkan assets
pertambahan aset 4
Estimate
4
Anggaran

6.3. Kedudukan KEWANGAN 6.3. CONSOLIDATED LOCAL GOVERNMENTS

KERAJAAN TEMPATAN DISATUKAN Financial Position
RM juta RM million
2017 2018 2019 2020 20212
Hasil
10,845 11,716 12,211 12,433 10,933
Revenue
% perubahan
6.2 8.0 4.2 1.8 -12.1
% change
Janaan Kerajaan Tempatan
9,802 10,537 10,531 10,872 9,974
Local Government-generated
Pemberian Persekutuan dan negeri
1,043 1,179 1,680 1,561 959
Federal and state grants
7,989 8,513 9,450 8,677 8,946
% perubahan
1.5 6.6 11.0 -8.2 3.1
% change
Baki semasa
2,856 3,203 2,761 3,756 1,987
Current balance
2,215 2,141 2,550 1,855 1,250
% perubahan
11.0 -3.3 19.1 -27.3 -32.6
% change
Baki keseluruhan
641 1,062 211 1,901 737
Overall balance
Sumber pembiayaan
Pinjaman bersih Persekutuan
-8 -2 -3 -3 0
Net Federal loans
Pinjaman bersih negeri
60 4 -12 -10 -15
Net state loans
Perubahan aset1
-693 -1,064 -196 -1,888 -722
Change in assets1
1
(+) menunjukkan pengurangan aset; (-) menunjukkan pertambahan aset 1
2
Anggaran 2
Estimate

6.4. Kedudukan KEWANGAN 6.4. CONSOLIDATED STATUTORY BODIES1

BADAN BERKANUN DISATUKAN1 Financial Position
RM juta RM million
2017 2018 2019 2020 20214
Hasil
47,660 46,989 49,073 47,029 45,274
Revenue
% perubahan
13.4 -1.4 4.4 -4.2 -3.7
% change
Janaan badan berkanun

18,274 19,320 19,986 20,016 19,604
Statutory bodies-generated
Pemberian Persekutuan dan negeri2

29,386 27,669 29,087 27,013 25,670
Federal and state grants2
37,727 37,094 35,623 36,013 37,442
% perubahan
9.0 -1.7 -4.0 1.1 4.0
% change
Baki semasa
9,933 9,895 13,450 11,016 7,832
Current balance
3,725 2,596 2,472 1,891 2,666
% perubahan
18.4 -30.3 -4.8 -23.5 41.0
% change
Baki keseluruhan
6,208 7,299 10,978 9,125 5,166
Overall balance
Sumber pembiayaan

8,976 8,376 9,756 14,787 7,128
Perubahan aset3
-15,184 -15,675 -20,734 -23,912 -12,294
Change in assets3
1
Badan berkanun merujuk kepada badan korporat yang ditubuhkan 1
Statutory bodies refer to any corporate body that is established under
di bawah peruntukan undang-undang Persekutuan. Data meliputi 88 Federal law. The data covers 88 statutory bodies
badan berkanun 2
Refers to both operating and development grants
2
Merujuk kepada pemberian mengurus dan pembangunan 3
3
(+) menunjukkan pengurangan aset; (-) menunjukkan pertambahan 4
Estimate
aset
4
Anggaran

6.5. KEDUDUKAN KEWANGAN SYARIKAT AWAM 6.5. CONSOLIDATED NON-FINANCIAL PUBLIC

BUKAN KEWANGAN DISATUKAN1 CORPORATIONS1 FINANCIAL POSITION
RM juta RM million
2017 2018 2019 2020 20212
Hasil
329,145 395,182 385,070 297,146 310,154
Revenue
Perbelanjaan semasa
262,763 317,366 329,859 269,172 269,627
Current expenditure
Baki semasa
66,382 77,816 55,211 27,974 40,527
Current balance
Perbelanjaan modal
82,580 80,822 76,518 61,839 73,937
Capital expenditure
Baki keseluruhan
-16,198 -3,006 -21,307 -33,865 -33,410
Overall balance
1
Mulai tahun 2021, merujuk kepada 26 syarikat awam bukan kewangan 1
From 2021, refering to 26 major non-financial public corporations (NFPCs)
(SABK) utama meliputi Axiata Group Bhd., Bintulu Port Holdings Bhd., comprising Axiata Group Bhd., Bintulu Port Holdings Bhd., Boustead
Boustead Holdings Bhd., Cement Industries (Sabah) Sdn. Bhd., IJN Holdings Bhd., Cement Industries (Sabah) Sdn. Bhd., IJN Holdings Sdn. Bhd.,
Holdings Sdn. Bhd., Indah Water Konsortium Sdn. Bhd., Keretapi Tanah Indah Water Konsortium Sdn. Bhd., Keretapi Tanah Melayu Bhd., Kulim
Melayu Bhd., Kulim (Malaysia) Bhd., Malaysia Airports Holdings Bhd., (Malaysia) Bhd., Malaysia Airport Holdings Bhd., Malaysian Aviation Group
Malaysian Aviation Group Bhd., Malaysia Digital Economy Corporation Bhd., Malaysia Digital Economy Corporation Sdn. Bhd., Mass Rapid Transit
Sdn. Bhd., Mass Rapid Transit Corporation Sdn. Bhd., MIMOS Bhd., Corporation Sdn. Bhd., MIMOS Bhd., Penerbangan Malaysia Bhd., Petroliam
Penerbangan Malaysia Bhd., Petroliam Nasional Bhd. (PETRONAS), Nasional Bhd. (PETRONAS), Prasarana Malaysia Bhd., Rakyat Berjaya Sdn.
Prasarana Malaysia Bhd., Rakyat Berjaya Sdn. Bhd., Sabah Energy Bhd., Sabah Energy Corporation Sdn. Bhd., Sabah Ports Sdn. Bhd., Syarikat
Corporation Sdn. Bhd., Sabah Ports Sdn. Bhd., Syarikat Perumahan Perumahan Negara Bhd., Syarikat Sesco Bhd., Telekom Malaysia Bhd.,
Negara Bhd., Syarikat Sesco Bhd., Telekom Malaysia Bhd., Tenaga Tenaga Nasional Bhd., TH Plantation Bhd., UDA Holdings Bhd. dan UEM
Nasional Bhd., TH Plantation Bhd., UDA Holdings Bhd. dan UEM Group Group Bhd.
Bhd. 2
Estimate
2
Anggaran Note: The NFPCs are public sector agencies undertaking the sale of
Nota: SABK merupakan agensi sektor awam yang menjual barang dan industrial and commercial goods and services. They include Government-
perkhidmatan industri dan komersial. SABK termasuk syarikat yang owned and/or Government-controlled companies. Major NFPCs refers to
dimiliki dan/atau dikuasai oleh Kerajaan. SABK utama merujuk kepada ownership more than 50% of total equity, minimum annual sales of at least
pemilikan melebihi 50% jumlah ekuiti, hasil jualan tahunan minimum RM100 million and/or of significant impact to the economy
RM100 juta dan/atau mempunyai impak yang besar kepada ekonomi

Memorandum
Perbendaharaan
Mengenai Anggaran
Hasil Kerajaan
Persekutuan
Tahun 2022
Anggaran Hasil 2022.indd 227 18/10/2021 6:33 PM

anggaran hasil kerajaan persekutuan
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. 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
3. Hasil Kerajaan Persekutuan terbahagi kepada empat komponen utama, iaitu Hasil Cukai, Hasil
Bukan Cukai, Terimaan Bukan Hasil dan Hasil daripada Wilayah Persekutuan.
4. Hasil Cukai diklasifikasikan kepada Hasil Cukai Langsung dan Hasil Cukai Tidak Langsung.
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. 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.

anggaran 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

Treasury Memorandum
on the Federal
Government Revenue
Estimates For 2022

federal government revenue estimates
TREASURY MEMORANDUM ON THE FEDERAL GOVERNMENT

REVENUE ESTIMATES FOR 2022
1. This Memorandum explains the revenue estimates of the Federal Government for 2022 and
the revised estimates for 2021. The Memorandum is prepared in accordance with Article 99 of the
Federal Constitution.
2. The Federal Government revenue for 2022 is estimated at RM234 billion. Detailed actual
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
3. The Federal Government revenue is classified into four main categories, namely Tax Revenue,
Non-Tax Revenue, Non-Revenue Receipts and Revenue from Federal Territories.
4. Tax Revenue is classified into Direct Tax Revenue and Indirect Tax Revenue. Direct Tax
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

federal 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. 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
b. 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.
8. Revenue from Federal Territories consists of tax and non-tax revenue including receipts
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

Ringkasan Anggaran Hasil
Summary of Federal
Government Revenue
Estimates

anggaran hasil kerajaan persekutuan | federal government revenue estimates
RINGKASAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN

SUMMARY OF FEDERAL GOVERNMENT REVENUE ESTIMATES
KOD HASIL PENDAPATAN ANGGARAN ANGGARAN
(Revenue Code) 2020 DISEMAK 2022
(2020 Revenue) 2021 (2022 Estimate)
(2021 Revised
Estimate)
RM RM RM
60000 HASIL CUKAI 154,397,967,931 161,829,801,000 171,374,072,000

TAX REVENUE
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 7,626,712,393 8,237,282,000 8,611,466,000

Other Direct Tax
62000- Jumlah Keseluruhan Cukai Tidak 41,886,816,867 41,781,701,000 44,040,498,000

64000 Langsung
Overall Total Indirect Tax
62000 Cukai Tidak Langsung 41,818,865,544 41,781,290,000 44,039,998,000

Indirect Tax
62100 Duti Eksport 746,141,231 1,405,672,000 1,610,000,000

Export Duty
62200 Duti Import 2,346,001,584 2,330,354,000 2,500,000,000

Import Duty
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 12,006,145,761 12,287,000,000 13,000,000,000

Service Tax
62700 Levi 389,338,968 957,000,000 770,000,000

Levy

Import
Excise Duty on Imported Goods


(2021 Revised
Estimate)
RM RM RM
62900 Pelbagai Cukai Tidak Langsung 1,708,826,590 800,000,000 1,400,000,000

Miscellaneous Indirect Tax
64000 Cukai Pelancongan 67,951,323 411,000 500,000

Tourism Tax
70000 HASIL BUKAN CUKAI 62,046,603,183 51,488,445,000 55,876,146,000

NON-TAX REVENUE
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 3,637,372,248 3,041,128,000 3,245,767,000

Fees for Vehicles
71200 Bayaran untuk Radio, Televisyen 90,424 - -

dan Alat-Alat Elektrik
Fees for Radio, Television and
Electric Equipments
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 18,380 - -

Aviation Fees
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 688,102,017 722,153,000 751,605,000

Professional Fees
72200 Bayaran Pelajaran 33,247,780 46,073,000 47,950,000

Education Fees
72300 Bayaran Iklan 20,336,182 11,197,000 11,656,000

Advertisement Fees
72400 Bayaran Perkhidmatan 824,045,720 903,690,000 940,545,000

Service Fees


(2021 Revised
Estimate)
RM 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 14,857,160 13,807,000 14,826,000

Sales of Printed Materials
73200 Jualan Barang-Barang Stor 3,819,800 1,382,000 1,482,000

Sales of Store Goods
73300 Jualan Harta Benda Kecuali 16,231,956 22,282,000 23,923,000

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 25,896,384 31,564,000 33,890,000

Miscellaneous Sales
74000 Sewaan 180,319,974 259,170,000 342,232,000

Rental
74100 Sewa Tanah 76,836,822 118,236,000 156,130,000
Land Rental
74200 Sewa Bangunan 94,823,500 130,404,000 172,197,000

Building Rental
74300 Sewa Kenderaan 1,463,889 3,452,000 4,559,000

Vehicle Rental
74400 Sewa Jentera 17,630 17,000 22,000

Rental for Machinery
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

Elektrik
Rental of Electrical Equipment


(2021 Revised
Estimate)
RM RM RM
74800 Sewa Alat Kelengkapan Penyiaran 125,174 97,000 128,000

dan Perhubungan
Rental of Broadcasting and
Telecommunication Equipment
74900 Sewa Pelbagai 6,654,179 6,944,000 9,169,000

Miscellaneous Rental
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 3,800,067,692 4,130,711,000 5,104,194,000
Perusahaan Kewangan
Return on Investment from
Financial Institutions

Perusahaan Bukan Kewangan
Non-Financial Institutions
75300 Pulangan dari Pelaburan Luar 8,706,740 1,134,000 1,134,000

Negeri
Overseas
75400 Pulangan dari Pelaburan-Pelaburan 7,135,687,114 4,796,224,000 8,283,045,000

dalam Negeri yang Lain
Return from Other Internal
Investments
76000 Denda dan Penalti 1,421,579,016 1,557,330,000 1,573,850,000

Fines and Penalties
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


(2021 Revised
Estimate)
RM 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 7,953,680,648 7,005,000,000 6,030,830,000

NON-REVENUE RECEIPTS
81000 Pulangan Balik Perbelanjaan 2,634,409,058 1,228,943,000 1,015,233,000

Refunds of Expenditure
81100 Pulangan Balik Perbelanjaan Am 2,142,781,134 1,168,461,000 963,160,000

Refunds of General Expenditure
81200 Dapatan Balik Wang Amanah 176,278,285 115,000 100,000

Trust Fund Refunded
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 2,242,831 3,693,000 3,587,000

Receipts For Services
82200 Bayaran Balik 3,531,510 8,230,000 7,995,000

Repayments
82300 Pemberian dan Caruman 5,250,000,000 5,760,000,000 5,000,000,000

Transfers and Contributions
82400 Jualan 88,481 65,000 63,000

Sales
82500 Pelbagai Terimaan 63,368,918 4,069,000 3,952,000

Miscellaneous Receipts
86000 Terimaan Pelarasan 39,850 - -

Adjustment Proceeds

Adjustment Proceeds


(2021 Revised
Estimate)
RM 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 577,611,112 628,285,000 656,163,000

Direct Tax
91200 Cukai Tidak Langsung 40,173,840 2,859,000 2,564,000

Indirect Tax
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 50,297 26,000 27,000

Rentals
92900 Pelbagai Hasil Bukan Cukai 1,597,284 2,424,000 2,532,000

Miscellaneous Non-Tax Revenue
JUMLAH HASIL KERAJAAN PERSEKUTUAN 225,074,947,242 221,023,000,000 234,011,430,000

TOTAL FEDERAL GOVERNMENT REVENUE

Perincian Anggaran Hasil

Details of Federal
Government Revenue
Estimates

PERINCIAN ANGGARAN HASIL KERAJAAN PERSEKUTUAN

DETAILS OF FEDERAL GOVERNMENT REVENUE ESTIMATES
(2021 Revised
Estimate)
RM RM RM
60000 HASIL CUKAI 154,397,967,931 161,829,801,000 171,374,072,000

TAX REVENUE
61000 Cukai Langsung 112,511,151,064 120,048,100,000 127,333,574,000

Direct Tax

Income Tax

Individu
Individual Income Tax

Syarikat
Companies Income Tax

Petroleum
Petroleum Income Tax
61104 Cukai Pendapatan 58,645,873 154,372,000 163,548,000

Koperasi
Cooperatives Income Tax
61105 Cukai Pegangan 2,992,934,878 3,114,709,000 3,105,000,000

Withholding Tax
Lain-Lain 42,742,746 54,193,000 44,560,000

Others
61900 Cukai Langsung yang Lain 7,626,712,393 8,237,282,000 8,611,466,000

Other Direct Tax
61912 Duti Setem 5,505,763,486 6,200,336,000 6,549,630,000

Stamp Duty
61913 Cukai Keuntungan Harta 1,687,478,506 1,785,981,000 1,794,810,000

Tanah
Real Property Gains Tax
Lain-Lain 433,470,401 250,965,000 267,026,000

Others


(2021 Revised
Estimate)
RM RM RM
HASIL CUKAI -(Samb.)

TAX REVENUE -(Cont.)
62000- Jumlah Keseluruhan Cukai Tidak 41,886,816,867 41,781,701,000 44,040,498,000

64000 Langsung
Overall Total Indirect Tax
62000 Cukai Tidak Langsung 41,818,865,544 41,781,290,000 44,039,998,000

Indirect Tax
62100 Duti Eksport 746,141,231 1,405,672,000 1,610,000,000

Export Duty
62111 Minyak Kelapa Sawit 86,690,738 700,000,000 650,000,000

Mentah
Crude Palm Oil
62114 Petroleum Mentah 634,005,875 626,075,000 850,000,000

Crude Petroleum
Lain-Lain 25,444,618 79,597,000 110,000,000

Others
62200 Duti Import 2,346,001,584 2,330,354,000 2,500,000,000

Import Duty
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 236,355,057 262,490,000 281,598,000

Machines and Spare Parts
62230 Besi Keluli dalam Bentuk 112,815,566 150,823,000 161,803,000

Struktur
Structured Steel


(2021 Revised
Estimate)
RM RM RM

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 87,573,386 87,061,000 93,399,000

Metal Products
Lain-Lain 957,746,640 858,857,000 921,382,000

Others

Tempatan
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 690,236,639 485,230,000 507,093,000

Others
62400 Cukai Jualan Tempatan 6,493,793,033 5,306,264,000 5,425,127,000

Sales Tax (Local)
62408 Kenderaan Bermotor 465,790,323 9,029,000 9,233,000

Penumpang
Passenger Motor Vehicle
62411 Mesin dan Alat-Alat Ganti 326,596,446 339,990,000 347,606,000

Machine and Spare Parts


(2021 Revised
Estimate)
RM RM RM


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 3,626,329,537 2,766,115,000 2,828,076,000

Others
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 332,592,699 306,790,000 313,662,000

Clothes
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 1,127,166,856 1,385,790,000 1,416,832,000

Machine and Spare Parts
62599 Cukai Jualan Import yang 1,822,092,608 2,153,968,000 2,202,217,000

Lain
Other Imported Sales Tax
Lain-lain 4,340,250,174 4,409,372,000 4,508,141,000

Others


(2021 Revised
Estimate)
RM RM RM


62600 Cukai Perkhidmatan 12,006,145,761 12,287,000,000 13,000,000,000

Service Tax
62603 Bilik Menginap/ Tempat 252,252,356 12,920,000 13,670,000

Tidur
Accommodation
62610 Penyediaan Polisi 1,389,526,938 1,492,147,000 1,588,735,000

Insurans
Insurance Policy
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 1,402,162,926 1,245,606,000 1,318,741,000

Food & Drink
62639 Teknologi Maklumat 893,956,543 999,544,000 1,057,547,000

Information Technology
Lain-lain 5,414,297,574 5,819,514,000 6,156,358,000

Others
62700 Levi 389,338,968 957,000,000 770,000,000

Levy
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


(2021 Revised
Estimate)
RM RM RM


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 278,633,347 681,209,000 711,898,000

Others
62900 Pelbagai Cukai Tidak Langsung 1,708,826,590 800,000,000 1,400,000,000

Miscellaneous Indirect Tax
64000 Cukai Pelancongan 67,951,323 411,000 500,000

Tourism Tax
70000 HASIL BUKAN CUKAI 62,046,603,183 51,488,445,000 55,876,146,000

NON-TAX REVENUE
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 3,637,372,248 3,041,128,000 3,245,767,000

Fees for Vehicles
71105 Lesen Kenderaan 2,935,664,238 2,804,000,000 2,998,120,000

Bermotor
Motor Vehicles Licences
Lain-lain 701,708,010 237,128,000 247,647,000

Others
71200 Bayaran untuk Radio, Televisyen 90,424 - -

dan Alat-Alat Elektrik
Fees for Radio, Television and
Electric Equipments


(2021 Revised
Estimate)
RM RM 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 2,213,638,213 1,882,744,000 2,011,721,000

Individual Registration Fees
71309 Levi Pekerja Asing 1,798,104,483 1,748,001,000 1,871,026,000

Levy on Foreign Workers
Lain-lain 415,533,730 134,743,000 140,695,000

Others
71400 Bayaran untuk Berniaga 4,669,962,092 5,222,303,000 5,590,374,000

Fees for Business
71405 Royalti Petroleum 4,201,966,927 3,698,000,000 3,998,000,000

Petroleum Royalty
Lain-lain 467,995,165 1,524,303,000 1,592,374,000

Others
71500 Bayaran Penerbangan 18,380 - -

Aviation Fees
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 688,102,017 722,153,000 751,605,000

Professional Fees
72200 Bayaran Pelajaran 33,247,780 46,073,000 47,950,000

Education Fees
72300 Bayaran Iklan 20,336,182 11,197,000 11,656,000

Advertisement Fees


(2021 Revised
Estimate)
RM RM RM

Bayaran Perkhidmatan -(Samb.)

Service Fees -(Cont.)
72400 Bayaran Perkhidmatan 824,045,720 903,690,000 940,545,000

Service Fees
73000 Perolehan daripada Jualan Barang 60,805,300 69,035,000 74,121,000

Proceeds from Sales of Goods
73100 Jualan Barang-Barang Cetak 14,857,160 13,807,000 14,826,000

Sales of Printed Materials
73200 Jualan Barang-Barang Stor 3,819,800 1,382,000 1,482,000

Sales of Store Goods
73300 Jualan Harta Benda Kecuali 16,231,956 22,282,000 23,923,000

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 25,896,384 31,564,000 33,890,000

Miscellaneous Sales
74000 Sewaan 180,319,974 259,170,000 342,232,000

Rental
74100 Sewa Tanah 76,836,822 118,236,000 156,130,000

Land Rental
74200 Sewa Bangunan 94,823,500 130,404,000 172,197,000

Building Rental
74300 Sewa Kenderaan 1,463,889 3,452,000 4,559,000

Vehicle Rental
74400 Sewa Jentera 17,630 17,000 22,000

Rental for Machinery


(2021 Revised
Estimate)
RM RM RM

Sewaan -(Samb.)
Rental -(Cont.)
74500 Sewa Alat Kelengkapan Pejabat, 11,348 13,000 18,000

Perabot, dan Kelengkapan
Rental of Office Facilities and
Furniture

Elektronik
Rental of Electronic Equipment

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 6,654,179 6,944,000 9,169,000

Miscellaneous Rental
75000 Faedah dan Pulangan Pelaburan 46,067,499,372 35,989,007,000 39,457,483,000

Interest and Return on Investments

Perusahaan Kewangan
Return on Investments from
Financial Institutions
75105 Hasil Dan Faedah Dari 3,500,000,000 4,000,000,000 5,000,000,000

Pelaburan Dalam Bank
Negara Malaysia
Interest and Return on
Investment from Bank
Negara Malaysia
Lain-lain 300,067,692 130,711,000 104,194,000

Others

Perusahaan Bukan Kewangan
Non-Financial Institutions


(2021 Revised
Estimate)
RM RM RM

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)
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
Investment from Khazanah
Nasional Berhad
Lain-Lain 123,037,826 60,938,000 69,110,000

Others
75300 Pulangan dari Pelaburan Luar 8,706,740 1,134,000 1,134,000

Negeri
Overseas
75400 Pulangan dari Pelaburan-Pelaburan 7,135,687,114 4,796,224,000 8,283,045,000

dalam Negeri yang Lain
Return from Other Internal
Investments
76000 Denda dan Penalti 1,421,579,016 1,557,330,000 1,573,850,000

Fines and Penalties
77000 Sumbangan dan Bayaran Ganti daripada 177,791,986 8,248,000 10,937,000

Luar Negeri dan Sumbangan Tempatan
Overseas and Local Contributions
77100 Bayaran Ganti Bagi Perkhidmatan 31 - -

dari Luar Negeri
Compensation For Services from
Overseas


(2021 Revised
Estimate)
RM RM RM

Sumbangan dan Bayaran Ganti daripada Luar

Negeri dan Sumbangan Tempatan -(Samb.)
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 7,953,680,648 7,005,000,000 6,030,830,000

NON-REVENUE RECEIPTS
81000 Pulangan Balik Perbelanjaan 2,634,409,058 1,228,943,000 1,015,233,000

Refunds of Expenditure
81100 Pulangan Balik Perbelanjaan Am 2,142,781,134 1,168,461,000 963,160,000

Refunds of General Expenditure
81200 Dapatan Balik Wang Amanah 176,278,285 115,000 100,000

Trust Fund Refunded
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 2,242,831 3,693,000 3,587,000

Receipts For Services


(2021 Revised
Estimate)
RM RM RM
TERIMAAN BUKAN HASIL -(Samb.)

NON-REVENUE RECEIPTS -(Cont.)
82200 Bayaran Balik 3,531,510 8,230,000 7,995,000

Repayments
82300 Pemberian dan Caruman 5,250,000,000 5,760,000,000 5,000,000,000

Transfers and Contributions
82400 Jualan 88,481 65,000 63,000

Sales
82500 Pelbagai Terimaan 63,368,918 4,069,000 3,952,000

Miscellaneous Receipts

Adjustment Proceeds
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 577,611,112 628,285,000 656,163,000

Direct Tax
91200 Cukai Tidak Langsung 40,173,840 2,859,000 2,564,000

Indirect Tax
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


(2021 Revised
Estimate)
RM RM 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 50,297 26,000 27,000

Rentals
92900 Pelbagai Hasil Bukan Cukai 1,597,284 2,424,000 2,532,000

Miscellaneous Non-Tax Revenue
JUMLAH HASIL KERAJAAN PERSEKUTUAN 225,074,947,242 221,023,000,000 234,011,430,000


Hasil Kerajaan Persekutuan

(Selepas Mengambil Kira Langkah Bajet
Yang Dicadangkan Dalam Bajet 2022)

(After Taking Into Account Budget
Measures Proposed In 2022 Budget)

JUMLAH HASIL SELEPAS LANGKAH BAJET TAHUN 2022

2022 TOTAL REVENUE AFTER BUDGET MEASURES
RM
JUMLAH HASIL KERAJAAN PERSEKUTUAN 234,011,430,000
Sebelum mengambil kira langkah bajet yang dicadangkan
dalam Bajet 2022
Before taking into account budget measures proposed in the
2022 Budget
LANGKAH bajet:
budget MEASURES:
60000 HASIL CUKAI

TAX REVENUE
61000 CUKAI LANGSUNG 5,196,000,000

DIRECT TAX
61100 Cukai Pendapatan 5,027,000,000

Income Tax
61900 Cukai Langsung yang lain 169,000,000

Other Direct Tax
62000 CUKAI TIDAK LANGSUNG 1,221,000,000

INDIRECT TAX
62200 Duti Import (373,000,000)

Import Duty
62300 Duti Eksais Terhadap Barangan Tempatan 1,036,000,000

62400- Cukai Jualan 748,000,000

62500 Sales Tax
62600 Cukai Perkhidmatan 130,000,000

Service Tax
62800 Duti Eksais Terhadap Barangan Import (320,000,000)

Excise Duty on Imported Goods
64000 CUKAI pelancongan (200,000,000)

tourism Tax
90000 Hasil daripada Wilayah Persekutuan

Revenue from Federal Territories
91000 Hasil cukai daripada Wilayah Persekutuan (37,000,000)

Tax revenue from Federal Territories
Tambahan Hasil Bersih 6,180,000,000

Net Revenue Gain
JUMLAH HASIL KERAJAAN PERSEKUTUAN 240,191,430,000
Selepas mengambil kira langkah bajet yang dicadangkan
dalam Bajet 2022
After taking into account budget measures proposed in the 2022 Budget

Untitled-1 1 21/10/2021 9:47 AM

CMD.35.2021 - CMD 35.2021 Dasar Makroekonomi

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Untitled-1 1 21/10/2021 9:41 AM

Kertas Perintah CMD.35 Tahun 2021

DIKEMUKAKAN DALAM DEWAN RAKYAT MENURUT PERINTAH

TINJAUAN FISKAL DAN

1. Prakata FO.indd 1 21/10/2021 9:55 AM

Semua hak terpelihara. Tiada mana-mana bahagian jua daripada

Tinjauan Fiskal dan Anggaran Hasil Kerajaan Persekutuan diterbitkan

Naskhah jualan boleh diperoleh daripada:

Naskhah ini juga boleh dimuat turun di:

1. Prakata FO.indd 2 21/10/2021 9:55 AM

Sejurus selepas pelancaran PEMULIH, Kerajaan telah memperkenalkan Pelan Pemulihan

Alhamdulillah, negara telah hampir untuk melengkapkan vaksinasi penuh populasi

TINJAUAN FISKAL 2022 iii

1. Prakata FO.indd 3 21/10/2021 9:55 AM

Akauntabiliti fiskal bukan sahaja merangkumi perbelanjaan kutipan hasil secara

Setelah hampir 19 bulan, Kerajaan telah berulang kali membuktikan keupayaan

Melangkah ke hadapan, kita harus berpandangan jauh melangkaui perbezaan etnik

DATO’ SRI ISMAIL SABRI BIN YAAKOB

iv tinjauan fiskal 2022

1. Prakata FO.indd 4 21/10/2021 9:55 AM

Pandemik COVID-19 terus memberi kesan kepada negara-negara di seluruh dunia, di

Di sebalik cabaran berterusan terhadap pematuhan SOP, tindakan pencegahan yang

TINJAUAN FISKAL 2022 v

1. Prakata FO.indd 5 21/10/2021 9:55 AM

TENGKU DATUK SERI UTAMA ZAFRUL TENGKU ABDUL AZIZ

vi tinjauan fiskal 2022

1. Prakata FO.indd 6 21/10/2021 9:55 AM

Pinjaman dan Penggunaan

Hasil Bukan Cukai

Cukai Tidak Langsung

Lain-lain Bayaran Khidmat

tinjauan fiskal 2022 vii

1. Prakata FO.indd 7 21/10/2021 9:55 AM

2020 20217 20228

Keluaran Dalam Negeri Kasar (harga malar 2015)

tinjauan fiskal fiscal outlook 2022 ix

3. Key Data Fiskal.indd 9 18/10/2021 6:01 PM

2020 20219 202210

x tinjauan fiskal fiscal outlook 2022

3. Key Data Fiskal.indd 10 18/10/2021 6:01 PM

SEKSYEN 2 HASIL KERAJAAN PERSEKUTUAN

SEKSYEN 3 PERBELANJAAN KERAJAAN PERSEKUTUAN

SEKSYEN 4 PENGURUSAN HUTANG

SEKSYEN 5 RISIKO FISKAL DAN LIABILITI

SEKSYEN 6 SEKTOR AWAM DISATUKAN

tinjauan fiskal 2022 xi

2. Kandungan FO .indd 11 18/10/2021 5:48 PM

STATISTIK KEWANGAN AWAM 207

MEMORANDUM PERBENDAHARAAN MENGENAI ANGGARAN HASIL KERAJAAN PERSEKUTUAN 227

xii tinjauan fiskal 2022

2. Kandungan FO .indd 12 18/10/2021 5:48 PM

AKRONIM DAN SINGKATAN

1MDB 1Malaysia Development GG jaminan Kerajaan

BNM Bank Negara Malaysia GSSS Green, Social, Sustainability

bps mata asas IPSAS Piawaian Perakaunan Sektor

CIA Collection Intelligence KHAZANAH Khazanah Nasional Berhad

CKHT cukai keuntungan harta tanah KWAP Kumpulan Wang Persaraan

tinjauan fiskal 2022 xiii

MOF Kementerian Kewangan PPN Pelan Pemulihan Nasional

MTFF Rangka Kerja Fiskal Jangka PRIHATIN Langkah Tambahan bagi

MWSB Malaysia Wakala Sukuk Berhad REITs amanah pelaburan hartanah

NCI Jawatankuasa Nasional RMKe-11 Rancangan Malaysia Kesebelas

OECD Organisation for Economic Co- SABK syarikat awam bukan

OPR Kadar Dasar Semalaman SDG Matlamat Pembangunan