KUALA LUMPUR, 7 October 2022 – Export-Import Bank of Malaysia Berhad (EXIM Bank) welcomes and supports the Government’s Malaysia National Budget 2023 themed Responsive, Responsible, Reformist (3R) towards betterment of the country in facing global challenges.

The 2023 Malaysia National Budget of RM372.3bil consists of management spending in the amount of RM272.3bil, development expenditure of RM95bil and RM5bil under Covid-19 Fund to further support and expand the economic recovery post covid. The budget will change the development landscape to be more inclusive and sustainable. The reform is expected to strengthen the country’s resilience towards challenges in driving growth despite the headwinds.

The budget will also help the nation navigate issues in the economy like rising inflation that has crimped disposable income while increases in interest rate have magnified challenges in managing financial obligations. The incentives announced are likely to mobilize the domestic front providing much-needed support to local businesses including micro enterprises. Improvement in commercial activities will contribute to job creation on the back of growing number of youth joining the work force whilst current unemployment rate stood at 3.7%. This bodes well for the government’s aspiration to enhance ‘rakyat’ socio-economic wellbeing.

Malaysia’s economy is projected to record a moderate growth of 4% to 5% in 2023. Emphasis on digitalization and sustainability in supporting the green agenda will create new growth shoots as industry sectors move up the value chain elevated by advancement in technology.

“EXIM Bank is committed to playing its developmental role and delivering on its mandate in supporting more Malaysian exporters thrive beyond Malaysian borders”, said Arshad Ismail, President/Chief Executive Officer of EXIM Bank Malaysia.

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ABOUT EXIM BANK

The Export-Import Bank of Malaysia Berhad (EXIM Bank) was incorporated on 29 August 1995 and is wholly-owned by the Government of Malaysia. The Bank has assisted a diverse range of Malaysian business in various sectors in their global ventures.  EXIM Bank takes pride in meeting its mandated role of stimulating and enhancing the competitiveness of Malaysian industries for exports and investments globally via the provisioning of internationally and domestically competitive banking and insurance products and advisory services. The Bank also offers Shariah-compliant financing and Takaful instruments. For more information, visit www.exim.com.my.

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