Malaysia plans record budget to bolster economic recovery

KUALA LUMPUR, Malaysia (AP) — Malaysia’s government is proposing a record budget for 2022 to bolster an economic recovery following the coronavirus pandemic, with industrial incentives and cash handouts for the poor and a one-time tax for high-income companies. Finance Minister Zafrul Aziz introduced the $80.2 billion proposed budget, up from $77.4 billion in the current year. He says a virus lockdown in the third quarter set back an economic recovery. With 95% of adults and more than 60% of teenagers fully vaccinated, he says the budget is designed to strengthen the economic recovery and drive reforms. It’s the first budget under Prime Minister Ismail Sabri Yaakob, who took office in August after two changes of government since 2018.