Full Budget 2023 speech

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Full Budget 2023 speech

INTRODUCING THE SUPPLY BILL (2023)

DEWAN RAKYAT

FRIDAY, 7 OCTOBER 2022

THEME: BUDGET 2023: KELUARGA MALAYSIA, MAKMUR BERSAMA

Tan Sri Speaker Sir,

I beg to move the Bill intituled “An Act to apply a sum from the Consolidated Fund for the service of the year 2023 and to appropriate that sum for the service of that year” be read a second time.

PREAMBLE

1. Bismillahirahmanirahim. As we hold firm to the promise of Allah SWT the Almighty, may the path we take be the best one for Malaysia. Truly, Allah the Almighty is the only true Giver of blessings and He is the ultimate planner.

2. Tan Sri Speaker Sir, The Right Honorable Members of Parliament, as well as brothers and sisters of Keluarga Malaysia who diligently listen to this presentation. Assalamualaikum Warahmatullahi Wabarakatuh dan Salam Keluarga Malaysia!

3. I am standing here this pleasant evening to carry out the immense trust given to the Ministry of Finance. The bigger the trust, the bigger the efforts that need to be translated.

4. Thus, in planning the national budget for this coming year, the Ministry of Finance team has traveled all over the country, attended more than 200 engagements with industries and stakeholders, and examined and assessed more than 250 memorandums and 12,000 public proposals.

5. Therefore, Before you is a document we have prepared to meet the needs of the people, to meet the national development agenda in ensuring a robust economy to face the many possible vagaries presented by a volatile global environment.

This is the result of our perseverance...
This is the 2023 Budget.

2022 RECOVERY

Tan Sri Speaker Sir,

6. Even though Covid-19 has not yet fully subsided, the world has emerged from its temporary malaise. Malaysia has moved in the transition phase of endemic. However, arduous the journey the reality is:-

This Government has analysed and formulated detailed plans....
From MCO, carefully reopening the economy,
From silence, we have resumed activity,
Various assistance disbursed to citizens,
Various facilities provided to businesses,
Various support provided to industry,
That this Government is the Keluarga Malaysia Government...

7. Under the leadership of YAB Prime Minister, the Government has successfully steered the country, charting a path to strong economic recovery.

8. However, there are still naysayers who spread malice intended to cause concern. Admittedly, the global economic situation requires us to be vigilant. The possibility of geopolitical unrest and the global economic slowdown impact all nations, not only Malaysia, requiring us to be flexible to face any eventuality. So, let us evaluate various indicators and figures regarding Malaysia’s economy.

9. Following a contraction of 4.5% in the third quarter of 2021, the country bounced back with a growth rate of 3.6% in the fourth quarter of 2021, and subsequently further strengthened to 5% in the first quarter of 2022 and 8.9% in the second quarter of 2022. Our growth in the second quarter of this year is the highest in Southeast Asia.

10. This momentum of growth is expected to continue and further strengthen in the third quarter of 2022. Insya-Allah, Malaysia’s economy is expected to exceed the March 2022 forecast of between 5.3% to 6.3%. Based on the current strong economic indicators, the Government has revised its 2022 growth forecast of between 6.5% to 7%.

11. However, the 2022 recovery is not solely about the GDP. In fact, the Rakyat’s livelihood has also improved. Unemployment rate has also reduced for twelve months consecutively, from 4.8% in July 2021 to 3.7% in July 2022. In only the span of a year, the Keluarga Malaysia Government sucessfully returned the labour market to full employment.

12. Consumer confidence has also begun to recover with the value of wholesale and retail trade for July 2022 increasing by 41% compared to July 2021. For the first seven months, the total value of wholesale and retail trade reached RM 882 billion, which is a 20% increase compared to the same period in 2021.

13. Despite this, the country's economic recovery which continues to strengthen is not spared from economic uncertainties. Due to global developments, the country's inflation rate has increased from 2.3% in January 2022 to 4.7% in August 2022.

14. If not for the subsidies and assistance amounting to RM77.7 billion, Malaysia’s inflation rate would have increased to 10%.

15. Due to high inflation faced in other countries, particularly the United States which has breached 8%, their monetary policy has been aggressively tightened, with its interest rate increased by 300 basis points this year. With the trend of various countries tightening their respective monetary policy, it is expected that global growth prospects will be dampened in year 2023.

2023 CHALLENGES

Tan Sri Speaker Sir,

16. The world economic outlook for 2023 is increasingly uncertain and challenging pursuant to geopolitical conflicts, global inflationary pressures, tightened monetary policy and weak economic growth prospects.

17. In January 2022, the International Monetary Fund (IMF) had initially projected 2023 global growth rate at 3.8%. However, in July 2022, the IMF revised its 2023 global growth projection downwards to 2.9%.

18. As an open economy, Malaysia cannot be fully insulated from the increasingly challenging global environment. As a result, the country's economic growth rate for 2023 is projected to moderate, to between 4% to 5%.

19. As Keluarga Malaysia, we need to immediately act to prepare for the future global challenges, and at the same time act responsibly towards building a bright future for our future generation. As such, to move towards a better Malaysia, Budget 2023 will be guided by the 3Rs — namely Responsive, Responsible and Reformist.

20. Budget 2023 will be immediately responsive to any challenge and provide comprehensive assistance to Keluarga Malaysia, not just the B40 but also the M40 group, women, youth, the disabled and all segments of society.

21. The 2023 budget is a responsible budget in balancing between an expansionary fiscal policy and at the same time implementing fiscal reforms towards ensuring the Government's financial sustainability in the long term. This budget will be responsible in building the country's resilience to face any future crisis.

22. Budget 2023 is reformist in taking the opportunity to transform the country's development landscape towards becoming more inclusive and sustainable whilst building a stronger national industry through strategic investments.

Tan Sri Speaker Sir,

23. In soliciting inputs for Bajet 2023, the Government issued a Pre-Budget 2023 Statement and published six public consultation papers in addition, to hosting various engagements. Thank you YAB Prime Minister for your directly involvement since the early days of planning and up until the finalisation of the Budget 2023 direction.

24. Budget 2023 has not been formulated only for a specific group but instead has been inclusive in collating and analysing of ideas, molded into a 2023 Budget inspired by Keluarga Malaysia. More than 100 of the rakyat's initiatives has been realized as part of the holistic effort resulting in this tome. Thank you to all those who have expressed their ideas and views.

25. With the theme: “Keluarga Malaysia, Makmur Bersama”, and in line with Budget 2023 which is Responsive, Responsible and Reformist, this Budget will ensure the wellbeing of the rakyat, business continuity, economic prosperity and public service delivery efficiency.

FIRST AGENDA: RESPONSIVE BUDGET

Tan Sri Speaker Sir,

26. To ensure a responsive Budget 2023 agenda, the Government will continue to implement an expansionary fiscal policy. This approach is vital to provide the necessary assistance to the Rakyat and support for businesses.

STRATEGY 1: EXPANSIONARY FISCAL POLICY

27. The 2023 Budget is unprecedented, with an allocation of RM372.3 billion. This is a significant increase compared to Budget 2022's allocation of RM332 billion and Budget 2021's of RM322 billion.

28. From this allocation, the Government proposes to provide RM272.3 billion for operating expenditure, RM95 billion for development expenditure and RM5 billion under the Covid-19 Fund. A total of RM2 billion is allocated as a Contingency Reserve Advance Warrant.

STRATEGY 2: PRIORITY TO THE RAKYAT

29. Within the current fiscal space, Budget 2023 will prioritise efforts to safeguard the welfare of the Rakyat.

Focus 1: B40 Group

30. The Social Welfare Department (JKM) has provided various forms of monthly assistance to the poor such as elderly assistance, children assistance, assistance for the disabled as well as chronically ill patients.

31. During the Budget 2022 presentation, I had announced the commitment to expand the income eligibility requirements for welfare recipients, in line with the 2019 Food Poverty Line Income (PLI) at RM1,169.

32. With this decision, more than 450,000 households are eligible to receive JKM's monthly assistance. The plight of the poor has been given special emphasis with an allocation of RM2.5 billion for 2023, which is a significant increase as compared to RM1.5 billion in 2020.

33. Previously, the Government had subsidised electricity bills up to RM40 to hardcore poor households under e-Kasih. Starting 2023, the provision of electricity bill subsidy of up to RM40 will be expanded according to the latest Food PLI which refers to the households with an income of RM1,169 and below, as compared to the existing requirement of RM980 and below. I hope the expansion of the eligibility requirement according to the Food PLI, will benefit more Rakyat — Insya-Allah.

Tan Sri Speaker Sir,

34. Recognising the benefits gained from the direct cash assistance, the Government will continue to improve the implementation of Bantuan Keluarga Malaysia or BKM. Hence, for next year:
• Households earning less than RM2,500 per month with five children or more will receive BKM of RM2,500. This is a new category that reflects the Government’s efforts in easing the burden of families with many children. Meanwhile, households with up to four children are eligible to receive BKM of between RM1,000 to RM2,000.
• For households earning between RM2,500 to RM5,000, the BKM cash assistance of between RM500 to RM1,250 has been provided depending on the number of children.
• For single senior citizens and singles, they will continue to receive BKM of RM600 and RM350 respectively subject to certain income thresholds.
• In 2023, the Government will continue to provide additional assistance of RM500 to single parents with children. This means that single parents are eligible to receive a maximum assistance up to RM3,000. The BKM maximum rate has increased as compared to RM2,500 this year.

35. For instance, Firdaus and Nor Aliza from Pasir Gudang who have five children received BKM of RM2,000 this year. Next year, they are eligible to receive BKM of RM2,500. Meanwhile, Ling Mee Hoon, a single mother from Sitiawan who raises three children, will receive BKM of RM1,300 this year and is eligible to receive BKM of RM1,500 in 2023.

36. Bantuan Keluarga Malaysia 2023 will benefit 8.7 million recipients with an allocation of RM7.8 billion. BKM 2023 is a comprehensive assistance that has been improved significantly as compared to Bantuan Sara Hidup 2020 with 5 million recipients and total allocation of RM5 billion.

37. Reflecting Government's concern towards the poor and B40, cash assistance under JKM and BKM for 2023 will exceed RM10 billion! It is hoped that with this assistance, recipients can heave a sigh of relief and utilise the assistance wisely according to their needs.

38. Allah Subhanahu Wa Ta’ala mentioned in the Quran, in surah ar-Ra’d verse 11 — “Verily Allah does not change a people's condition unless they change their inner selves”. Although the cash assistance is important for their immediate needs, only a steady income can elevate households towards a more comfortable life.

39. The Government aims to eradicate hardcore poverty by 2025. This issue will be addressed holistically through a whole-of-nation approach. Keluarga Malaysia Hardcore Poverty Eradication Programme was launched this year with a total allocation of RM150 million.

40. For 2023, to accelerate the agenda of eradicating hardcore poor, RM1 billion has been allocated whereby RM750 million is provided by the Government, whereas RM250 million will be provided by GLCs as corporate social responsibility (CSR).

41. For 2023, this programme will provide economic opportunities to more than 50,000 hardcore poor households to elevate their income, among others, through agricultural projects, as well as entrepreneurial ventures involving products and services. The assistance includes training, start-up capital and incentives for agriculture, marketing and digitalisation. The Government hopes that this effort will increase the incomes of the hardcore poor households to exceed the food poverty line income.

Focus 2: M40 Group

Tan Sri Speaker Sir,

42. The Government has never forsaken the middle-income households. The Government has always strived to raise the disposable income of the M40 group.

43. For approximately 1 million taxpayers, the Government would like to share some good news. We are pleased to announce that the resident individual’s income tax rate will be reduced by 2 percentage points for the chargeable income band of between more than RM50,000 to RM100,000, as follows:
• First: For the chargeable income band of between more than RM50,000 to RM70,000, the income tax rate is reduced from 13% to 11%; and
• Second: For the chargeable income band of between more than RM70,000 to RM100,000, the income tax rate is reduced from 21% to 19%.

44. At the same time, the chargeable income band of between more than RM250,000 to RM400,000 will be combined with the chargeable income band of more than RM400,000 to RM600,000 and subject to the tax rate of 25%.

45. With the above special income tax treatment, the income tax savings for middle income group is up to RM1,000, meanwhile, for top income group is up to RM250 per taxpayer. In other words, it is estimated that an estimated RM800 million is the additional income available to be spent by the Rakyat.

46. Towards embracing a cashless society, the e-Pemula initiative for M40 will be implemented by offering e-wallet credits amounting RM100 to per M40 individual with annual earnings less than RM100,000. It is estimated that 8 million individuals are eligible to claim this e-wallet credit, resulting in a total allocation of RM800 million.

Focus 3: Women & Children

Tan Sri Speaker Sir,

47. WOMEN are a blessing. They not only build a harmonious family as well as contribute towards the prosperity of the nation. Gender Focal Teams will be established in every ministry and agency to ensure that all policies formulated will take into account gender considerations.

48. We as parliamentarians in this August House were party to the approval of the Anti-Sexual Harassment Bill 2021. This is a firm commitment to eradicate all forms of sexual harassment as well as to raise awareness that sexual harassment cannot be accepted as societal norms. Towards this, the Tribunal for Anti-Sexual Harassment will be established in early 2023.

49. In dealing with mental health issues and domestic violence, the Government will reinforce Local Social Suppsort Centres. A total of RM8 million is allocated for these centres to serve as a location to provide early intervention as well as psychosocial advocacy and counselling. The Government will also continue to collaborate with relevant NGOs and shelters such as P.S. The Children in supporting the victims.

50. Based on the Malaysia National Cancer Registry Report 2012-2016, breast cancer is the topmost type of cancer diagnosed in women, accounting for a third of total cancer cases amongst women. Next year, the Government will increase screening tests by subsidising mammogram tests and cervical cancer screening programmes for women with a total allocation of RM11 million.

51. Cervical cancer screening will also be piloted using a new PCR screening test method pioneered by the ROSE Foundation in collaboration with Universiti Malaya and Universiti Malaysia Sarawak.

Tan Sri Speaker Sir,

52. I have met Puan Padzilah Sulaiman, the owner of Siti Khadijah's telekung and was impressed by her achievements. In 2009, she started a small business by selling telekung in Sungai Merab, Bangi. In expanding her business, she utilised various Government facilities. Currently, she owns more than 40 boutiques in Malaysia and Indonesia.

53. Therefore, to encourage more women entrepreneurs grow their businesses and enhance their marketing strategy, a total of RM235 million of financing will be provided specifically for women under BSN Semarak-Nita, Tekunita TEKUN, DanaNITA MARA and Biz Lady Bank Rakyat schemes.

54. As of October 2022, women held 29% of board positions for the top 100 public listed companies and all these 100 companies have at least one woman represented on their boards.

55. In order to further strengthen the role of women in corporate sector leadership, the Securities Commission will introduce a special training programme to enhance women's skills, identify and subsequently increase the numbers of qualified women to be appointed as board members. I believe that current political parties are busy identifying more women candidates to be nominated in the upcoming general election.

56. Finally, to encourage women to return to the workforce after a career break, the Government proposes income tax exemptions on the income received from 2023 to 2028 year of assessment.

Tan Sri Speaker Sir,

57. It is important to focus on children’s welfare aspects. The Government will allocate RM188 million for early childhood education programs under the Community Development Department or KEMAS. This allocation includes the construction of 10 KEMAS nurseries including three new projects in Port Dickson, Negeri Sembilan, Limbang, Sarawak and Pasir Putih, Kelantan. As announced by YAB Prime Minister, the allowance for KEMAS voluntary community assistants will be increased in 2023.

58. To ease the financial burden for parents who provide early education for their children, the Government has agreed to extend until the year of assessment 2024, the tax relief of up to RM3,000 on fees paid for TASKA and TADIKA registered with the Government.

59. According to the Department of Statistics Malaysia, the country’s fertility rate in 1970 was 4.9 babies for every woman, whereas it has currently decreased to its lowest rate of 1.7 babies. Meanwhile, children specifically from vulnerable families, face the problem of malnutrition to the extent it stunts their growth, what more since the Covid-19 pandemic hit.

60. To increase the birth rate as well as reduce the incidence of stunting among children, under the Cahaya Mata Keluarga Malaysia initiative, mothers from Bantuan Keluarga Malaysia (BKM) households who give birth in 2023 will be provided a one-off cash assistance of RM500, with a total allocation of RM150 million.

Focus 4: Youth

Tan Sri Speaker Sir,

61. The youth represent more than a quarter of the country's population. Indeed, it is in their hands to determine the country's future.

62. While the country has achieved full employment, the unemployment rate for those aged 25 years and below, including school leavers and graduates from higher education institutions, is at the level of 11% in the second quarter of 2022. This issue will continue to be given due attention.

63. To ensure the youth receive appropriate access to employment, the Government will provide hiring incentives under SOCSO to employers who hire youth aged between 18 to 30 years old who have been unemployed for more than three months. In addition, this hiring incentive will also be extended to employers who hire TVET graduates.

64. Malaysia has indeed produced many young successful businessmen. This includes Arun Prasanth, a young entrepreneur providing cleaning services for homes and offices since 2018. Helped by a RM20,000 loan under the BSN Mikro Belia scheme, Arun’s average annual sales has reached RM200,000.

65. To encourage more youth to venture into business, a total of RM305 million financing facilities reserved for youths will be provided by SME Bank, TEKUN, MARA, BSN and Agrobank.

66. The Penjaja Muda Keluarga Malaysia scheme by BSN with a fund of RM50 million will offer loans of up to RM50,000 potentially benefitting 10,000 youths who can generate their own income such as through operating a food truck business.

67. To assist the B40 especially youths to earn an income through services such as taxi, bus and e-hailing, the Government has agreed to waive the fees of getting taxi, bus and e-hailing licenses under MyPSV programme. In addition, the Government has also agreed to waive the fees for B40 in getting the B2 motorcycle licence.

68. Further, to further encourage youth to work, the TEKUN Mobilepreneur Financing Scheme will be continued with RM10 million to finance youth interested to provide delivery services using motorcycles.

69. Pakej Remaja Keluarga Malaysia has helped the youth to access an affordable prepaid package with a subscription to internet data plan of only RM30 for three months. To help bridge the digital gap among the youth, as well as facilitate learning sessions, this initiative will be extended until April 2023.

70. Melentur buluh biarlah dari rebungnya. This year, e-Pemula offered e-wallets credits of RM150 to the youth. In line with Yang Amat Berhormat Prime Minister’s commitment to improve this initiative, the e-Pemula initiative will be continued with an increase to RM200 for the benefit of 2 million youths aged between 18 and 20 years old and full-time students aged 21 years old and above with an estimated total allocation of RM400 million.

Focus 5: Social Protection

Tan Sri Speaker Sir,

71. In ensuring the holistic well-being of the Rakyat, the social protection agenda will continue to be given serious attention. In 2020, only a handful of gig riders were covered but following the Government subsidising their contributions, more than 260,000 people were protected under the Self-Employment Social Security Scheme (SKSPS) PERKESO.

72. To alleviate the burden of SOCSO payments by self-employed individuals, the Government will bear 80% of the contribution value. This indicates that self-employed individuals such as food delivery drivers, farmers, fishermen, FINAS artists, and hawkers will only have to pay 20% of contributions. Next year, a total of RM150 million will be allocated and extended to those who are self-employed such as taxi drivers and gig workers from information technology sectors.

73. Next year, the Government will start to gradually make mandatory SKSPS contributions for all self-employed sectors, particularly the high-risk sectors. The implementation will be phased, commencing with the public transportation sector and goods or food delivery sectors.

74. GIven the importance of building sufficient retirement savings, the EPF voluntary contribution limit will be raised from RM60,000 to RM100,000 per year. To further encourage voluntary contribution, the Government will also expand the scope of tax relief for life insurance premiums or life takaful contribution by including voluntary contributions to EPF of up to RM3,000.

75. I am pleased to announce that the I-Saraan programme will be extended to 2023 and will be improved through raising the matching contribution ceiling from RM250 to RM300. With a total allocation of RM30 million, this initiative is expected to help more than 100,000 contributors.

76. In appreciation of the contribution of housewives, the Government will extend the Kasih Suri Keluarga Malaysia Programme to 2023 and enhance the programme through additional protection under the SOCSO Scheme. Housewives who make a EPF contribution of at least RM60 annually will stand to receive a Government matching incentive worth up to RM600 per year, comprising RM480 of EPF contributions and RM120 contributions for SOCSO coverage. This programme is expected to benefit 200,000 housewives with total allocation of approximately RM120 million.

77. To increase the equity holdings among Bumiputera, I am pleased to announce that the maximum investment limit for Amanah Saham Bumiputera (ASB) and ASB2 has been increased from RM200,000 to RM300,000.

78. In addition, BSN will also provide soft loans to assist B40 Bumiputera in investing with ASB with loans offered at the rate of 1.5 % annually, with a fund size of RM100 million.

Focus 6: Cost of Living

Tan Sri Speaker Sir,

79. Overall, the Government will allocate over RM55 billion for subsidies, aid and incentives under Budget 2023. This large amount of expenditure is provided to mitigate the challenge of rising cost of living, in conjunction with other measures such as, through price controls on goods and services.

80. The Government is committed to ensuring that basic goods such as rice, cooking oil, LPG gas, petrol, and diesel reach the hands of the rural population at reasonable prices. Next year, RM200 million will be provided to support the cost of transportation and distribution of essential goods. The Government will also expand the coverage of the programme to 23 new areas, including Kampung Passin in Mukah, Sarawak, and Kampung Tawayari in Lahad Datu Sabah.

81. The Jualan Murah Keluarga Malaysia (JMKM) programme was implemented since last August and has significantly benefited consumers by offering essential goods at up to 20% cheaper than prevailing market prices. Since its launch, JMKM has been held in over 500 locations, and this week was held in Kanowit, Sarawak.

82. Looking at the positive impact of JMKM, particularly for B40 households, the Government is committed to continuing this programme in 2023 with an allocation of RM100 million. JMKM will be implemented across the country, covering 600 DUN and 13 Parliament of the Federal Territory in addition to being extended to public universities.

Focus 7: Jobs & Skills Training

Tan Sri Speaker Sir,

83. Since the outbreak of Covid-19, employment issues have continued to be the Government's primary focus. In 2022, various initiatives under the Jamin Kerja Keluarga Malaysia have successfully provided job opportunities and skills training to more than 310,000 people. While we have reached full employment, the focus will still need to be given to ensure career opportunities for particular social groups.

84. Next year, the Government will continue the Hiring Incentive under SOCSO to encourage employers to provide new job opportunities for unemployed members of Keluarga Malaysia particularly from among the disabled, Orang Asli, ex-convicts, and women returning to work. For this, a hiring incentive of between RM600 to RM750 per month will be paid for three months to the employer. These incentives will also be provided to veterans and also employers and Private Employment Agencies that replace foreign workers with local workers.

85. Under this Hiring Incentives, SOCSO will be provided RM150 million and is expected to provide career opportunities for more than 70,000 job seekers.

86. To ease the job seekers' burden, SOCSO will also provide mobility assistance of RM500 to those who secure employment outside of their state of residence. Meanwhile, a mobility assistance of RM1,000 will be provided for work related migration from Sabah or Sarawak to the Peninsular and vice versa.

87. Since the MySTEP initiative was implemented, it has successfully offered more than 118,000 job opportunities. Thus, MySTEP will be continued with 50,000 career opportunities on a contract basis, comprising 15,000 jobs in the public sector and 35,000 jobs with GLCs. Public sector jobs under MySTEP will be extended until 31 December 2023.

88. On top of that, I’m pleased to announce that the Government will increase the MySTEP salary rate by RM100, which is between RM1,500 to RM2,100 compared to RM1,400 to RM2,000 previously.

89. Keluarga Malaysia will continue to be provided with opportunities to pursue upskilling and reskilling programmes to better prepare for the needs of the job market.

90. HRD Corp will provide a total of RM750 million, which will provide skills training to more than 800,000 workers to increase their productivity and enhance income opportunities.

91. Towards developing new talents, the Securities Commission, in collaboration with the Capital Market Development Fund, will implement Capital Market Graduate Programme involving a fund of RM30 million to enhance the employability of 9,000 graduates for careers in the capital market.

92. Besides that, RM20 million will be provided for Program Usahawan Siswazah (PUSh) to enable 1,000 graduates to venture into entrepreneurship.

Focus 8: Education & TVET

Tan Sri Speaker Sir,

93. Education is the best investment for a brighter future for our nation. The Ministry of Education continues to receive the largest allocation of RM55.6 billion compared to RM52.6 billion this year.

94. Early Schooling Assistance or Bantuan Awal Persekolahan (BAP) has eased the burden of parents with an income of RM3,000 and below in providing assistance for parents to equip their schoolgoing children. Starting in the year 2022, the BAP rate was increased from RM100 to RM150 per child.

95. For 2023, I am pleased to announce Bantuan Awal Persekolahan will be given to all students regardless of their parents’ income.

96. For example