PENANG BUDGET 2025 TO FOCUS ON FISCAL BALANCE, NEW REVENUE RESOURCES

BUTTERWORTH, Nov 10 (Bernama) -- Penang will present its 2025 Budget on Nov 22, with a key focus on achieving fiscal balance to reduce the deficit that has persisted in recent years.

Chief Minister Chow Kon Yeow said this year’s budget presentation is expected to adopt a more sustainable approach, focusing on finding new revenue sources without cutting essential spending for development and public welfare.

However, he acknowledged that the challenge lies in identifying sufficient revenue sources to close the deficit gap to ensure that the government can continue its welfare initiatives for the people as planned.

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"We aim to present a more balanced budget, as we have been running a deficit recently. Next year, the focus will be on balancing it by increasing revenue channels and sources.

"We are unlikely to reduce spending, but we will need adequate funds to ensure the situation is balanced, without compromising development and the welfare of the people," he said.

Chow said that the Penang Budget 2025 will continue the commitment to management expenditure, which will partly cover existing projects, with remaining funds allocated for new initiatives.

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Additionally, he said that 20 per cent of the revenue will be channelled towards public welfare programmes, encompassing various initiatives. This step demonstrates the state government's commitment to meeting the needs of the people while maintaining more sustainable financial stability.

Last year, the state government presented a budget of RM1.422 billion, with an estimated deficit of RM514.53 million.

Meanwhile, Chow called on government agencies, the private sector, industry players, and non-governmental organisations (NGOs) to work together in ensuring that every citizen in Penang has access to digital technology, thereby improving digital literacy to realise the Penang2030 Vision.

He noted that while most individuals today are exposed to technology, a digital divide still exists among the community, including in Penang.

In this regard, he said, events like the Penang Go Digital Carnival organised by Digital Penang today provide an opportunity for the public to explore more opportunities within the digital platform, especially in e-commerce.

The one-day carnival, supported by over 40 exhibitors, attracted 1,000 visitors and featured 10 sharing sessions and workshops related to technology and digital initiatives.

-- BERNAMA