BUDGET 2019 | The budget should not be compared with the previous budgets as the new government had only taken over about six months ago, said Allianz Malaysia CEO Zakri Khir.

“We know how difficult it is to do a turnaround and there is only so much you can do in such a short span of time.

"A budget is a budget and a lot of initiatives were announced by the Finance Ministry but the real test for the government now is how well they can execute what is promised and to have the discipline to not have overruns,” he said in a statement in Kuala Lumpur today.

Meanwhile, the founder and chairperson of Public Bank Bhd, Teh Hong Piow, said the bank applauded the unprecedented institutional reform initiatives proposed such as the Fiscal Responsibility Act, Government Procurement Act and zero-based budgeting.

"Despite the economic and fiscal challenges, Budget 2019 has been crafted with wholesome and inspiring approaches to enhance the well-being of the people as well as to promote the entrepreneurial culture among businesses for Malaysia to return to the status of “Asia Tiger”," he said.

In promoting housing for all, Teh said Public Bank would explore its possible role in participating in this innovative mechanism to continue to support first time home buyers.

As for the founder of Supermax Group, Stanley Thai, he considered the overall budget as business friendly.

"The Tiger of Asia is in the making. The wounded tiger is on the road to economic recovery," he said.

Thai said the big-budget allocation on education would certainly improve the quality of education in local institutions.

"As a captain of the industry, we require more Malaysians to be trained and ready for the job market. More engineers, robotic engineers and mechatronic engineers are required in order for the country and the industry to fully implement automation manufacturing and industry 4.0 initiatives," he added.

- Bernama