Budget 2023 seeks to balance the need for sustained domestic growth amid global economic headwinds while ensuring fiscal prudence given the current volatility seen in financial and currency markets.

The Association of Banks in Malaysia (ABM) chairperson and Malayan Banking Bhd (Maybank) group president and chief executive officer Khairussaleh Ramli said equally important is that the budget also laid the foundations for fiscal reforms, starting with the shift to targeted subsidies.