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Budget 2021 wishlist: More efforts to protect the vulnerable - IDEAS
KUALA LUMPUR, Nov 4 -- The Institute for Democracy and Economic Affairs (IDEAS) has called for further efforts to protect the vulnerable in the upcoming Budget 2021 amidst the ongoing disruptions caused by the COVID-19 pandemic.
As the disruption from the pandemic could continue for the foreseeable future, measures taken to strengthen the economy should be aligned with efforts to protect the vulnerable, it said.
This includes strengthening incentives for businesses to retain or hire workers; particularly women and young people who are struggling the most.
“Social protection for families and households should be strengthened so that those who are out of work do not fall into poverty and hardship, and this should also be extended to those working in the informal sector.
“The government should take the opportunity presented by the low-interest rates to turbocharge investment in digital infrastructure to create jobs and enable the economy to prosper in the new normal,” it said in a statement today.
IDEAS said the health and economic crisis was also becoming an education crisis, with many children being out of school, often without the tools to ensure proper learning.
“The government should invest in health measures to keep schools open, and where this is not possible, the government should invest in tools and support systems for the children, parents and teachers,” it added.
On another note, IDEAS said the government should also commit to an accelerated phasing-out of coal fuel and turbo charge renewable energy as well as promote green technology as part of its efforts to support businesses during the pandemic.
It stressed that the government should demonstrate its commitment towards a more competitive economy as part and parcel of the recovery strategy, including making immediate policy decisions such as the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
“This is in addition to committing to longer-term structural change to modernise the regulatory environment and reshape the role of government-linked companies,” IDEAS said.
It added that the pandemic has highlighted the importance of developing state capacity, and the government should develop a roadmap to establish a broader and more progressive tax base.
“No option should be left off the table, including taxes on capital gains and reintroduction of Goods and Services Tax,” it added.
IDEAS also stressed that the terms for any political agreement to secure support for the Budget 2021 itself should be fully transparent.
“The transparency of the budget itself should also be improved, including strengthening parliamentary oversight and increasing public participation,” it added.
-- BERNAMA
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