GEORGE TOWN, November 25 – Penang Chief Minister Chow Kon Yeow unveiled the state’s budget for 2024, amounting to RM1.047 billion, which includes a projected deficit of RM514.53 million. This budget marks an increase of RM58.13 million compared to the previous year’s budget of RM989.47 million. Chow emphasized that cost-saving measures were implemented, with the actual management expenditure for the current year reaching RM709.2 million, below the projected figure.
Despite efforts to curb expenses, the projected deficit for 2024 is RM47.41 million higher than the deficit incurred in 2023, totaling RM467.12 million. Penang has consistently presented deficit budgets for the past 13 years, starting in 2011. Out of the total budget, RM374.72 million is allocated for development, representing a 14.68% increase from the previous year. The federal government contributes RM21.6 million, while the state covers the remaining RM353.12 million.
Notable allocations include RM80 million for the Gurney Bay project, RM21.23 million for the Penang Transport Master Plan, and RM15 million as a loan to support the GBS By The Sea project undertaken by the Penang Development Corporation. Chow Kon Yeow highlighted the focus on key development areas, including sports and recreational spaces, affordable housing plans, and special economic projects, demonstrating the state’s commitment to sustainable growth and infrastructure enhancement.
