save malaysia!
Putrajaya to push ahead with long-awaited subsidy cuts in 2024 — Rafizi
savemalaysia
Publish date: Wed, 17 Apr 2024, 09:51 AM
(April 17): Malaysia will cut petrol subsidies this year as it seeks to narrow its fiscal deficit, according to the country’s economy minister.
The government is on track to focus its handouts on helping the needy, Rafizi Ramli said on Tuesday.
“We are sticking to it,” the minister said in an interview in the administrative capital of Putrajaya. The government needs to “manage the sequence” of subsidy cuts, with the risk of inflation picking up even before they are implemented, he added.
Prime Minister Datuk Seri Anwar Ibrahim’s government needs to undo hefty subsidies and broaden its revenue base to boost investors’ confidence in the country, with the Malaysian ringgit trading near a 26-year low. Anwar, who rose to power in late 2022, has struggled with a drop in approval rating amid concerns over rising costs.
Malaysia currently absorbs much of the price of fuel and cooking oil for its population, straining the Southeast Asian nation’s coffers. The government plans to narrow its budget deficit to 4.3% of gross domestic product this year, from 5% in 2023.
The nation plans to unwind blanket subsidies for the RON95 fuel - Malaysia’s cheapest and most commonly used gasoline - which made up the bulk of the RM81 billion it spent on handouts last year.
“In order to reach the fiscal target of 4.3%, a certain timeline has to be abided,” Rafizi said. “Otherwise the dollars and cents will be off.”
Investors have been getting impatient with the slow rollout of promised reforms. The ringgit has declined about 4% this year and was trading on Tuesday near its weakest level since the Asian financial crisis of 1998.
Despite the ringgit’s slide, Rafizi said that he is not too concerned about the currency’s performance as it has not dampened interest from foreign investors and does not hinder the government’s ambitions.
“As far as the economic ministry is concerned, we do not see ringgit fluctuations beginning to have a negative impact on our long-term restructuring,” Rafizi said.
The minister said key to this effort is to make structural changes to the economy by creating one of the world’s “top startup ecosystems” in Malaysia. The government seeks to turn Kuala Lumpur into a preferred destination for global startups to tap into funding and also serve the larger Southeast Asian market, he said.
“Malaysia should be much better as a vibrant scene for startups, for technology and digital sectors, given all our inherent advantages,” Rafizi said.
The urgency to find new growth drivers is increasing. Economic expansion last year undershot official estimates. Data due Friday will probably show Malaysia’s exports extended declines for a second month in March after a pickup in January. Exports had fallen for 10 straight months through December, the worst streak since the global financial crisis of 2008-2009.
Khazanah Nasional Bhd, the nation’s sovereign wealth fund, will front efforts to grow the digital and technology sector in Malaysia by creating a “super fund” along with other sovereign funds to invest in startups, which the government hopes will attract venture capital firms to the country.
https://www.theedgemarkets.com/node/708200
More articles on save malaysia!
Malaysian Bar challenges Pardons Board's decision on Najib's sentence reduction
Created by savemalaysia | Apr 30, 2024
Kenanga: Spotlight on affordable housing as cost-of-living issues persist
Created by savemalaysia | Apr 30, 2024
Sabah works dept aims to attract more graduates with technical expertise
Created by savemalaysia | Apr 30, 2024
Anwar should seek legal recourse over Bloomberg's casino report, says lawyer
Created by savemalaysia | Apr 30, 2024
Discussions
Be the first to like this. Showing 33 of 33 comments
Rafizi has been barking about subsidies cut soon. When Sarawak queried a bit on PADU, PMX ran and asked Rafizi to explain. PM also dont know much about PADU? Thus if subsidies are removed as stated by Rafizi ( and not PMX), inflation will rocket and RM will weaken until PMX wants to cry. That's when U turn comes back and PMX will shift the blame to Rafizi for not conducting a thorough study??
1 week ago
KH6996
Rafizi has been barking about subsidies cut soon. When Sarawak queried a bit on PADU, PMX ran and asked Rafizi to explain. PM also dont know much about PADU? Thus if subsidies are removed as stated by Rafizi ( and not PMX), inflation will rocket and RM will weaken until PMX wants to cry. That's when U turn comes back and PMX will shift the blame to Rafizi for not conducting a thorough study??
18 hours ago
That's a gameplan. Laffiji will be the new PH scapegoat? Pm X is unscathed，true no guts?
1 week ago
Tax gold bcos Rm going down to Rm 5 for 1 USD，
If no tax Gld more ＆more people abandon Rm，See this scene?
1 week ago
Stop dreaming. Rich ppl are in absolute control of the gomen. Guess who hold all the gold in msia- the T20 or B40? (Forget about the M40- they are struggling with debt now)
Posted by Income > 7 minutes ago | Report Abuse
Tax gold bcos Rm going down to Rm 5 for 1 USD，
If no tax Gld more ＆more people abandon Rm，See this scene?
1 week ago
Nevertheless, it's no brainer that increasing fuel price, inflation will make all the poor poorer and the M40 have no savings for old age; while taxing the gold will affect only the rich and affluent
1 week ago
Instead of cutting subsidy, cut the civil service employees by 70% and limit pension for politicians for one term only and revoke monopoly of transportation and other goods and services. Ada berani?
1 week ago
we have a chicken govt, a govt that is soooo fearful about losing malay votes that it is will to sacrifice it's non-malay voters and it's reformasi agenda
1 week ago
In desperate time like now, these are not issue of berani but necessity
Posted by DickyMe > 17 hours ago | Report Abuse
Instead of cutting subsidy, cut the civil service employees by 70% and limit pension for politicians for one term only and revoke monopoly of transportation and other goods and services. Ada berani?
1 week ago
The real problem is whether all races are willing to work hard to uplift their communities or not. The m and the non m, must be willing to work harder. Don’t keep relying on gov handouts la. Gov is not forever the goodies provider…
1 week ago
Luxury cars have been "drinking" subsidised petrol for years. Should have cut these out first, or should have imposed triple road tax years ago!!!
1 week ago
This is another no brainer- yes! Even ten folds they will be willing to pay in order to show their status. And yes, they can afford
Posted by LossAversion > 17 minutes ago | Report Abuse
Luxury cars have been "drinking" subsidised petrol for years. Should have cut these out first, or should have imposed triple road tax years ago!!!
1 week ago
But can Stop dreaming. Rich ppl are in absolute control of the gomen. Guess who hold all the gold in msia- the T20 or B40? (Forget about the M40- they are struggling with debt now)
1 week ago
Gomen has no biz in biz ...many loss making biz should privatised...billions tax payer money pump in....recently enter makan biz... Strategic assets ? Bullshit...why fight with citizens in biz?
1 week ago
This is another no brainer. Yes, obviously different personalities are cut for different fields. Gomen ppl mindset is incompactible with biz world
Posted by chinaman > 19 seconds ago | Report Abuse
Gomen has no biz in biz ...many loss making biz should privatised...billions tax payer money pump in....recently enter makan biz... Strategic assets ? Bullshit...why fight with citizens in biz?
1 week ago
San francisco coffee gomen buy out...strategic assets? Many GLC loss makings ..many 1mdb but hidden ma
1 week ago
Why San francisco coffee gomen bail out? San francisco coffee …Can’t fight with StarBark ker…
1 week ago
At the end of day, any govt that we choose, they just do the same thing more or less, just keep increasing taxes and inflation. The govt servants, politician pays and pensions, they will not change and keep for themselves while screwing the rakyat without they knowing it - slow cooker.
1 week ago
Who said they didn’t know…
Marcus Cicero (43 BC), of the Roman empire wrote this amazing wisdom.
1. The poor - work & work.
2. The rich - exploit the poor.
3. The soldier - protects both.
4. The taxpayer - pays for all three.
5. The banker - robs all four.
6. The lawyer - misleads all five.
7. The doctor - bills all six.
8. The goons - scare all of seven.
9. The Politician -, lives happily on account of all eight.
1 week ago
For centuries, things still zahillyyah. They missed out the vizier - make full use of Creator without His permission
Posted by Income > 2 hours ago | Report Abuse
Who said they didn’t know…
Marcus Cicero (43 BC), of the Roman empire wrote this amazing wisdom.
1. The poor - work & work.
2. The rich - exploit the poor.
3. The soldier - protects both.
4. The taxpayer - pays for all three.
5. The banker - robs all four.
6. The lawyer - misleads all five.
7. The doctor - bills all six.
8. The goons - scare all of seven.
9. The Politician -, lives happily on account of all eight.
1 week ago
Posted by eastern_joy > Apr 19, 2024 11:33 AM | Report Abuse
At the end of day, any govt that we choose, they just do the same thing more or less, just keep increasing taxes and inflation. The govt servants, politician pays and pensions, they will not change and keep for themselves while screwing the rakyat without they knowing it - slow cooker.
You are right. More than 2,000 years already, things are still the same… like written by…
Marcus Cicero (43 BC), of the Roman empire wrote this amazing wisdom.
1. The poor - work & work.
2. The rich - exploit the poor.
3. The soldier - protects both.
4. The taxpayer - pays for all three.
5. The banker - robs all four.
6. The lawyer - misleads all five.
7. The doctor - bills all six.
8. The goons - scare all of seven.
9. The Politician -, lives happily on account of all eight.
Nothing will change these people above. Only God can change the scenarios above. ;-@
1 week ago
The problem is I am no. 1 specie that is…
1. The poor - work & work.
How? Screwed by all no. 2 to no. 9.
Omg 😨
1 week ago
I am trying to be M40 and then T20 hopefully by playing Bursa biggest ha lal Casino games. U know what I mean 😢
1 week ago
Post a Comment
Featured Posts
Open a Moomoo Account Today and Win an Apple iPad Air*!
Apps
Top Articles
1
AmInvest Research Reports
2
3
4
6
7
save malaysia!
8
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
speakup
Pmx so afraid of Malay voters that he dare not voice out against akmal, u think he got gut cut subsidy?
1 week ago