Malaysia announces smaller budget, eyes subsidy cuts to narrow deficit
© Reuters. FILE PHOTO: People dine in at a restaurant in front of Petronas Twin Towers, in Kuala Lumpur, Malaysia November 5, 2020. Picture taken November 5, 2020. REUTERS/Lim Huey Teng/File photo
Anwar, who is also finance minister, is pushing a shift away from blanket subsidies to a system that mainly aids lower-income groups. Deepened geopolitical tensions and further tightening of monetary policies to offset inflation have increased the risk of a global slowdown, Anwar said, adding that Malaysia is not immune to these developments.
Targeted subsides would be implemented in phases starting next year and the savings from subsidy rationalisation would be channeled to increase cash aid from 8 billion to 10 billion ringgit, he added. Malaysia lowered its outlook for this year's economic growth to about 4% and forecast 4% to 5% expansion in 2024.
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