Another major issue is how to dish out more aid directly to those who need it most. Read more at straitstimes.com.
KUALA LUMPUR – Nearly a year into his premiership, Prime Minister Anwar Ibrahim has a long to-do list as he presents Malaysia’s 2024 Budget on Friday, with experts suggesting that he needs to introduce fiscal reforms to reduce ballooning petrol subsidies.have also made big headlines in recent months, including current concerns over rice shortage, and he must address the problem of policies that result in low wages and favour business owners over workers, say economists and analysts.
But these impressive figures aside, he has to make an immediate impact on what the average Malaysian is experiencing daily, especially those in the so-called Bottom 40 per cent , and the Middle 40 per cent groups. “There is a need to manage the cost of living, as inflation continues to affect the B40 and even the M40. Budget 2024 will be the platform for Mr Anwar to address these critical issues, and significant policy measures have to be put on the table now,” said economist Muhammad Saifuddin Sapuan at Kenanga Investment Bank’s research arm.
In his expanded 2023 budget, Mr Anwar announced a RM8 billion cash handouts under Sumbangan Tunai Rahmah , benefiting 8.7 million people – the poorest received up to RM3,100 each, rice farmers got a cash aid of RM600, and two million young people aged 18 to 20 were given RM400 million in e-credit. The government is studying how to implement targeted subsidies. Ideas include giving special petrol discount cards to the B40 and M40 groups. Mr Anwar said the details of the system will be announced on Friday.
In September, Economy Minister Rafizi Ramli said the government may reconsider implementing the unpopular Goods and Services Tax , but he backtracked two days later after public backlash.
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