KUALA LUMPUR — Malaysia on Friday (Oct 13) unveiled a tighter budget for 2024, focusing on subsidy rationalisation to strengthen its fiscal position, as an economic slowdown puts a strain on government spending.
People dine in at a restaurant in front of Petronas Twin Towers in Kuala Lumpur, Malaysia on Nov 5, 2020.
Mr 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, Mr 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 per cent and forecast 4 to 5 per cent expansion in 2024.
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