2024 Resources
Anwar Ibrahim, the prime minister of Malaysia, is expected to announce information on subsidy rationalization on Friday( Oct 13 ) as he tabulates Budget 2024 in parliament. He will do this to better assist those in the lower-income group, such as Ms. Rini and Mr. Yunas, without ignoring middle-earning earners.
The latest rebate program, which ran up to US$ 17 billion last month, is plagued by leaking and wastage and is not responsible, according to Mr. Anwar, who is also the finance minister, in a new interview with CNA.
According to reports, quarter of energy subsidies go to the wealthy.
The nation may continue to rely solely on antiquated policies of handouts and subsidies that are no longer feasible, he said.
Rafizi Ramli, the minister of financial matters, has been given the task of creating a massive database with real-time data from numerous companies profiling about 10 million households. & nbsp,
The PADU program, which is anticipated to be completed in January, will serve as a foundation for the implementation of targeted subsidies while taking into account variables like combined earnings, household size, region, and the distance to work and school.
” Fast WINS” ARE WHAT PEOPLE WANT.
But, it is still unclear whether Mr. Anwar’s management has the resources and political clout to see it through.
People’s desire for rapid victories is the issue. It might take some occasion for these changes. The cost of living may really rise over the brief term if targeted subsidies and GST( goods and services tax ) are implemented on the financial consolidation side, according to Tricia Yeoh, CEO of the Institute for Democracy and Economic Affairs.
The problem is that the Malay neighborhood may actually be fast won over by the criticism( of ) PN and PAS as criticism, she continued.
The government is committed to meeting its goal of bringing the fiscal deficit down to 3.5 % of the gross domestic product by the end of 2025, even though it has no immediate plans to reintroduce the goods and services tax.