Malaysia's Prime Minister Anwar Ibrahim attends the 26th ASEAN-China Summit at the 43rd ASEAN Summit in Jakarta, IndonesiaKUALA LUMPUR - Malaysia is expected to make subsidy cuts for the well-off and provide cash aid for the needy as part of its budget plan for 2024, prioritising support for low-income households amidst a global slowdown and fiscal strains.
Prime Minister Anwar Ibrahim is expected to announce a smaller spending plan for 2024 when he tables the budget in parliament on Friday , economists say. "With efforts to pull in investments, socioeconomic restructuring, and the need for fiscal resilience, we believe there is a strong likelihood the budget will focus on fiscal tightening with an emphasis on funds reprioritised to households and sectors most needy," CGS-CIMB analysts said in a research note this month.
Economy Minister Rafizi Ramli said last week the government will announce in the 2024 budget a shift to targeted subsidies that will save at least $1 billion to $2 billion a year. Cash aid may also be given, he said.
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