Malaysia PM Anwar says fuel subsidy will be cut at the ‘right time’

QATAR – Malaysian Prime Minister Anwar Ibrahim reiterated the need to cut wasteful spending, including reducing excess subsidies to trim government debt levels, while stopping short of committing a timeline to do away with fuel concessions.

Malaysia currently absorbs much of the price of fuel and cooking oil for its population, a move that was estimated to cost RM81 billion in 2023.help narrow the 2024 budget deficit to 4.3 per cent ofMr Anwar, early in his term, had pledged to improve Malaysia’s fiscal position and reduce government debt from the current level of more than 60 per cent of gross domestic product.

While the reforms will boost the country’s allure to investors, they risk further denting Mr Anwar’s popularity, which has diminished a year since coming to power in late 2022 as dissatisfaction over the government’s handling of the economy climbed. Even as details on the long-awaited rollback of hefty subsidies remain scarce, the central bank anticipates that inflation, which had been below 2 per cent since September, may average as much as 3.5 per cent in 2024 on the potential impact of the subsidy reforms.

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