Malaysia's Targeted Subsidies Save RM15.5 Billion Annually
Prime Minister Datuk Seri Anwar Ibrahim has introduced targeted subsidies to benefit Malaysians, excluding foreigners and large corporations. The initiatives aim to save the nation billions annually while ensuring essential goods remain affordable.
The Budi95 initiative has been a success, with over 10 million people enjoying a lower fuel price of RM1.99 per litre for RON95. This move alone has the potential to save at least RM2.5 billion annually. Additionally, restructuring electricity tariffs has resulted in significant savings of RM6 billion for the government.
Targeted subsidies have proven effective in various sectors. Individual owners, farmers, and smallholders receive RM200 per month for diesel, saving the government RM5 billion. The floating of chicken and egg prices has saved an additional RM2 billion combined. The total expected annual savings from these targeted subsidies amount to approximately RM15.5 billion.
The Malaysian government's targeted subsidy approach has demonstrated substantial savings, with RM15.5 billion expected annually. This strategy ensures that essential goods remain affordable for Malaysians while reducing the financial burden on the government.
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