Malaysia is reviewing its government subsidies programme, aiming to direct money toward low-income groups, Prime Minister Anwar Ibrahim said on Sunday, prioritising the rising cost of living as he takes office at a time of slowing growth.
Other incentives will be considered for industries that no longer benefit from subsidies, he said., cutting subsidies due to rising commodities costs and the resulting impact on government coffers. Malaysia is estimated to spend a record 77.7 billion ringgit this year on subsidies.The 75-year-old was sworn on Thursday,a three-decade political journey from protege of veteran leader Mahathir Mohamad to protest leader, prisoner convicted of sodomy and opposition figurehead.
Investors have cheered his appointment, hoping Anwar would bring stability after political uncertainty that saw three prime ministers in as many years. The focus is on the new government's policy direction and cabinet appointments. Anwar said on Friday he would have a smaller cabinet than those of previous administrations.Our Standards:
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