Malaysia to Cut Petrol Subsidy From 2025 to Slash Deficit [Financial Post (Toronto, Ontario, Canada)]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Malaysian Prime Minister Anwar Ibrahim is counting on petrol subsidy cuts and accelerating growth to help reduce the fiscal deficit even as he unveils his biggest annual spending plan yet on Friday. The government plans to cut the subsidy for the widely-used RON95 petrol from mid-2025, Anwar said in his budget presentation to parliament. It is part of the government's plan to dial back on subsidies and social assistance for a second straight year, by 14.4% to 52.6 billion ringgit ($12.2 billion). “It cannot be denied that foreigners and the top 15% of the super-rich consumers enjoy 40% of the RON95 subsidy worth 8 billion ringgit,” he told lawmakers. This can “be better utilized for the improvement of educational facilities, health as well as public transportation,” he added. The measures enable Anwar to target a narrower budget gap to 3.8% of g
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