Malaysia to Cut Petrol Subsidy From 2025 to Slash Deficit [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance
Most Read from Bloomberg 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 gross domestic product, from 4.3% this year. Rebuilding fiscal health is key for Malaysia to retain emerging Southeast Asia's highest credit score, and keep investors' faith as Anwar looks to turn the nation into a global artificial intelligence hub. Anwar, who doubles as finance minister, also said the gov
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