PM gives Cost of Living council 2 weeks to look at targeted subsidies

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Prime Minister Anwar Ibrahim has given members of the National Action Council on Cost of Living two weeks to analyse the impact of targeted subsidies over the current blanket policy.

Speaking during a press conference at the Prime Minister’s Department in Putrajaya, Anwar said all relevant ministries and agencies have been tasked with gathering information that will be presented to his new cabinet after it has been formed.

“I have no problems with subsidies for the people, particularly the poor. But in our discussions, we found that subsidies must be targeted.

Yusof Mat Isa

“Take, for example, oil prices, that (subsidy) also benefits the people who are rich,” said Anwar.

“So, I am giving two weeks to analyse, look through all the implications and discuss with the private sectors and investors so that they understand the reason for subsidies is to lighten the burden of the poor,” said Anwar.

At the same time, Anwar hinted there will be other incentives introduced for businesses and industries in exchange for any removal of subsidies.

Anwar earlier chaired the 2022 National Action Council on Cost of Living Special Meeting and he expressed pride over the commitment shown by all civil servants involved.

He said despite it being a Sunday, the meeting was necessary to better understand issues surrounding living costs which have been made a priority under his administration.

Among the high-ranking government officials present were chief secretary to the government Mohd Zuki Ali, Bank Negara Malaysia governor Nor Shamsiah Mohd Yunus, officials from the Department of Statistics, Domestic Trade and Consumer Affairs Ministry, Finance Ministry, Agriculture and Food Industries Ministry and Energy and Natural Resources Ministry. – Malaysiakini