Malaysia's Anwar Says to Cut Fuel Subsidy at the ‘Right Time' [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
“I concede that things need to be done, but it needs to be done judiciously,” he told Bloomberg Television's Haslinda Amin at the Qatar Economic Forum on Tuesday. The government of the State of Qatar is the underwriter of the forum, powered by Bloomberg. “How do we then proceed to undertake this reform without punishing the poor — that to my mind is very central,” he said in response to a question on the timing of the subsidy reduction. “We will do it at the right time,” he said. Malaysia currently absorbs much of the price of fuel and cooking oil for its population, a move that was estimated to cost 81 billion ringgit ($17 billion) last year. Anwar has sought to replace the broad subsidies with targeted assistance this year to help narrow the 2024 budget deficit to 4.3% of GDP from 5% in 2023. Anwar, early in his term, had pledged to improve Malaysia's fiscal position and reduce government debt from the current level of over 60% of gross domestic product. Doing so will help wi
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