KUALA LUMPUR – The government is steadfast in its commitment to prevent anyone from exploiting the masses, particularly concerning essential commodities like rice, by pursuing measures to alleviate excessive profit-taking pressures, said Prime Minister Datuk Seri Anwar Ibrahim.
In a speech during the Finance Ministry’s monthly assembly this morning, he said that to enhance support for the underprivileged, the government will continue its strategy of distributing aid and subsidies, guaranteeing their effective delivery to those in genuine need in line with principles of justice.
“The previous bulk subsidy approach has disproportionately benefited the wealthy and foreigners. However, why should we continue with this?
“Therefore, the government should redirect subsidies to impoverished and underprivileged communities, encompassing both urban and rural populations,” he said.
Commenting on the growth figures and forecasts for this year, Anwar, who is also finance minister, said that Bank Negara Malaysia’s Economic and Monetary Review 2023 released yesterday was positive and reassuring.
“The foundation of Malaysia’s economy remains robust, and the economic outlook for 2024 is better than that of 2023, as we achieved a gross domestic product growth of 3.7% despite facing various challenges and global economic volatility.
“For this year, our economy is expected to strengthen further with growth forecasts of 4-5%,” he said.
Factors that would support the improvement in economic performance include the decrease in the unemployment rate, which fell to 3.3% in January 2024, and the inflation rate, which dropped to 1.6% in the fourth quarter of 2023 (4Q2023) from 2.0% in 3Q2023.
Export performance also showed signs of recovery in January this year, with an increase of 8.7% after declining for ten consecutive months (March to December 2023).
In addition to the positive macroeconomic figures, the prospects for national investment are also at a very promising level.
“Last year, we achieved approved investments totaling RM329.5 billion, the highest in the country’s history,” added Anwar.
Anwar also stressed that Putrajaya has no outstanding payments to PAS-led Terengganu and has even increased the amount of petroleum royalty and development funds compared to the previous government.
He said Putrajaya had already fulfilled the “wang ehsan” (compassionate funds) to Terengganu from its petroleum resources for 2023 to the tune of RM786 million.
“The allegations against the Madani government, suggesting injustice and failure to repay ehsan funds to the state of Terengganu, proved to be nothing more than baseless accusations.
“The government also allocated RM786 million in petroleum revenue to the Terengganu state government to fulfil salary payments and contractual obligations.”
Furthermore, the government also fulfilled all requests for payment of the federal grant to Terengganu, amounting to RM413.64 million in 2023, surpassing the previous year’s allocation of RM399.12 million. This is also expected to increase further in 2024.
Moreover, there has been a notable increase in development expenditure allocation for Terengganu, from RM1.55 billion in 2023 to RM1.59 billion in 2024. – March 21, 2024