The upcoming Budget 2024 will maintain a careful balance between the government’s efforts to rationalise subsidies and to alleviate the financial burden of those who are in need, reassured Prime Minister Datuk Seri Anwar Ibrahim.

Earlier this week, Datuk Seri Anwar had revealed that the government is expected to spend more than RM81 billion this year in the various subsidies offered to the people, including electricity, fuel, and food. This amount is partly attributed to the rise in the cost of importing food.

To curb further increases in subsidies and to reduce the government’s burden, Datuk Seri Anwar said that a new policy is being formed to ensure that available subsidies are only provided to those who are truly in need, instead of benefitting all – including the rich. However, this will not come at the expense of the people’s welfare, he said.

“There are concerns that this subsidy rationalisation will cause people’s cost of living to rise. I give my assurance that the unity government will do its best to ensure that the budget for 2024 will reduce the burdens of the poor and even the M40 group,” said the prime minister.

Prior to this, Datuk Seri Anwar had already said that the details for the government’s implementation of targeted subsidies will be revealed during the tabling of Budget 2024. Economy Minister Rafizi Ramli, meanwhile, said that the government is expected to save between US$1 to US$2 billion (RM4.73 to RM9.47 billion) a year with the shift to targeted subsidies.

Datuk Seri Anwar is set to table the national budget – also known as the Supply Bill – for its second reading tomorrow, at 4pm.

(Source: Free Malaysia Today)

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