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Malaysia plans record $18 billion subsidy spend in inflation fight

Economy Jun 25, 2022 08:25AM ET
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© Reuters. A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/Files

KUALA LUMPUR (Reuters) - Malaysia is expected to spend 77.3 billion ringgit ($17.6 billion) in subsidies and cash aid this year, the largest amount in history, to help temper the effects of rising prices, its finance minister said on Saturday.

Prices of goods have jumped in Malaysia in recent months due to supply chain disruptions, labour shortages and the impact of war in Ukraine. Food inflation rose 5.2% from a year earlier in May, the highest since November 2011, government data showed this week.

Malaysia is projected to spend 51 billion ringgit on consumer subsidies including for fuel, electricity, and food, assuming that commodity market prices remain at current levels, Finance Minister Tengku Zafrul Aziz said in a statement.

The government will also distribute 11.7 billion ringgit in cash aid, and 14.6 billion ringgit in other subsidies, he said.

Malaysia said on Wednesday it would disburse nearly $400 million this month to help households cope with rising food and living costs.

Earlier this month, it said an increase in government revenue from rising commodity prices was insufficient to offset an expected spike in subsidy spending this year.

($1 = 4.4000 ringgit)

Malaysia plans record $18 billion subsidy spend in inflation fight
 

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Comments (3)
Ann Anna
Ann Anna Jun 26, 2022 11:52AM ET
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Haha very funny n fishy same time 🙄
Mohmad Fuad Ahmad
Mohmad Fuad Ahmad Jun 26, 2022 8:48AM ET
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Malaysia is Blessed by yhe Creator having Natural Resources from Petroleum, Rain with Fertile Land for Agriculture, as well as Ocean Resources, thus it's just to Expedite and Develope the Natural Resources as well as Manufacturing of SemiConductors and Electronics. Only Those Exposed to the Dire Straits of the World Beyond do Appreciate the Extensive Wealth Bestowed on Malaysian
محمد يوسف
محمد يوسف Jun 25, 2022 9:15AM ET
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hello
 
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