Budget 2025 to focus on lowering cost of living, says Anwar
Published on: Tuesday, August 06, 2024
By:
FMT, Nora Mahpar
Prime Minister Anwar Ibrahim said problems related to cartels, monopolies, and the cause of rising prices must be addressed.
PUTRAJAYA: Prime Minister Anwar Ibrahim today said that the budget for 2025 will focus on intensifying efforts to reduce the cost of living for Malaysians.
Anwar, who is also the finance minister, said he had asked policy planners at the ministry to develop cross-ministry solutions.
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"Even though the prices of sugar, oil, flour, and cooking oil are low, Malaysians still feel burdened (by high prices)," said Anwar.
“That’s why in this budget, besides the issues that we are already discussing, we also need to address problems related to cartels, monopolies, and the cause of rising prices… issues like fertiliser, seeds, and so on.
"This means that the finance ministry, especially policy planners, must think (of solutions) across ministries," he added at the monthly gathering with the ministry’s staff here.
Anwar said leakage, corruption, smuggling, and excessive profiteering by cartels were the main factors behind the rise in prices of goods.
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He said the government was addressing the issues through various measures, including the introduction of targeted diesel subsidies.
He said the measure had saved the country RM4 billion which could now be redirected to programmes benefiting the public.
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Anwar also hit out at politicians, especially from the opposition, who had criticised the targeted diesel subsidy policy.
"Those who are making noise are those who are not affected… this is just a political weapon to attack (the government)," he said.
"We know that all previous administrations agreed that targeted subsidies can prevent leakage."
Budget 2025 will be tabled in the Dewan Rakyat on Oct 18.
In its pre-budget statement on July 30, the ministry said it aims to restructure the economy towards greater competitiveness and higher value-added activities; improve the quality of life and inclusiveness of opportunities; and strengthen governance and public delivery.
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