Malaysia reduces petrol subsidies to focus aid on the needy and decrease fiscal deficit.

Malaysia's Economy Minister Rafizi Ramli confirms that the country will reduce petrol subsidies this year in an attempt to narrow its fiscal deficit. The government aims to focus its aid on helping the needy and plans to phase out blanket subsidies for RON 95 petrol, which made up the majority of last year's RM81 billion spent on subsidies. The government plans to narrow its budget deficit to 4.3% of GDP this year, up from 5% in 2023.

April 17, 2024
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