KUALA LUMPUR – Datuk Seri Ahmad Zahid Hamidi has described the recent RM100 additional aid by the government to cushion the impact of inflation as “insufficient in reality”, and wants further aid packages to be distributed.
The Umno president said this is critical in offsetting the impact of the recent overnight policy rate (OPR) increase by another 25 basis points to 2.25%, particularly for those in the lower income group.
He said while the move by Bank Negara Malaysia is necessary for combating inflation in the long term, the federal government ought to announce further economic assistance to those most affected.
“For instance, the government can focus on children from underprivileged families, either those in school or higher learning institutions,” he said in a statement today.
“Provide a cost of living aid to these students to ensure their education is not affected by the rising cost of leaving as a result of the OPR hike.
“Furthermore, undergraduates who are in their final year and transitioning from their study to work life require a reasonable ‘capital’ and adequate support to start their life.”
In a statement on Wednesday, the central bank announced its decision to raise the OPR amid inflationary pressures due to elevated commodity prices and strong demand conditions, despite some easing in global supply chain conditions.
The announcement came just two weeks after Prime Minister Datuk Seri Ismail Sabri Yaakob said the government would be giving out an additional RM100 and RM50 Bantuan Keluarga Malaysia cash aid respectively to B40 households and single individuals.
This, the prime minister said, is to assist the lower income group weather the rising cost of living, with some 8.6 million Malaysians set to benefit.
With the current economic uncertainty and rising cost of living, Zahid said it is incumbent on the government to ensure no group is left out in the upcoming 2023 Budget.
“Financial aid should be centred around the new poverty rate and focus on Malaysian children in schools and universities, based on the latest data,” he said.
“The implementation mechanism, meanwhile, must be more efficient and (the aid) must reach to the root of the society who desperately need it.” – The Vibes, July 8, 2022
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