[UPDATED] Subsidies benefiting ‘ultra rich’ must be redirected towards B40, M40: PM

KUALA LUMPUR – Bulk subsidies that benefit the “ultra-rich” and conglomerates must be redirected to support the B40 and M40 groups as well as small traders affected by the economic downturn.

For example, Prime Minister Datuk Seri Anwar Ibrahim said Tenaga Nasional Bhd has nearly 10 million users but 10% (one million) are conglomerates enjoying more than 50% of the subsidies.

He added that the ministries which attended the National Action Council on Cost of Living (Naccol) meeting today are given two weeks to retable a comprehensive paper on cost of living issues after engaging the relevant stakeholders.

“Government departments must develop appropriate plans on targeted subsidies taking into account the interests of consumers and industry, while ensuring they are implemented without a hitch.”

Meanwhile, Anwar said the livestock sector has long been sustainable for local and export demand. 

“The government intends to make it easier for these industries to export their products and ensure that the livestock sector produces enough supplies for domestic needs. This includes guaranteeing greater and targeted assistance, especially to local entrepreneurs.”

He added that Naccol also discussed intervention methods aimed at alleviating the shortage of goods in the country that will be presented to the cabinet for a decision tomorrow.

“During the meeting, three papers were presented respectively by the Domestic Trade and Cost of Living Ministry; the Natural Resources, Environment, and Climate Change Ministry; as well as the Plantation and Commodities Ministry,” he said in a statement.

He added that the papers were to get views from stakeholders, especially industry players and consumer rights groups.

Others in the Naccol meeting were the two deputy prime ministers, relevant ministers, the chief secretary to the government, the Bank Negara governor, secretary-generals, and senior government officials.

After taking his oath of office, the prime minister has made addressing concerns surrounding the cost of living a priority. – The Vibes, December 13, 2022