Malaysia expected to spend $6.8 billion in subsidies in 2022 - finance ministry

📆 3/06/2022 11:02 PM
📰 ChannelNewsAsia

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KUALA LUMPUR : Malaysia's Finance Ministry said on Friday government subsidies are expected to increase to 30 billion ringgit ($6.84 billion) this year, compared to the 4 billion ringgit allocated under the budget for 2022, as a result of the rise in prices globally. The ministry said in its pre-budget 2

KUALA LUMPUR : Malaysia's Finance Ministry said on Friday government subsidies are expected to increase to 30 billion ringgit this year, compared to the 4 billion ringgit allocated under the budget for 2022, as a result of the rise in prices globally.

The ministry said in its pre-budget 2023 statement that the increase in revenue from commodity-related taxes was insufficient to finance the rise in subsidies. "The Government is currently planning to enhance subsidies through a more targeted approach to enhance spending efficiency and minimise leakages whilst ensuring subsidies reach target groups and achieve intended objectives," the ministry said.

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