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

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.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pakistan slashes fuel subsidies in bid to control fiscal deficit: Finance ministerKARACHI: Pakistan will slash fuel subsidies for a second time in a week in a bid to control fiscal deficit and secure International Monetary Fund bailout money, the finance minister said on Thursday. Minister Miftah Ismail said petrol and diesel prices for consumers have been increased by 17 per cent at th
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »