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Finance minister: Total govt subsidies in 2022 nearly RM80b, highest in Malaysia’s history

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KUALA LUMPUR, June 26 — The total amount of subsidies is expected to reach near RM80 billion this year, which is the largest amount in history, Minister of Finance Datuk Seri...

KUALA LUMPUR, June 26 — The total amount of subsidies is expected to reach near RM80 billion this year, which is the largest amount in history, Minister of Finance Datuk Seri Tengku Zafrul Abdul Aziz said.

“When added with other assistance such as social welfare assistance, agricultural assistance, fishermen and so on, the total subsidies are expected to be close to RM80 billion for 2022, which is the largest amount of subsidies in history,” he said. “A study on the wholistic cessation of subsidies and the re-channelling of those savings to those in dire need is part of the government’s strategy to ensure the country’s fiscal sustainability in the medium and long term,” he said.

The minister said the ministry is also reviewing the country’s fiscal resources that needed to be strengthened to rebuild Malaysia’s socio-economic resilience, especially for the B40 and M40 groups.

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