EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Monday, August 15, 2022
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription
Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

Subsidies to reach RM80 billion for 2022, highest in history – Finance Minister

by moneycompass
June 27, 2022
in Local Market News
The World Bank believes that subsidies should be targeted, and hence applauds Malaysia's move to evaluate its fuel and cooking oil subsidy systems.

Source: nensuria via freepik

Share on FacebookShare on WhatsApp

KUALA LUMPUR – Malaysia’s subsidies are anticipated to amount almost RM80 billion in 2022, said Finance Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

According to the minister, he stated that the government had provided various consumption subsidies comprising petrol, diesel, liquefied petroleum gas (LPG), cooking oil, flour and also electricity. He said that these subsidies are to reduce inflationary pressures on Malaysians.

In the recently released 100th People’s Financial Report, he also said that the overall expected spending on consumption subsidies this year totalling almost RM80 billion is the highest in history of subsidies sustained by any government.

“When added with the other additional support like social welfare aid, agricultural assistance, aid for fishermen and more, the amount of subsidies are anticipated to be nearing RM80 billion,” he explained.

Despite that, he stated that the government has continued to pursue policies that are generally targeted to curb inflation in order to prevent excessive price hikes while at the same time still providing direct support to those in need.

According to him, the policy is seen to have produced a situation that is regarded as manageable, particularly when compared to other nations.

Tengku Zafrul stated that a study on the holistic cessation of subsidies as well as the redistribution of those savings to those in desperate need, is part of the government’s strategy to ensure the country’s economic sustainability for medium and long term.

Additionally, he also said that substantial amounts of government funds have been spent to mitigate the impacts of the pandemic. This includes the national vaccination programmes and also the Wage Subsidy Programme, set in place to allow for businesses to maintain employees.

In an endeavour to rebuild Malaysia’s funds and fiscal resiliency, the holistic cessation of subsidies demonstrated the government’s fair and responsible approach to ensuring the B40 group are safeguarded, he explained.

Furthermore, he stated that the finance ministry is assessing the country’s fiscal resources that needs to be strengthened to rebuild Malaysia’s socio-economic resiliency, particularly for the B40 and M40 income groups.

This foresight is also a move to reduce the debt of the future generations to come, he continued.

Also in the report, it was shown that 92 firms had filed for the Danajamin PRIHATIN Guarantee Scheme (DPGS) as at June 10. Out of the total which applied, 61 firms were approved and the amount approved was RM2.08 billion.

The Wage Subsidy Programme on the other hand had shown RM20 billion being distributed to over 350,000 employers in order to almost 3 million local employees. This was an effort to reduce the overall unemployment rate.

Breaking down the Wage Subsidy Programme, the fourth edition saw RM2.555 billion distributed to 163,431 employers to retain 1,916,733 workers as at June 10 this year.

At the same time, the fifth edition saw RM183.123 million in subsidies distributed to over 7,385 employers to retain 105,300 employees.

 

Join our Telegram group for the latest updates!

 

Read more: AmBank Research expects OPR hike to 2.5% in BNM July meeting

Tags: SubsidiesWage Subsidy Programme (PSU)
ShareSendShareSendTweetShare
Previous Post

Thailand Draws on Creativity, Technology to Answer Consumer Demand for Eco-Friendly Lifestyle Goods

Next Post

Klaytn develops Metaverse Museum showcasing tech infrastructure and ecosystem

Related Posts

Bursa Malaysia Berhad has announced that it will be launching the Voluntary Carbon Market (VCM) exchange later this year.
Local Market News

VCM exchange to launch by end of 2022 – Bursa Malaysia

15 Aug 2022
ringgit malaysia, RM, US dollar
Local Market News

Malaysia’s ringgit generally stable against key trade partners’ currencies

15 Aug 2022
The third quarter of 2022 (Q3 2022) is likely to be equally as strong as Q2 2022 which had a stellar GDP growth performance of 8.9%, bringing the overall growth to 6.9% in the first half of this year.
Local Market News

Q3 2022 GDP performance expected to be equally stellar – Finance Minister

15 Aug 2022

Discussion about this post

MOST POPULAR

  • PhillipCapital Group successfully concluded its first hybrid Phillip Investment Conference 2022, on July 30, at the Berjaya Times Square Hotel, in the presence of over 2,800 delegates both physically and virtually.

    PhillipCapital Concludes First Hybrid Conference With A Bang

    0 shares
    Share 0 Tweet 0
  • Malaysian ringgit ranked as cheapest currency in region

    0 shares
    Share 0 Tweet 0
  • FWD Group unveils “press play” brand campaign

    0 shares
    Share 0 Tweet 0
  • Top 100 SMEs Defy Economic Headwinds to Post Triple-Digit Growth

    0 shares
    Share 0 Tweet 0
  • Malaysia’s exports to contract in 2020 at 8.3% amid MCO, COVID-19 crisis

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER