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WHY POLITICISE SUBSIDY REDUCTION? 90% OF RAKYAT WON’T BE AFFECTED, SAYS ANWAR

--------------------------------------------------------------------------------

By RAGANANTHINI VETHASALAM, RAHIMY RAHIM, GERARD GIMINO and TEH ATHIRA YUSOF
 * Nation

 * Tuesday, 06 Jun 2023
   
   1:07 PM MYT
   


   RELATED NEWS
   
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KUALA LUMPUR: Subsidies were only reduced for the wealthy, hence it does not
affect the majority of the people, says Prime Minister Datuk Seri Anwar Ibrahim.

“We reduced the electricity subsidies for the super rich and the bigger homes,
who are in the T20 category. Why are we turning it into a political issue?” he
said during the Prime Minister’s Question Time in the Dewan Rakyat on Tuesday
(June 6).



“It was not reduced for the people. 90% of the people were not affected as there
will be no increase in their electricity charges. Electricity charges for SMEs
and food industries were not increased,” he added.

Similarly, Anwar said haj subsidies will no longer be provided for the T20
group, adding that no other subsidies were slashed.



“We cannot reduce the subsidies for the rich? What kind of policy is that? I had
to take from the rich so that the poor are not burdened. That too at a minimal
rate,” he added.

Anwar was responding to a supplementary question by Datuk Radzi Jidin
(PN-Putrajaya) on the measures to ensure that the people are not badly affected
by the combination of the depreciating ringgit and reduction of subsidies.

He had also asked if there will be further hikes to the Overnight Policy Rate
(OPR).

StarPicks


DISINFORMATION, MISINFORMATION AND FAKE NEWS

Anwar said that the interest rate is solely the jurisdiction of Bank Negara
Malaysia.

Citing Bank Negara, Anwar said among factors contributing to the depreciation of
the ringgit was due to the stronger greenback.

He said other currencies had also been impacted by the stronger US dollar.

Since Dec 31, 2022, the ringgit declined by 3.8%, the Japanese yen by 6% while
the Australian dollar, South Korean won and China’s renmimbi lost around 3%.

He said the Singapore dollar remained strong due to tighter monetary policy
where the republic had increased its interest rate by 380 basis points.

Anwar added that an aggressive hike in the OPR will impact businesses.

He said the government had also pared down the fiscal deficit gradually, to
avoid any rapid and harsh measures which may end up affecting development
projects.

He was responding to Radzi’s question on the impact of the devaluation of the
ringgit on the country's economic recovery and the approach taken to strengthen
the local currency.

Related stories:

Are we targeting subsidies right?

Comprehensive database will allow targeted subsidies, aid to be channeled
effectively, says PM

PM: Unity govt to ensure subsidies provided fairly to targeted groups

Reforming price subsidies

TNB supports targeted subsidies to help rakyat in need

Many struggling to ‘live decently’


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Tags / Keywords: Parliament , Subsidies , T20 , super rich , targeted , Prime
Minister , Anwar Ibrahim , ringgit , OPR , currencies , greenback

   

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RELATED NEWS

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MARKET SUMMARY

--------------------------------------------------------------------------------

Quotes are delayed by at least 15 mins
Updated: 09 Jun 2023|6:50 PM


FBM KLCI

1376.08

1.44

0.1%

Vol ('00)


33,446,531

Day's Range

Low

1373.08

High

1381.26
52 Weeks Range

Low

1369.41

High

1528
Gainers489
Losers341
Unchanged445
Untraded968
Go to Market Watch


MARKET MOVERS

View More

--------------------------------------------------------------------------------

 * Active
 * Gainers
 * % Gainers
 * Losers
 * % Losers

 * SymbolOpenHighLowLastChg%ChgVol ('00)XOX 0.015 0.020 0.010 0.015
   0.0000.002,848,095 FITTERS-WC 0.005 0.010 0.005 0.005 0.0000.001,444,515
   BORNOIL 0.010 0.015 0.010 0.015 0.0000.001,117,245 SAPNRG 0.040 0.045 0.035
   0.035 0.0000.001,050,221 HSI-CLZ 0.160 0.170 0.130 0.155 0.0053.33811,457
   PARLO 0.125 0.190 0.120 0.125 0.0000.00806,535 SCIB 0.285 0.300 0.280 0.300
   0.0207.14658,844 HSI-HK7 0.090 0.095 0.075 0.085 -0.015-15.00601,696 WIDAD
   0.425 0.425 0.415 0.420 -0.005-1.18563,786 MUIIND 0.060 0.060 0.050 0.055
   -0.005-8.33490,057 ARMADA 0.470 0.485 0.455 0.475 0.0102.15452,220 HSI-COW
   0.285 0.300 0.265 0.285 0.0103.64439,223 EPMB 0.755 0.935 0.755 0.890
   0.14519.46431,970 SWSCAP-WB 0.015 0.030 0.005 0.005 0.0000.00414,569 SSB8
   0.220 0.225 0.215 0.220 0.0000.00383,821





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