Malaysian Prime Minister Anwar Ibrahim has introduced a series of measures aimed at addressing the rising living costs in the country and providing support to local businesses. In a televised address on Sunday, August 30, Anwar announced that the government would restore higher quotas for subsidised petrol and diesel purchases, effective September 1. The new measures include increasing the quota for Malaysian citizens to buy RON95 transport fuel to 300L per month, up from the current 200L per month.
Similarly, the quota for diesel purchases for certain categories of users will be raised to 400L per month. These changes are expected to provide relief to individuals and businesses affected by the surge in global crude oil prices. In addition to the subsidy increases, Anwar also announced plans to provide more funding for schools, improve digital health systems, and offer micro-financing facilities for small businesses.
The government will also raise the revenue threshold exempting companies from implementing e-invoicing to RM3 million a year, aiming to reduce the burden on small and medium-sized enterprises. Anwar emphasized that the economic growth of the country must be returned to the people, highlighting the need to address the growing concerns over living expenses. Despite Malaysia's economy outperforming most of its regional peers, with a 6% growth in gross domestic product in the second quarter of this year, the government recognizes the need to support its citizens and local businesses.
The government has also launched an artificial intelligence program, which will provide free access to several key applications, including Google's Gemini Enterprise and Wonderclip, and MuleRun by China's Alibaba Cloud, to Malaysians aged between 18 and 30 years. This initiative aims to promote digital skills and entrepreneurship among young people. Any funds seized or forfeited from anti-corruption legal proceedings will be channelled to government programs, particularly in education and healthcare, as part of the government's efforts to ensure that the benefits of economic growth are shared by all.
The introduction of these measures comes as Anwar's coalition faces declining support over its handling of corruption cases and failure to deliver on promised reforms. However, the government remains committed to addressing the concerns of its citizens and supporting the growth of local businesses. The implementation of these measures is expected to take effect on September 1, and the government will continue to monitor the situation and make adjustments as necessary to ensure that the benefits of economic growth are shared by all Malaysians.
