Middle East tensions impact Malaysia's economy, says finance minister
KUALA LUMPUR: The ongoing geopolitical tensions in the Middle East are causing short-term economic disruptions in Malaysia, particularly affecting crude oil prices, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.
Speaking after launching the Budget 2025 Initiative by SME Bank, Amir Hamzah noted that recent retaliatory attacks in conflict zones led to a sharp but temporary spike in oil prices. 'Oil prices surge sharply as a result of these attacks, but we saw prices coming down again with negotiations,' he said.
He stressed that while the immediate economic impact is short-term, global peace remains a priority. Malaysia continues to support peace initiatives in the region. Last week, Brent crude oil prices rose by over three per cent before stabilising amid early reports of peace talks involving major powers.
On domestic fuel subsidies, Amir Hamzah confirmed the government's plan to implement targeted RON95 subsidies this year. 'If we are to proceed, it must be done properly, just like with diesel — we need to ensure that the mechanism is right,' he said.
Prime Minister Datuk Seri Anwar Ibrahim has assured that the subsidy adjustments will not impose a heavy burden on the majority of Malaysians. The final mechanism is still under discussion with the Cabinet.
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