Latest news with #Budget2025Initiative
New Straits Times
11 hours ago
- Business
- New Straits Times
Middle East tensions have short-term impact on Malaysia
KUALA LUMPUR: The ongoing geopolitical tensions in the Middle East are having a short-term impact on Malaysia, particularly in terms of economic stability, said Finance Minister II Datuk Seri Amir Hamzah Azizan. Amir Hamzah said the current crisis, which saw a series of retaliatory attacks in conflict zones, has caused crude oil prices to spike over a short period. "Oil prices surge sharply as a result of these attacks, but we saw prices coming down again with negotiations. "So the impact right now is short-term. We understand that efforts to maintain peace are ongoing, and Malaysia continues to support initiatives aimed at sustaining peace in the region," he said after launching the Budget 2025 Initiative by SME Bank. He emphasised that global peace remains the most critical issue currently, other than economic concerns. In related developments, Brent crude oil prices rose by over three per cent last week before stabilising following early reports of peace talks by several major powers. On RON95 fuel subsidies, Amir Hamzah said the government intends to implement targeted RON95 subsidies this year. "But if we are to proceed, it must be done properly, just like with diesel — we need to ensure that the mechanism is right. We are still designing the mechanism and it will be discussed with the Cabinet. "However, in principle, Prime Minister Datuk Seri Anwar Ibrahim has said we will not impose a high burden. We want to ensure that the majority of people will not be affected by this RON95 subsidy adjustment," he said.
Barnama
12 hours ago
- Business
- Barnama
MADANI JMKU Programmes Record Nearly RM10 Million In Sales Since 2022
KUALA LUMPUR, June 26 (Bernama) -- More than 150 series of the MADANI Cooperative and Entrepreneur Sales Programme (JMKU), held at 128 locations nationwide since 2022, have generated nearly RM10 million in sales. Entrepreneur Development and Cooperatives (KUSKOP) Minister Datuk Ewon Benedick said the initiative, organised with Malaysia Cooperative Societies Commission (SKM), supports the MADANI economic framework's focus on improving people's well-being. He added that the Vendor Capacity and Capability Development Programme (PPKV) recorded total sales of RM1.23 billion through the participation of 108 vendors. 'Last year alone, KUSKOP implemented 204 programmes that benefited close to 800,000 entrepreneurs, including micro, small and medium enterprises (MSMEs), cooperatives, social enterprises, hawkers, and petty traders,' he said at the launch of SME Bank's Budget 2025 Initiative, attended by Finance Minister II Datuk Seri Amir Hamzah Azizan. Ewon also highlighted that KUSKOP had upgraded or built 98 Tamu Desa premises in Sabah and Sarawak, with a total allocation of RM19 million between last year and early this year. He reaffirmed the ministry's commitment to driving entrepreneurship and cooperative development in line with the MADANI Economic Framework and the National Entrepreneurship Policy 2030. On the SME Bank-led Budget 2025 Initiative, Ewon said it underlines the vital role of development financial institutions in supporting national efforts to enhance the competitiveness and resilience of local entrepreneurs. 'The launch reflects the government's strong intent to ensure every ringgit under Budget 2025 delivers tangible benefits, especially to the entrepreneurial community,' he said. He expressed confidence that the initiative would enable more MSMEs to expand their capacity, explore new markets, and adapt to current demands, including digitalisation, sustainability, and exports.
The Sun
15 hours ago
- Business
- The Sun
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.
