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The Diplomat
a day ago
- Business
- The Diplomat
Malaysian PM Unveils New Measures to Address Rising Cost of Living
Anwar Ibrahim announced a 100-ringgit payment to all adult citizens, and a further reduction in the price of state-subsidized petrol. Malaysia's prime minister yesterday announced a series of measures to address the country's cost of living crisis, including a cash handout for all adult citizens and a small cut to the price of state-subsidized petrol. In a televised briefing, Anwar Ibrahim announced a one-time cash disbursement of 100 ringgit ($24) to all Malaysians aged 18 and above, which he said will be redeemable at more than 4,000 stores beginning on August 31. He added that the government will also freeze planned hikes in toll rates on 10 highways and increase its subsidies for RON95, the cheapest and most popular fuel, reducing the price from 2.05 ringgit ($0.49) per liter to 1.99 ringgit ($0.47). 'The government is sticking to its plan for targeted RON95 petrol subsidies with details to be announced end-September,' Anwar said, as per Bloomberg. 'What's certain is that just like the approach of targeted electricity subsidies, the government gives its assurance that ordinary citizens won't be affected. In fact let me announce that the RON95 petrol price will fall for citizens.' The cash handout is expected to reach around 22 million people and cost the government around 2 billion ringgit ($472 million),. The cost of living has become an increasing subject of popular concern in Malaysia in recent months, which Anwar's opponents have used to attack his government. As Reuters reported, yesterday's announcement came ahead of a protest that opposition parties plan to hold in Kuala Lumpur on Saturday, which will call Anwar to step down 'over escalating prices and a failure to deliver on promised reforms.' Police say that they expect between 10,000 and 15,000 people to attend the protest. 'I acknowledge the complaints and accept that the cost of living remains a challenge that must be addressed, even though we have announced various measures thus far,' Anwar said during yesterday's announcement, adding that more initiatives to aid those in poverty will be launched today. Yeah Kim Leng, an economics professor at Sunway University in Kuala Lumpur, told Al Jazeera that Malaysian households, especially low- and middle-income households, 'will welcome the cost-of-living relief provided by the measures.' Addressing the increasing prices of basic goods has been on Anwar's agenda since he took office in late 2022, but he has also sought to reduce the spiraling expense of Malaysia's elaborate system of cost-of-living subsidies, which cover everything from fuel and electricity to rice, flour, and cooking oil. These subsidies cost the Malaysian government around 64.2 billion ringgits ($15.2 billion) in 2023. Just weeks into his term, Anwar announced a plan to review the subsidies, to ensure that they primarily benefit those most in need, rather than all segments of society. He said at the time that the purpose of such support was 'to ease the burden of the poor and of course the rich and the industry should not be enjoying it.' In recent weeks, as Reuters reported, Anwar's administration has carried out a number of measures to boost government revenue. It has raised electricity tariffs on heavy users, including power-hungry data centers. It has also revised its sales tax and expanded the scope of its services tax, a move designed to 'strengthen the country's fiscal position by increasing revenue and broadening the tax base to improve the quality of the social safety net without burdening a majority of the people,' according to the Ministry of Finance. However, critics have voiced fears that higher costs would eventually flow down to ordinary citizens, including lower- and middle-income earners. At a political rally in Alor Setar on July 17, former Prime Minister Mahathir Mohamad called on Anwar to step down, citing his governance failures, in particular his mismanagement of the national wealth, which had caused hardship for the Malaysian public. 'Today, everyone has gathered here because we face the same problem – our country is wealthy, but the people remain poor. This is clearly the result of incompetent governance,' Mahathir said. Shortly after Anwar took office, I noted that 'tackling concrete cost-of-living challenges, which cut across ethnic and religious lines, is a good way of winning broad support for his multi-ethnic Pakatan Harapan coalition, and defusing claims that it is seeking to undermine Malay privileges.' Conversely, however, failing to address these concerns – or being perceived to fail – could leave Anwar politically vulnerable to attacks from the right-wing Malay populists of the opposition Perikatan Nasional coalition Anwar's premiership is not seriously under threat, but he may continue to struggle to balance the imperative of reducing cost-of-living pressures for ordinary people and maintaining the government's fiscal health.
Al Jazeera
2 days ago
- Business
- Al Jazeera
Malaysia's Anwar announces cash handouts in bid to ease living costs
Malaysian Prime Minister Anwar Ibrahim has announced a package of measures aimed at easing the cost of living, including a 100 ringgit ($24) cash handout for all adult citizens. In a televised address on Wednesday, Anwar said the assistance would benefit 22 million Malaysians and be redeemable at more than 4,000 stores from August 31 to December 31. Anwar said the government would also reduce the price of subsidised petrol from 1.99 ringgit per liter from 2.05 ringgit per liter for citizens, and freeze planned hikes in toll rates on 10 highways. An extra public holiday will also be scheduled for 15 September this year to coincide with Malaysia Day, the holiday marking federation, Anwar said. 'Malaysian households, especially those in the low and middle-income groups, will welcome the cost-of-living relief provided by the measures,' Yeah Kim Leng, an economics professor at Sunway University in Kuala Lumpur, told Al Jazeera. Anwar's announcement comes days before a planned rally in Kuala Lumpur to demand his resignation over rising living costs and his alleged failure to implement promised reforms. Police have said they expect up to 15,000 people to attend Saturday's protest, which was organised by the opposition Perikatan Nasional coalition.
The Star
3 days ago
- Business
- The Star
Economists expect 13MP will set out to boost Malaysia's competitiveness
Sunway University economics professor Dr Yeah Kim Leng. KUALA LUMPUR: The 13th Malaysia Plan (13MP) is expected to enhance Malaysia's competitiveness by promoting high-value manufacturing through business and investor-friendly policies, say economists. Putra Business School associate professor Dr Ahmed Razman Abdul Latiff said that the 13MP, which serves as the country's indicative development plan from 2026 to 2030, will help stimulate both domestic and foreign investments through policy reforms and incentives. 'The 13MP can position Malaysia as a leader by leveraging existing strengths in manufacturing and semiconductors, driving regional integration through Asean frameworks and adopting strategic regional positioning. 'It should also aim for the advancement of the semiconductor value chain and enhance regional supply chain resilience while not forgetting sustainability and inclusivity among local businesses,' Ahmed Razman said. The 13MP document is scheduled to be tabled at the Dewan Rakyat sitting on July 31 by Prime Minister Datuk Seri Anwar Ibrahim. The prime minister had previously said the 13MP was being formulated with a focus on the economic empowerment of the people through increased income, inclusive and sustainable economic structural reforms, as well as strengthening governance and efficiency in the delivery of public services. In addition, Ahmed Razman said the five-year strategic plan should also promote automation through incentives for technology adoption, support for workforce transitions, and clear and stable policies. 'The 13MP should accelerate digitalisation by investing in digital infrastructure, providing incentives for digital adoption, creating ecosystems and collaboration, as well as strengthening cybersecurity and data governance,' he added. Sunway University economics professor Dr Yeah Kim Leng said the 13MP should prioritise creating and enabling an environment for free markets to thrive and for private enterprises to innovate, compete, and prosper. Yeah noted that Malaysia is expected to transition into a high-income nation, as defined by the World Bank, during the 13MP period from 2026 to 2030. Yeah emphasised that one of the key drivers of this transition is the ongoing expansion of high-value and advanced manufacturing and service sectors. 'The recent increase in foreign direct investment in these areas has enhanced the country's competitiveness and its strategic position as a regional hub for the semiconductor supply chain and data centres. 'In addition to semiconductors and data centres, industries such as artificial intelligence and those related to the Fourth Industrial Revolution (Industry 4.0) are also significant. 'The 13MP is expected to promote structural advancements in other high-growth and high-value industries, including renewable energy, carbon capture and storage, medical devices, and pharmaceuticals,' he said. Yeah added that the 13MP initiatives should also address the increasing demand for more sophisticated and higher-quality services, which will subsequently drive growth in finance, education, healthcare, and aged care. — Bernama
The Star
6 days ago
- Business
- The Star
AI roadmap by 3Q this year
Innovative technology: Gobind (left) visiting a booth after launching the National AI Competition 2025 at Sunway University in Selangor. — Bernama PETALING JAYA: A National Artificial Intelligence Roadmap that outlines a five-year plan is expected to be launched by the third quarter this year, said Digital Minister Gobind Singh Deo. According to Gobind, the national AI roadmap from 2026 to 2030 is expected to have an entire chapter on AI education, and his ministry will be speaking to different sectors after the announcement. 'The document is ready. 'However, we anticipate launching it in the third quarter of this year,' said Gobind after he launched the National AI Competition 2025 at Sunway University yesterday. Gobind also said it is important to spread awareness about AI education, as it could foster interest in technology adoption among students. 'So, we will look at what data can be digitised and used to strengthen our education system,' said Gobind, adding that the national AI roadmap will focus on all sectors, and different ministries will be involved for that purpose. 'Different ministries will deal with different sectors, such as health and transportation, among others,' he said. Gobind said his ministry will also get feedback from other ministries on the issues faced by the country's sectors. 'We will devise a plan to overcome these challenges. 'One of the key areas is to ensure that we build talent that is able to optimise the potential of technology as we move forward,' he said. At the same time, Gobind said Malaysians should look at the use of generative AI such as ChatGPT as a form of innovation that can better their lives. 'Like it or not, technology will continue developing, and in this journey, we will see more innovations that can better our lives,' he said. In 2021, the Science, Technology and Innovation Ministry announced the National AI Roadmap 2021-2025, which outlined frameworks in agriculture, healthcare and education. Meanwhile, Gobind said over 2,500 students participated in the National AI Competition 2025, and more higher learning institutions should organise competitions as such. 'This is important because this is a platform where we can see how the technology is used and how it can benefit us,' said Gobind. 'This event gives important exposure to students, and I hope after this, every student will bring this message to their friends and family members that it is time to ensure that the nation is AI-ready.'
New Straits Times
6 days ago
- Business
- New Straits Times
AI Technology Action Plan 2026-2030 to reinforce ethical guidelines
KUALA LUMPUR: The AI Technology Action Plan 2026–2030, set to launch this year, will strengthen Malaysia's framework for ethical AI use. Digital Minister Gobind Singh Deo said the plan builds on the National Artificial Intelligence Governance and Ethics Guidelines (AIGE) introduced last year to address the risks of AI misuse. "Ethical use of AI is a critical issue. We've already implemented guidelines, and this action plan will further reinforce them," he told reporters after the National AI Competition 2025 at Sunway University today. The AI Technology Action Plan 2026–2030 follows the AI Roadmap 2021–2025 and aims to drive stronger collaboration between the government, industry, academia and the wider community. It will support knowledge sharing, encourage AI adoption in key sectors and promote sustainable talent development within the national AI ecosystem. "We're also looking into AI governance. Hopefully by mid-next year, we'll be able to introduce a framework that addresses safety and accountability in AI," Gobind said. He emphasised that strengthening guidelines and governance is essential, given the rapid pace at which the technology is evolving and its growing influence. "I view this positively. AI is the future. People will increasingly use applications powered by it, and we must be prepared. "Of course, as we move forward, challenges will arise, including potential risks. These are the aspects we need to address," he said. Gobind added that the rapid growth of AI presents new opportunities for employment and innovation, and urged Malaysians to boldly embrace emerging technologies in line with the government's push to build a fully digital nation. "To achieve this, we are focusing on infrastructure, security and talent development. Ultimately, we must ensure the country is 'AI-ready'," he said.
