Prime Minister Datuk Seri Anwar Ibrahim has revealed that Budget 2025 will be centered on tackling the increasing cost of living while also confronting issues related to market monopolies and cartels. Addressing attendees at the Finance Ministry’s monthly assembly in Putrajaya, Anwar, who also serves as the finance minister, highlighted the government's commitment to mitigating financial pressures faced by Malaysians.
Anwar noted that while Malaysia enjoys some of the lowest prices for essential goods such as sugar, oil, flour, and fuel in the region, the public still grapples with significant economic burdens. “The rising cost of living is a major concern for many Malaysians,” he said. “Our prices may be competitive, but the pressure on households is undeniable.” He acknowledged that despite efforts to maintain lower prices, the feeling of financial strain persists among the population.
The Prime Minister's remarks were part of a broader discussion on how Budget 2025 will approach various economic challenges. Anwar stated that the budget would not only aim to provide immediate relief but also address systemic issues contributing to price hikes. He indicated that the government would target the influence of cartels and monopolies, which are often responsible for inflating costs and creating unfair market conditions. "We must look into the practices of these entities and ensure that they do not exploit the market at the expense of the public,” he said.
In addition to tackling market issues, Budget 2025 will also focus on several key areas to improve the overall economic landscape. The Finance Ministry has outlined three primary short-term priorities that will guide the budgetary measures. These include:
1. Economic Restructuring: The government plans to drive economic restructuring aimed at enhancing competitiveness and increasing value-added activities. This involves supporting industries and sectors that contribute significantly to economic growth while ensuring that Malaysia remains competitive on the global stage.
2. Improving Quality Of Life: Efforts will be made to enhance the quality of life for Malaysians by addressing disparities and providing equal opportunities across various segments of society. This includes investing in social programs and infrastructure that support education, healthcare, and affordable housing.
3. Strengthening Governance: The budget will also focus on improving governance and public service delivery. This entails ensuring transparency, reducing bureaucratic inefficiencies, and enhancing the effectiveness of government programs and services.
Anwar emphasized that the Finance Ministry would work collaboratively with other ministries and stakeholders to ensure that the budget effectively addresses these priorities. “We need a holistic approach to economic planning and policy implementation,” he remarked. “The Finance Ministry will leverage its expertise and coordinate with other sectors to address the root causes of price increases and market imbalances.”
The upcoming budget is also expected to address specific concerns related to supply chain disruptions and the cost of essential goods. Anwar indicated that the government would explore measures to stabilize prices and improve market access for critical resources.
The presentation of Budget 2025 to the Dewan Rakyat is scheduled for October 18, 2024. This national spending plan will play a crucial role in shaping Malaysia’s economic policies and addressing the pressing issues faced by the public. The government's focus on both immediate relief and long-term structural reforms reflects its commitment to creating a more equitable and sustainable economic environment.
Overall, Budget 2025 aims to strike a balance between providing short-term relief for Malaysians struggling with the cost of living and implementing reforms to ensure fair market practices and economic resilience in the future.
Kamran is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
The User Content (as defined on Newswav Terms of Use) above including the views expressed and media (pictures, videos, citations etc) were submitted & posted by the author. Newswav is solely an aggregation platform that hosts the User Content. If you have any questions about the content, copyright or other issues of the work, please contact Newswav.
