10-6-2024 (KUALA LUMPUR)Â In a resounding testament to Malaysia’s economic resurgence, a remarkable 12 out of the 15 best-performing companies in Southeast Asia during the first five months of this year hail from the nation, according to Economy Minister Rafizi Ramli. This accomplishment underscores the country’s steady progress under the unity government’s stewardship.
Addressing reporters at the launch of the unity machinery for the Sungai Bakap by-election, Rafizi revealed that economic monitors have listed the stocks of the 15 companies recording the most significant gains in the region, with 12 Malaysian companies making the cut. “We have political stability, and we are starting to see signs of economic improvement,” he remarked, expressing optimism about the nation’s trajectory.
Rafizi’s confidence extends to Malaysia’s prospects of attaining developed nation status, stating, “If this continues, projections suggest that by 2027 or 2028, Malaysia could be recognised and declared as a developed nation.”
Touching upon the contentious issue of fuel subsidies, the minister highlighted the stark contrast between past and present circumstances. “In the past, oil prices stood at RM1.90 per litre, and government subsidies were RM3 billion out of a budget of over RM200 billion,” he explained. “Now, subsidies are RM60 billion, and crude oil prices are at US$80. We can’t build schools, we can’t increase salaries, and the subsidies benefit the wealthy.”
Rafizi advocated for a more targeted approach, suggesting, “Isn’t it better that we redirect those subsidies to public vehicles, small trucks, traders, even regular people as long as they have diesel vehicles, and those earning below RM100,000 a year also get RM200 a month?”
The implementation of targeted diesel subsidies, he argued, would enable the government to distribute subsidy funds directly to needy households each month instead of channelling billions of ringgit to oil companies.
Aligning with this policy shift, Second Finance Minister Amir Hamzah Azizan announced that the price of diesel at all retail stations in the peninsula would be set at RM3.35 per litre, reflecting market prices without subsidies, effective from 12:01 am on the following day. Under the Budi Madani initiative, cash aid of RM200 per month will be provided to private diesel vehicle owners, small farmers, and small commodity planters.
