KUALA LUMPUR (Oct 7): Malaysia will continue to pursue structural reforms as recent measures have proven effective, judging from the strengthening ringgit, rising investment, and better economic growth, said Prime Minister Datuk Seri Anwar Ibrahim.
The diesel subsidy rationalisation, in particular, is not done to inflict pain on the public, but rather to ensure that the wealthy and big industries “pay what they ought to,” he stressed during his opening address at the Khazanah Megatrends Forum 2024.
“The billions of ringgit saved are now being channelled back to the people in terms of subsidies and cash transfers,” he said. “And that is what we’ve done and will continue to do, as we proceed boldly on the course of structural reforms.”
In May, the government announced the re-targeting of diesel subsidies, in a move that is expected to generate some RM4 billion in savings annually.
The rationalisation for RON95, the most widely-used petrol variant, is also expected to follow suit.
The commitment to structural reforms also include the government’s commitment towards governance, accountability and social justice, in ensuring that the benefits of growth are distributed fairly and equitably, and that every Malaysian has the opportunity to prosper.
“Structural reforms must also mean the courage of conviction and the fortitude of commitment to take action against the crooks, the unscrupulous profiteers, and the nefarious power abusers without fear or favour," he said.
The prime minister also reiterated the government’s proactive actions and campaigns against corruption and abuse of power. He reminded those who are tasked with implementing government policies to adhere to the “highest standards of responsibility, transparency, and accountability”.
“We have seen great excesses from political leaders, bureaucrats, and government agencies,” he said. “Excesses in terms of corruption and excessive spending.”