Allbet注册( spending RM70 million to cushion impact of rising costs, says PM

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,Prime Minister Ismail Sabri Yaakob says Malaysia is not the only country in the world that is affected by rising living costs. – The Malaysian Insight pic by Nazir Sufari, July 2, 2022.

THE government is implementing short-, medium- and long-term measures to address rising living costs, Prime Minister Ismail Sabri Yaakob said.

He said these included providing RM70 billion in subsidies this year to ensure that the people were not burdened by the situation in the country.

“I would like to explain that the (rising) cost of living is not only happening in Malaysia but all over the world. Malaysia is not on a different planet and we are interconnected with other countries.

“For example, chicken is the most sensitive issue. We had to import chicken feed because we are not producers of corn and soy. This has resulted in the increase in the prices of goods,” he said at the opening of the Malaysian Trades Union Congress (MTUC) 42nd triennial delegates’ conference today.

Ismail said the inflation rate in Malaysia, which is currently at 2%, is still considered low compared with other countries such as the United States (9%), European countries (8-10%) and the United Kingdom (12%).

“Our inflation rate is low because we (the government) are giving out subsidies. Without subsidies, our inflation rate may go up to 8-11%.

“(Hence) to ensure that the people are not burdened, the government continues providing subsidies even though there are some products that do not need subsidies,” he said.

In a related development, Ismail also proposed to MTUC to set up a team of volunteers to monitor and report any issues related to the prices of goods to the government.

He said such an effort would assist the government in collecting input from the public, in addition to reducing the misappropriation of subsidised goods.

“The government is ready to listen to constructive suggestions from all quarters because we don’t know everything and we need feedback from the people,” he said. – Bernama, July 2, 2022.


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