Anwar hails country’s ‘clear’ economic direction

Prime Minister Anwar Ibrahim said the government had formulated a comprehensive and sustainable approach under the Madani economy. (Bernama pic)

PETALING JAYA: A clear economic direction and strong economic indicators are among the key highlights of the Madani government’s first year in power, says Prime Minister Anwar Ibrahim.

Tabling the supply bill 2024 for the second reading in the Dewan Negara, Anwar, who is also the finance minister, said the government has successfully reduced inflationary pressures and nearly brought the unemployment rate (3.4%) back to pre-pandemic levels (3.3%).

Pointing out that the Malaysian economy grew by 3.3% in the third quarter (Q3) of 2023 and is on track to reach the year’s GDP projection of around 4%, he added that last month’s inflation rate was 1.8%, which he said was the lowest in the region and better than most developed countries.

“Our economic direction is clear and convincing (and) we have formulated a comprehensive and sustainable approach under the Madani economy,” he said, referring to the National Energy Transition Roadmap (NETR), New Industrial Master Plan (NIMP) and the mid-term review of the 12th Malaysia Plan.

“Our economic management is at an excellent level, with continuous positive indicators for the national economy… The main point is that our economy is growing as planned.”

He also highlighted the RM347 billion in investment commitments secured from trips to China, the United States, the United Arab Emirates, Saudi Arabia, Japan, Singapore, and South Korea since the Madani government took over Putrajaya.

Anwar, who last week celebrated one year in office, said that the government had rolled out “decisive” policies and approaches which had never been implemented before.

Apart from the RM300 million each disbursed to Sabah and Sarawak in special grants for this year, he also noted that Chinese and Indian travellers would be granted 30-day visa-free entry from Dec 1 in a bid to boost tourism.

He also pointed out that the government had introduced the Madani medical scheme which allowed the B40 income group to seek treatment at private clinics at government-subsidised rates, and the e-Madani programme which would benefit up to 10 million Malaysian citizens.

Under the e-Madani programme, eligible adults from the B40 and M40 categories would receive a one-off e-wallet credit of RM100. Registration will open on Monday.

Anwar also said that the government’s move to lift the ceiling price of chicken on Nov 1 had not burdened the public, adding that the average price of chicken now is below the previous ceiling price of RM9.40/kg.

Touching on subsidies, Anwar said that diesel subsidies would be restructured gradually, with selected users such as freight transport companies set to continue enjoying subsidised prices.

He added that the government would continue to examine the restructuring of electricity subsidies based on usage levels, stating that such measures had helped save Putrajaya over RM4.6 billion from the estimated RM20 billion electricity subsidy this year alone.

Anwar tabled the 2024 federal budget, with a total allocation of RM393.8 billion, on Oct 13. The sum represents a RM5.8 billion increase from the RM388 billion that was allocated for 2023.