Spend prudently, be vigilant of global economic uncertainties, says Anwar

BUKIT MERTAJAM (March 7): Prime Minister Datuk Seri Anwar Ibrahim has advised the people to be prudent in their spending and be thrifty as a precautionary measure to face possible global economic uncertainties.

He said that although the country’s current economic situation was under control, international geopolitical developments, particularly the conflict in the Middle East, could affect global supply chains, thereby pushing prices higher.

“I deliberately brought up the international issue as I don’t want us to be complacent. Although we feel comfortable, the current world scenario is ‘chaotic’, with many countries involved in wars, either directly or indirectly,” he said when officiating the opening of the Mengkuang Titi Mosque here today.

Elaborating, he said global oil prices have now surged to as much as twice their previous levels following tensions arising from the conflict between Iran, the United States (US) and Israel.

He also said that restrictions on large vessels transporting oil and gas in the Strait of Hormuz, caused by the conflict stemming from the oppression of the Israeli regime, have resulted in over 200 tanker ships being affected.

The situation has led to a significant rise in logistics costs, which has subsequently affected the prices of other essentials, including food and fertilisers.

Anwar added that the costs of food and fertilisers imported from Ukraine, Russia and Europe have all surged sharply, and the government is striving to find ways to address the situation.

“So, it is my responsibility to remind the public early that we must be prudent, learn to be thrifty and save. We (the government) want to maintain the subsidised prices (of essentials), but we do not know how long it can last, because global oil prices have surged sharply.

“During the fasting period and ahead of the Hari Raya celebration, don’t be wasteful. We don’t know how long this economic situation can last. Manage your finances wisely, because if a more serious crisis occurs, it won’t be easy to resolve,” he stressed.

The opening of the mosque, held in conjunction with the Nuzul al-Quran celebration, was also attended by Penang Deputy Chief Minister I Datuk Dr Mohamad Abdul Hamid and Minister in the Prime Minister’s Department (Religious Affairs) Dr Zulkifli Hasan. – Bernama