Prime Minister Anwar Ibrahim announced austerity measures for the government amid skyrocketing oil prices due to the intensifying conflict in the Middle East.
While assuring that Putrajaya will maintain the Budi95 fuel subsidy for Malaysians, Anwar said foreign travel for ministers and all government departments will be limited, except for those that have already been scheduled and are compulsory to attend.
"As a sign that the leadership should take a more positive step, I have decided with the cabinet earlier that all government agencies, government-linked companies (GLCs), and government-linked investment companies (GLICs) will not organise Aidilfitri open house celebrations.
"This sends a message to all to be more careful and moderate in spending," he told a press conference at the Prime Minister's Office in Putrajaya this evening.
This comes as neighbouring countries announce austerity measures of their own due to the disruption to oil supply.
Thailand yesterday ordered all government workers to work from home, use the stairs, increase online meetings, and other instructions to reduce the consumption of energy.
The disruption was caused by Iran closing the Strait of Hormuz after the United States and Israel launched a joint attack on the Middle Eastern country on Feb 28.
About a fifth of the world's oil and gas passes through the narrow sea passage every year.
Stable oil supply till May
Commenting further, Anwar provided assurances that Malaysia's oil supply remains stable and will remain so until at least May this year.
He said that this was after checks with Petroliam Nasional Berhad (Petronas).
"This is certainly different from the situation in most other countries. That is why I always emphasise the issue of governance, efficient and trustworthy management, and professionalism," he added.
He said he has instructed Deputy Prime Minister II Fadillah Yusof to chair a committee to monitor diesel, especially issues related to smuggling, along with the Domestic Trade and Cost of Living Ministry.
He further announced that Finance Minister II Amir Hamzah Azizan will chair a special committee meeting with other relevant ministers, including Economy Minister Akmal Nasir, over the economic impact of the Middle Eastern conflict.
Besides that, the cabinet will hold a meeting on Friday (March 13) to scrutinise the country's fiscal position, monitor the latest developments, and determine Malaysia's next steps, he said.
"We have gone through the test of crisis before and I am confident, God willing, with a more responsible attitude, with the cooperation of all parties, government leaders, public officials, the private sector and the people, we can handle this problem well," he said. - Mkini
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