KUALA LUMPUR: The government will not abolish subsidies at one go but will do so through a gradual process, said Treasury secretary-general Datuk Johan Mahmood Merican.
He said removing all subsidies at once would increase the cost of living and stunt the growth of businesses and investments in the nation.
Johan said the government is currently looking at lifting several temporary subsidies in a gradual manner.
"As the prime minister has explained during the tabling of Budget 2024, one of the plans is the withdrawal of chicken and egg subsidies after taking into account the stable supply situation.
"The government is also continuing with targeted subsidies for electricity and diesel," he told the media after a post-Budget 2024 debate organised by the Malaysian Economic Association and the University of Malaya Faculty of Business and Economics, here today.
The debate provided an effective platform for the Finance Ministry to articulate how the measures in Budget 2024 are expected to foster economic growth.
Earlier, Prime Minister cum Finance Minister Datuk Seri Anwar Ibrahim announced that subsidies need to be targeted so that leakages can be avoided and to ensure that only eligible citizens benefit from them. -- Bernama
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