Malaysia sees greater savings from shift to targeted subsidy system – Bloomberg, citing minister
© Reuters. People wearing protective masks cross a street in front of Petronas Twin Towers, amid the coronavirus disease outbreak in Kuala Lumpur, Malaysia November 5, 2020. Picture taken November 5, 2020. REUTERS/Lim Huey Teng/File photoKUALA LUMPUR - Malaysia expects to save at least $1 billion to $2 billion a year from a shift to a targeted subsidy system in a bid to narrow its fiscal deficit, Bloomberg reported, citing Economy Minister Rafizi Ramli.
The government was also working on a system to distribute cash aid to offset the impact of inflation from reducing its subsidy allocation, Rafizi was quoted saying, adding that would benefit about 80% of the country's 8 million households. Malaysia's government currently subsidises the price of fuel, cooking oil and locally produced rice, among other essential goods, and expects to spend 64 billion ringgit in subsidies, aid and incentives this year.
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