Malaysia Curbs Fuel Subsidies, Aims to Narrow Budget Gap

Malaysia plans to curb subsidies on RON-95 gasoline from the second-half of 2024 to address a widening budget gap, with a subsidy bill expected to surpass 81 billion ringgit in 2023. The move is part of efforts to narrow the budget deficit, which is one of the highest in Southeast Asia. Prime Minister Anwar Ibrahim disclosed the country's debt and liabilities at 1.5 trillion ringgit, or 82% of GDP, while Bank Negara Malaysia is expected to maintain the benchmark interest rate at 3%.