BANGI, Oct 5 — The Budget 2024 tabled in Parliament on October 13 should prioritise addressing the rising cost of living.
Malaysian Inclusive Development and Advancement Institute, Universiti Kebangsaan Malaysia (Minda-UKM) director Prof Tan Sri Noor Azlan Ghazali said that a significant issue facing the country was the pressure on prices and supplies.
“In Bangi, if you enter a supermarket, you know where the rice is, and do you see it full or empty? Most people have to go to two or three places to purchase rice.
“Now, we are not talking about changing handphones. We are talking about filling up your stomach. That is one of the major current issues,” he said during a pre-budget discussion at Universiti Kebangsaan Malaysia today.
Noor Azlan said the economy’s success is reflected in the well-being of the people.
“If it does not translate into a comfortable life, you still have problems in how you run the economy,” he added.
Meanwhile, Bank Muamalat Malaysia chief economist and social finance Mohd Afzanizam Abdul Rashid said an effective model for targeted subsidy implementation is needed to prevent leakage.
The reduction of subsidies can be done periodically, and the savings from these subsidies can be directed to eligible people.
“It can be given in cash to those who are truly eligible because the data is already available,” he said.
— Bernama
