Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has revealed that the projected consumption subsidy expenditure so far for 2022 is a whopping RM77.3 billion; the highest subsidy in history ever borne by any government. The amount also takes into account the recent announcement to give additional cash assistance of RM630 million for BKM Phase 2 for the low-income group in our country.
As reported by national news agency Bernama, the projected consumption subsidies also include the following:
- Petrol, diesel and liquefied petroleum gas – RM37.3 billion
- Cooking oil – RM4 billion
- Flour and electricity to reduce the people’s cost of living and subsidy bills – RM9.7 billion
Furthermore, the RM77.3 billion amount also include other assistance such as social welfare assistance, including RM11.7 billion for Bantuan Keluarga Malaysia (BKM) and other subsidies amounting to RM14.6 billion. Speaking of the subsidies given, Tengku Zafrul stressed that the government is sensitive to rising commodity prices and inflation rates that see the rakyat being burdened with rising cost of living.
Among the reason for the current economic situation are the disruptions to the global supply chain and the Ukrain-Russia conflict. Hence, the government has intended to cover the cost of living of the people through the subsidies.
The Finance Minister also stressed that his ministry will continue to monitor external factors that can have a negative impact on the domestic economic situation to ensure that the cost of living of the people will remain under control.
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