Budget 2025 to target cost of living reduction - PM

Anwar, who also serves as the Minister of Finance (MoF), emphasised that the cost of living remains a pressing concern for the public, and it is the government's duty to alleviate this burden.

"Even though I can say that our sugar, oil, flour and cooking oil are among the cheapest, Malaysians still feel the strain.

"Therefore, this Budget will not only address the issues we have been discussing but will also tackle the problems posed by cartels, monopolies and the factors driving up prices. We must address all these issues," he said during his speech at today's MoF monthly assembly for August 2024.

Finance Minister II Datuk Seri Amir Hamzah Azizan, Deputy Finance Minister Lim Hui Ying and Treasury secretary-general Datuk Johan Mahmood Merican were also in attendance.

Anwar highlighted the importance of cross-ministerial efforts led by the MoF to devise strategies and methods to reduce the cost of living. He pointed out that the rising costs are exacerbated by issues such as leakage, corruption, smuggling and cartels.

"Your experience within the MoF, whether in enforcement or policy planning, is crucial. We must consider all possible methods and strategies to lower costs.

"These cost increases are driven, among other factors, by leakages, corruption, smuggling and excessive profits from cartels," he added.

-- BERNAMA