Govt takes cautious approach to global development, especially food supply issue - PM

KUALA LUMPUR: The government is taking a cautious approach to the latest global developments, especially the issue of food supply and rising food prices which affected the well-being of Keluarga Malaysia (Malaysian Family), said Prime Minister Datuk Seri Ismail Sabri Yaakob.

To address the economic crisis due to the pandemic and the Russia-Ukraine conflict, he said the government has formulated short-, medium- and long-term measures to stabilise food supplies and prices.

Ismail Sabri said Malaysia, the Asian region and other regions in the world were not spared from the impact of the crisis, adding that the global supply chain was also affected, resulting in the world food prices rising by more than 30 per cent.

Through the short-term measures, he said the government has announced the abolishment of the approved permit (AP) requirement to import foodstuffs and imposed a ban on the export of chicken.

"(In addition,) channelling financial assistance directly to the people, especially the B40 group, starting July 1, establishing the Agrofood Fund with an allocation of RM500 million through soft loans to industry players and creating buffer stocks for chicken, meat and fish to ensure adequate food supply," he said.

He said this in his congratulatory speech at the investiture ceremony of federal awards and honours in conjunction with the official birthday of Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah at Istana Negara here today.