PUTRAJAYA: The government is willing to bear the projected huge subsidy totalling RM77.3bil for this year towards stabilising the prices of goods and avoiding high inflation rates of up to 11.4%, says Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed.
He said the government had a choice of removing subsidies and strengthening the country’s finances to a better level, but it chose to bear the subsidies instead for the welfare and well-being of the people.
"Without these subsidies , the inflation rate of 2.8% in May 2022 could have been 11.4%. This shows the role of the subsidies given by the government in stabilising prices in this country,” he told the media after launching the Statistics Data Warehouse 2.0, here on Monday . Meanwhile, he did not dismiss the possibility of the biggest sum of subsidy ever given having an impact on the country’s fiscal deficit and the government needed to look into cost-saving measures as well.
"The government has not decided yet on whether to postpone the implementation of mega projects in view of the situation being rather dynamic and changing from time to time,” he said in reference to the high oil market price and the uncertain Ukraine-Russia geopolitical crisis.
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