Govt likely to cut subsidies for fiscal strength

Anwar is expected to announce a smaller spending plan for 2024 when he tables the budget in parliament on Friday, say economists. — Reuters

KUALA LUMPUR: Malaysia is expected to make subsidy cuts for the well-off and provide cash aid for the needy as part of its budget plan for 2024, prioritising support for low-income households amidst a global slowdown and fiscal strains.

Public finances are tight for the export-driven economy, whose growth is expected to moderate 4% to 5% this year, from 8.7% last year.