BUKIT MERTAJAM: The people must be prudent in their spending as a precautionary measure against possible global economic uncertainties, says Datuk Seri Anwar Ibrahim.
The Prime Minister said although the country’s economy is under control, international geopolitical developments, particularly the conflict in the Middle East, could affect global supply chains, thereby pushing prices higher.
“I deliberately brought up the international issue, as I don’t want us to be complacent.
“Although we feel comfortable, the world scenario is currently ‘chaotic’. Many countries are involved in wars, either directly or indirectly,” he said when opening Masjid Mengkuang Titi.
Anwar said global oil prices have now surged to as much as twice their previous levels following tensions arising from the conflict between Iran, the United States and Israel, Bernama reported.
He also said restrictions on large vessels transporting oil and gas in the Strait of Hormuz have resulted in over 200 tanker ships being affected.
The Prime Minister further explained that the situation has led to a significant rise in logistics costs, which has affected the prices of other essentials, including food and fertilisers.
The costs of food and fertilisers imported from Ukraine, Russia and Europe have spiked sharply, he said, adding that the government is striving to find ways to address the situation.
“It is my responsibility to remind the public early that we must be prudent, learn to be thrifty and save.
“We (the government) want to maintain the subsidised prices (of essentials), but we do not know how long it can last, because global oil prices have surged sharply.
“During the fasting period and ahead of the Hari Raya celebration, don’t be wasteful. Manage your finances wisely, because if a more serious crisis occurs, it won’t be easy to resolve,” the Prime Minister said.
Later, Anwar chaired the Kulim district development meeting at the Kulim Municipal Council, which was also attended by Kedah Mentri Besar Datuk Seri Muhammad Sanusi Md Nor and Home Minister Datuk Seri Saifuddin Nasution Ismail.
The meeting, among others, touched on the upgrading of classrooms in schools to ensure the smooth intake of six-year-old pupils entering Year One, road construction, flood mitigation projects; and the construction of a water treatment plant.
The Prime Minister instructed the meeting to expedite the implementation of development projects, provided it does not contravene regulations and financial procedures.
