PETALING JAYA: Several measures are being reviewed to look into fuel diversification, strengthen trade ties with major trading partners and secure production inputs, says Akmal Nasrullah Mohd Nasir.
The Economy Minister said while the government has a stable supply for April and May, the biggest challenge was ensuring energy supply needs from June onwards.
"Efforts are being mobilised to ensure supply continuity, and demand.
"The usage management must also be examined.
"The National Economic Action Council (MTEN) has agreed that monitoring will be carried out in greater detail using high-frequency data for each sector, with information obtained from regulatory agencies and relevant industry players.
"The aim is clear: to detect pressure early, identify the most affected sectors, and take faster action," he said during the Global Crisis briefings on Tuesday (April 7).
In addition, the government was also focusing on national supply resilience, said Akmal.
"MTEN has reviewed measures to diversify fuel input sources, strengthen strategic cooperation with major trading partners, and ensure the security of production inputs.
"PETRONAS and related agencies are taking action on these efforts.
At the same time, Bank Negara Malaysia has been tasked to provide financing support to affected firms." he said.
The Cabinet minister said the government is taking the current developments in the Middle East seriously, along with their impact on the global economy and our country.
He added that during an uncertain global environment, the government cannot simply "wait and observe."
Authorities will closely monitor the situation using a structured economic indicator dashboard, he said.
The Economy Ministry, he explained, is tasked with coordinating a comprehensive approach covering macroeconomic, fiscal, monetary, and sectoral policies to ensure all measures taken are mutually reinforcing and truly effective.
"This includes coordinating with relevant ministries to identify appropriate actions and interventions based on affected sectors, not only in the short term but also in the medium term, as this crisis is expected to impact the economy and recovery over the next six months to one year".
