PETALING JAYA: The bold reforms undertaken by the government have begun to bear fruit, Prime Minister Datuk Seri Anwar Ibrahim said when tabling Budget 2027 in the Dewan Rakyat on Friday (Oct 9).
“The Madani Economic Framework was introduced alongside policies designed to drive economic growth and ensure a more equitable distribution of its benefits, including the New Industrial Master Plan (NIMP), the National Energy Transition Roadmap (NETR), and the Bumiputera Economic Transformation Plan (PuTERA35),” he said.
Anwar highlighted that only the Madani government has had the resolve to implement targeted subsidies, noting that subsidies are a privilege meant for the people but have long suffered from leakages to foreign nationals and large corporations.
He cited the BUDI Madani program as a major national achievement that has contributed to sound fiscal management while helping keep prices manageable for the public.
“The results speak for themselves. Fuel subsidy funds that were previously lost through leakages have been redirected to double direct aid provided to the people, increasing from RM8bil in 2022 to RM15bil for STR and SARA combined this year,” he added.
Anwar warned of the consequences had the government delayed subsidy restructuring amid the global energy crisis, noting that the resulting financial burden would have easily exceeded RM40bil.
To reinforce fiscal discipline, the Prime Minister noted that the government has enacted the Public Finance and Fiscal Responsibility Act alongside the Government Procurement Act, both of which enhance oversight of the Finance Minister’s powers. Audit laws have also been strengthened to ensure public funds are fully traceable.
He added that these measures have boosted investor confidence, driven economic growth beyond original targets, yielded record levels of investment and trade, improved national competitiveness, and made the ringgit the top-performing currency in Asia.
