Budget 2024 should prioritise tackling cost of living issues

BANGI - The Budget 2024 that will be tabled in Parliament on Oct 13 should prioritise addressing the rising cost of living.

Malaysian Inclusive Development and Advancement Institute, Universiti Kebangsaan Malaysia (Minda-UKM) director Prof Tan Sri Dr Noor Azlan Ghazali said that a significant issue facing the country was the pressure on prices and supplies.

"In Bangi, if you enter a supermarket, you know where the rice is and do you see it full or empty? Most people have to go to two or three places to purchase rice.

"Now, we are not talking about changing handphones. We are talking about filling up your stomach. That is one of the major current issues,” he said during a pre-budget discussion at Universiti Kebangsaan Malaysia today.

Noor Azlan said that the success of the economy is reflected in the well-being of the people.

"If it does not translate into a comfortable life, you still have problems in terms of how you run the economy,” he added.

Meanwhile, Bank Muamalat Malaysia chief economist and social finance Dr. Mohd Afzanizam Abdul Rashid said an effective model for targeted subsidy implementation is needed to prevent leakage.

He said that the reduction of subsidies can be done periodically and the savings from these subsidies can be directed to eligible people.

"It can be given in cash to those who are truly eligible because the data is already available,” he said. - BERNAMA