Govt firm in implementing diesel subsidy rationalisation despite criticisms
The government needs to take practical measures, including targeting diesel subsidies despite receiving criticism, said Prime Minister Datuk Seri Anwar Ibrahim.
He said the targeting of diesel subsidies has successfully increased investor confidence, stock market stability and strengthened the implementation of the country's Fiscal Responsibility Act.
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
He said the targeting of diesel subsidies has successfully increased investor confidence, stock market stability and strengthened the implementation of the country's Fiscal Responsibility Act.
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Category
🗞
NewsTranscript
00:00We are now more selective in choosing investment that can directly benefit the country.
00:13This is the problem we are facing now, education and health.
00:19In my studies, I went to the highest level, education.
00:23Second, health.
00:26But we can't be patient, because we subsidize the richest people.
00:31That's why I don't agree to increase the fees.
00:36I don't agree, because it burdens the students.
00:41B40, M40.
00:43But the richest families can pay hundreds of thousands at private universities,
00:49but can't pay tens of thousands at public universities.
00:53We have to change.
00:55I gave an early notice, including hospitals.
00:59How can a rich person who sits in a first-class university in a government hospital
01:05pay a minimal fee?
01:07If we continue like this, there will be no country in the world.
01:11Now, look at the failure of the NHS in the UK.
01:15That's because we subsidize, and when you subsidize as a major general policy,
01:22we can't afford it.
01:25Malaysia's tax base is the lowest in Asia.
01:29That means the rate of interest is the lowest in Asia.
01:32And no government dares to raise the tax base,
01:37especially before the election.
01:39I'll answer that question.
01:42But we have to adopt a radical attitude,
01:47including subsidizing diesel.
01:50Even though it's all forced,
01:52as Anwar said,
01:54if the weather is good, the oil price will go down.
01:57But the diesel price will go down.
01:59It's not even mentioned.
02:01The diesel price will go down. Can you imagine?
02:03After we subsidize, the price of diesel will go down.
02:07How much is it? 40?
02:10Yes.
02:13Diesel has helped to give confidence to investors.
02:21Look at the share market.
02:23Another is the Fiscal Responsibility Act.
02:27It shows that if the finance minister is willing to hand over his power to the parliament,
02:36the target will not be achieved.
02:38He has to then explain why
02:40and ask for a vote from the parliament.
02:42This is very radical.
02:44There's no finance minister willing to do that.
02:46But when we do that,
02:48he'll say,
02:49you're really serious about reform.
02:51And then,
02:52there's the cash-in.
02:53It's more firm
02:57to implement some initiatives of reform
03:00that I think are important.
03:02So,
03:03I gave notice to Anwar about the rich people.
03:06They can't just accept subsidies.
03:09It used to be electric.
03:11Electric.
03:12When we did the initial subsidies,
03:14it wasn't very controversial.
03:1785% of the people were not affected.
03:21They didn't raise the price.
03:22Only 15% were the highest.
03:25We were attacked in Makihamun.
03:2815%.
03:29Those are the richest people.
03:31There wasn't much reaction from them.
03:33The reaction was only from politicians.
03:36So, I asked,
03:37who do you represent?
03:38If you represent the people,
03:3985% of the people were not affected.
03:41If you represent the poor,
03:43you tell them.
03:44You represent the rich.
03:45That's what he said.
03:46Where is the word rich in Malay?
03:49Those who followed,
03:50you know I said,
03:51rich students,
03:52rich families,
03:54and one more thing.