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New Straits Times
2 hours ago
- Business
- New Straits Times
Saifuddin: PM prioritises economic recovery before fulfilling promises
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim not only fulfils his promises but also takes the necessary time, as economic recovery is a prerequisite for any announcement he intends to make. Home Minister Datuk Seri Saifuddin Nasution Ismail said the prime minister took some time to fulfil his election promises due to the challenging economic conditions when he first assumed office. "He inherited a country grappling with ballooning national debt, high inflation, rising unemployment, and relatively low foreign direct investment (FDI). "As such, he needed time to address these issues, which is why he could not deliver on his promises sooner. "But now, with inflation at 1.5 per cent, FDI at a record high and the ringgit strengthening against the US dollar, the strong economic indicators have created the right environment for him to now give back to the people. "He ensured that recovery came first. Only then could he begin delivering these much-anticipated benefits to the people," he said when met at the Parliament building. He said this when asked to comment on the announcement made by the prime minister earlier today. He added that Anwar's approach was marked by fiscal discipline, anti-corruption efforts, and strict control over public spending. "The prime minister is committed to curbing leakages, avoiding wastage, ensuring there is no overspending, and, most importantly, not tolerating any form of corruption. The goal has always been to restore the country's financial position," Saifuddin said. Among the key initiatives announced by the prime minister today were one-off RM100 cash aid for all adult citizens via their MyKad under the Sumbangan Asas Rahmah (Sara) programme, which will be implemented for the first time; maintaining current toll rates; expanding Jualan Rahmah Madani; and RON95 petrol price to be lowered to RM1.99 per litre.
The Star
5 hours ago
- Business
- The Star
Ringgit extends gains as govt initiatives, US-Japan trade deal lift sentiment
KUALA LUMPUR: The ringgit extended its gains against the US dollar at Wednesday's close, lifted by the latest fiscal support measures announced by the government as foreign funds flocked into the local equity market, said an analyst. The local currency was also supported by optimism following the US-Japan trade deal which boosted Asian equity and foreign exchange markets across the board. At 6 pm, the ringgit rose to 4.2255/2300 versus the greenback compared with Tuesday's close of 4.2300/2370. Earlier today, Prime Minister Datuk Seri Anwar Ibrahim unveiled a new round of fiscal support measures aimed at alleviating living costs, stimulating domestic consumption and boosting household spending ahead of the upcoming National Day and Malaysia Day celebrations. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the one-off RM100 cash aid for Malaysians aged 18 and above, given through MyKad under the RM2 billion Sumbangan Asas Rahmah (SARA) programme, would help support economic growth in the second half of 2025. "In a way, it's like a mini fiscal stimulus at a time when external uncertainties have become apparent. Such proactive move bodes well for the ringgit in the near term,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit was supported by regional tailwinds after US President Donald Trump struck a "massive' trade deal with Japan on Tuesday, which included cutting US tariff on the latter to 15 per cent from 25 per cent. Innes noted that the deal has boosted market optimism which lifted stocks and Asian currencies including the ringgit. "There is growing speculation that if Japan could secure softer terms, Malaysia might also seek similar concessions before the Aug 1 deadline,' he added. However, the ringgit was weaker against a basket of other major currencies at the close. It slipped versus the Japanese yen to 2.8837/8870 from 2.8690/8739 at Tuesday's close, weakened vis-a-vis the British pound to 5.7230/7291 from 5.7088/7183 yesterday, and fell versus the euro to 4.9586/9639 from 4.9512/9594. The local note was also easier against some regional peers. It was flat against the Indonesian rupiah at 259.1/259.5 compared with 259.1/259.7 at yesterday's close. However, it slid vis-à-vis the Singapore dollar to 3.3071/3109 from 3.3011/3071 on Tuesday, depreciated versus the Thai baht to 13.1370/1567 from 13.0899/1172 previously, and inched down against the Philippine peso to 7.42/7.44 from 7.41/7.43. - Bernama
Barnama
6 hours ago
- Business
- Barnama
Ringgit Extends Gains As Govt Initiatives, US-Japan Trade Deal Lift Sentiment
WORLD By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 23 (Bernama) -- The ringgit extended its gains against the US dollar at Wednesday's close, lifted by the latest fiscal support measures announced by the government as foreign funds flocked into the local equity market, said an analyst. The local currency was also supported by optimism following the US-Japan trade deal which boosted Asian equity and foreign exchange markets across the board. At 6 pm, the ringgit rose to 4.2255/2300 versus the greenback compared with Tuesday's close of 4.2300/2370. Earlier today, Prime Minister Datuk Seri Anwar Ibrahim unveiled a new round of fiscal support measures aimed at alleviating living costs, stimulating domestic consumption and boosting household spending ahead of the upcoming National Day and Malaysia Day celebrations. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the one-off RM100 cash aid for Malaysians aged 18 and above, given through MyKad under the RM2 billion Sumbangan Asas Rahmah (SARA) programme, would help support economic growth in the second half of 2025. 'In a way, it's like a mini fiscal stimulus at a time when external uncertainties have become apparent. Such proactive move bodes well for the ringgit in the near term,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit was supported by regional tailwinds after US President Donald Trump struck a 'massive' trade deal with Japan on Tuesday, which included cutting US tariff on the latter to 15 per cent from 25 per cent. Innes noted that the deal has boosted market optimism which lifted stocks and Asian currencies including the ringgit.
Borneo Post
6 hours ago
- Business
- Borneo Post
One-off RM100 cash aid a step in the right direction, says Kuching South Mayor
Wee speaks to reporters today. – Photo by Roystein Emmor KUCHING (July 23): Kuching South Mayor Dato Wee Hong Seng has welcomed the federal government's RM100 cash aid initiative, describing it as a timely move to ease the financial burden of Malaysians amid rising living costs. Speaking to reporters at MBKS today, Wee said the assistance, though modest in amount, reflects the government's commitment to help the people during challenging times. 'In times like these, everyone has a responsibility and a role to play,' he said. He was asked to comment on Prime Minister Datuk Seri Anwar Ibrahim's announcement earlier today of the cash assistance aimed at easing Malaysia's rising cost of living. He said this one-off assistance under the Sumbangan Asas Rahmah (Sara) programme, will be credited via MyKad for purchases of essential goods between Aug 31 and Dec 31 at 4,100 stores nationwide. Wee also noted that the initiative shows leadership and concern for the rakyat's well-being. While some may see RM100 as a small sum, Wee believes it's a step in the right direction — one that shows sincerity and could lead to more substantial support in the future as the country's finances improve. 'During this hard time, you know, some of the people look at it as a small help, but it's an effort they put up. 'We start small, and when the country's finances recover, there might be more to come. 'So whatever effort they put in, it is good for the rakyat (people),' he said. Wee also urged the public to adopt a more constructive attitude rather than criticising such initiatives outright. 'Some of the people say it's only a RM100, but better than nothing, is it not? 'If we can help, I think it's an initiative worth supporting. 'If we receive it, RM100 is still RM100. 'Who knows? Maybe another few more months, you might receive RM500, then later on increase to RM1,000. 'So look at it in a more positive way,' he said. He called on Malaysians to remain united and supportive, especially when genuine efforts are being made to assist the public. 'We all want to be proud of our country. So when leaders make an effort, we should take it in a positive spirit. 'If you want to comment, make sure it's constructive, don't just criticise.' Wee concluded by encouraging Malaysians to stay positive and move forward together, even through difficult times. anwar ibrahim RM100 cash assistance Wee Hong Seng
Straits Times
6 hours ago
- Business
- Straits Times
Malaysia unveils fuel price cut and cash aid in stimulus package.
The announcement comes just days ahead of a major anti-government protest on July 26. – Malaysian Prime Minister Anwar Ibrahim on July 23 unveiled a series of economic measures, including a one-time RM100 (S$30) cash handout for all adults, reduced fuel prices and a delay in toll hikes, aimed at tackling cost-of-living pressures and stimulate spending. Analysts see the announcement – which had earlier been couched by Datuk Seri Anwar as an 'appreciation package' for Malaysians – as both a 'mini stimulus package' and a strategic move to shore up support amid mounting public frustration over rising prices and looming subsidy cuts. It also comes just days ahead of a major anti-government protest scheduled for July 26. In a nationally televised address, the premier said all citizens aged 18 and above will get the RM100 cash aid credited via the MyKad identity card. This can be used to buy groceries and household items at over 4,100 retail outlets nationwide between Aug 31 and Dec 31, and will benefit 22 million people and will cost the government RM2 billion. Mr Anwar also said that the price of base level RON95 petrol will be reduced by six sen to RM1.99 per litre by the end of September. 'Mind you, the cost is still RM2.50 per litre, but we are selling at RM2.05,' he stressed, referring to the current price cap. The move would fulfil an infamous pledge he made nearly two decades ago. As opposition leader during the 2008 general election, he had proclaimed that if he were to become prime minister, petrol prices would go down the very next day. 'I apologise for taking more time (to do this)... Now I think we are ready,' the PM said on July 23, adding that the initiative would benefit over 18 million motorists and motorcyclists. Top stories Swipe. Select. Stay informed. Singapore Singapore's domestic recycling rate drops to all-time low of 11% Singapore Sota parent portal taken down for urgent patching following global cyberattack alerts Singapore HDB launches 10,209 BTO and balance flats, as priority scheme for singles kicks in Singapore Local buyers are key to recovery of prime district condo market Singapore New online channel for public to report illegal ride-hailing services Singapore Ex-Tanjong Pagar United footballer charged with assault after Singapore Premier League match in Feb Singapore COE prices for cars mostly unchanged; premium for commercial vehicles up 2.9% Singapore Cyclist charged after allegedly hitting elderly pedestrian, killing him The price cut will apply exclusively to Malaysians, while foreigners will have to pay the market rate, he said. The raft of measures also included more discounted essential goods and targeted cash disbursements for the low- and middle-income groups. Toll hikes set to be rolled out for 10 major highways will also be delayed. Sept 15 has been declared an additional public holiday ahead of Malaysia Day, to 'appreciate our unification', the prime minister said. 'Since the first day of the Madani government, my priority has never changed: the people, the people, the people. Every policy, every decision we make... goes back to the people's welfare – for a more secure, prosperous and dignified life,' Mr Anwar said in his July 23 address. Madani, an Arabic term that roughly translates as 'civilised', is a catchphrase introduced by Mr Anwar to symbolise his vision of a fair, inclusive and progressive society. 'The initiatives I announced today are a symbol of gratitude to the people for standing with us on the Madani path of reform, as well as an immediate lifeline,' he added. Kenanga Investment Bank economist Muhammad Saifuddin Sapuan said the initiatives would provide 'a short-term fiscal boost that strengthens Malaysia's resilience amid ongoing global uncertainty', but could strain government finances and threaten fiscal targets. While Mr Anwar highlighted positive macroeconomic indicators for the country – inflation is at a four-year-low in June of 1.1 per cent, and unemployment at a decade-low of 3 per cent – real incomes for many Malaysians have lagged, while food and dining costs have soared. New taxes, including an expansion of the sales and service tax from July 1, and planned subsidy cuts have fanned frustration and unease. The government has struggled to implement politically sensitive measures, such the removal of blanket subsidies on RON95 petrol that was originally scheduled for rollout by the end of 2024 but delayed amid fears of public backlash. Mr Anwar has just said details will be announced by the end of September 2025. Formed in late 2022 following a hung Parliament, Mr Anwar's broad-based coalition government has provided Malaysia with a period of rare political stability following several changes in government since 2018. But the PM's reformist credentials have come under growing scrutiny. Asian Studies professor James Chin of the University of Tasmania said the measures announced were aimed at calming public unease and regaining support, particularly among non-Malays disillusioned by what they see as a lack of reforms implemented by the government. The opposition-organised rally, which police say could draw up to 15,000 people, is pushing for Mr Anwar to step down over the rising cost of living and his failure to deliver on promised reforms, among other issues. The recent appointment of a new Chief Justice after a weeks-long delay, has also helped defuse concerns over judicial independence, which had become another thorny issue for his unity government. Mr Anwar's approval rating edged up to 55 per cent in May, buoyed by earlier cash aid and relative political stability, but analysts warn that support remains fragile. Still, people like Mr Ricky Ng, 51, a Grab driver in Johor Bahru, gave the prime minister's moves the thumbs up. 'RM1.99 RON95 is better than nothing. Mr Anwar has managed to stabilise the government,' he said.
