Malaysia Cancels Open House Events and Restricts Ministerial Travel in Anticipation of Global Economic Turmoil

Malaysia is implementing government spending austerity measures to anticipate the impact of geopolitical tensions on the country. “The government is implementing initial steps for cost savings in government spending,” said Malaysian Prime Minister Anwar Ibrahim in a media statement issued in Kuala Lumpur on Thursday, 12 March 2026.

The austerity measures include eliminating Eid open house events (gelar griya) held by ministries, government agencies, and Government-Linked Companies (GLCs), as well as restricting overseas visits by cabinet members.

Anwar stated that escalating conflict in West Asia is beginning to impact the global economy through disruptions to energy supply chains and surging global oil prices, which are triggering market uncertainty.

As a country with an open trade economy, Anwar continued, Malaysia is not insulated from the effects of geopolitical developments, facing risks including increased transportation costs, pressure on commodity prices, and challenges to economic stability.

Nevertheless, he said, his government has chosen to take difficult steps by maintaining the price of RON 95 petrol at 1.99 ringgit (Rp 8,584) per litre amid rising global oil prices, a policy aimed at protecting the interests of the people.

Anwar stated that his government will continue to closely monitor developments in global conflicts and take additional measures to ensure the country’s economic stability remains secure and to protect public welfare.

Previously, at the weekend, Anwar had conveyed a message to the Malaysian public to practise saving and exercise caution in expenditure as a precautionary measure in preparation for possible global economic uncertainty. “I have a responsibility to remind you to be careful. If you can save during Ramadan, do not squander money carelessly during the Eid celebrations,” Anwar said.

According to Anwar, whilst the current situation is temporarily under control, precautionary measures remain necessary. “Because we cannot predict how long the economic turmoil will last. Be wise in managing your finances; if such a crisis arrives, it will not be easy for us to resolve it. The public must be aware and help one another. May God grant us strength,” he said.