Malaysia to focus on supply security and price control

Malaysia will continue to tackle the ongoing global supply crisis based on four main priorities, including ensuring adequate supplies of food, energy, medicines, and essential goods, said Minister of Economy Akmal Nasrullah Mohd Nasir as the government seeks to shield households and businesses from rising global uncertainty.

In a briefing after a meeting of Malaysia’s National Economic Action Council, Akmal said the government’s priorities also include expanding and optimising the existing supply through subsidy management, leakage control, and tougher enforcement measures.

The government will also focus on curbing price increases so that the cost pressures are not borne entirely by consumers, while exploring new opportunities in biodiesel, sustainable fuels, and alternative energy sources, he added.

‘The impact of the global supply crisis is expected to be felt more acutely in the third quarter of this year, particularly on price stability, industrial operating costs, and the labour market,’ Akmal said.

He added that the reality of rising living costs, operational pressures on industry, and global uncertainty requires the government to remain vigilant and act quickly.

He also noted that the government will continue to implement targeted support measures, including fuel subsidies and financing facilities for small and medium-sized enterprises, to cushion the impact on vulnerable groups and business players.