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Malaysia : WORLD BANK commends MALAYSIA for subsidy rationalization scheme

June 30, 2014

The World Bank has commended Malaysia for its subsidy rationalization scheme, specifically on the aimed groups for the new fuel subsidy scheme.

Following the launch of the Malaysia Economic Monitor, World Bank country director Ulrich Zachau, said : "The important thing is that support from the government is targeted at those who need it the most, especially the poor. That is good economy policy-making and one that we support across the world. "

Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar said the move would bring substantial savings to the government.

He added that taking the collective total to RM136 billion over the last 14 years, the government invested around RM23.5 billion in fuel subsidy.

Underpinned by the benefits from the enhanced conditions in developed economies, the World Bank expects the Malaysian economy to rise by 5.4 per cent in 2014. The economy would rise by 4.6 per cent in 2015.

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Source: TendersInfo (India)

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