Malaysian Economy Minister Ramli disclosed that Malaysia’s forthcoming subsidy 2024 cutback plan seeks to decrease the budget deficit, preventing the need for higher taxes. The transition to targeted subsidies is anticipated to save USD 1-2 bln annually. Despite the World Bank’s concerns regarding Malaysia’s shrinking fiscal room, Ramli affirmed Malaysia’s goal to attain a 4.6% GDP budget deficit in 2024 and stay on course for this year’s 5% GDP target.