Malaysia’s PM, Anwar Ibrahim, announced plans to phase out blanket fuel subsidies starting with diesel, as part of broader fiscal reforms to Improve national finances. This subsidy cut is projected to save approximately 4 bln ringgit (USD 852 mln) annually. The Malaysian government spent around 81 bln ringgit on various subsidies last year and aims to reduce the budget deficit to 4.3% of GDP in 2024.