PUTRAJAYA, Dec 31 — Prime Minister Datuk Seri Anwar Ibrahim, in his New Year’s Eve address tonight, described 2024 as a transformative year for Malaysia, marking the prelude and foundation of the nation’s reform agenda.
Anwar, who’s also the finance minister, said his administration’s economic framework offers guidance to leadership and future generations to establish an economic system rooted in humanity, compassion and justice for all citizens of Malaysia.
“When the Madani economic framework was launched on July 27, 2023, it provided a clear direction to reshape Malaysia as a leading economy in the Asian region.
“What is more urgent and important is that the Madani economic framework offers guidance to leadership and future generations to establish an economic system rooted in humanity, compassion, and justice for all citizens of Malaysia,” he said.
Targeted subsidy reforms
Addressing one of the year’s most debated policy changes, Anwar defended the government’s decision to target diesel and electricity subsidies.
He explained that the move was necessary to curb leakages that benefited the ultra-rich and foreign nationals rather than ordinary Malaysians.
“I also understand that not all government decisions and policies are popular or yield immediate results. However, all of this is carried out with clear political will, sincere intentions and careful evaluations to ensure that these policies benefit the majority of the people.
“For example, the targeting of diesel subsidies and previously electricity tariffs under the Madani government were implemented to address long-standing leakages in blanket subsidies that were allocated to the wealthiest individuals, whom I refer to as the ‘ultra-rich,’ and three and a half million foreigners who were not eligible for subsidies,” he said.
Historic cash aid allocations
Anwar also highlighted increased allocations under the Rahmah cash aid (STR) and Rahmah basic aid (Sara) initiatives, stating that it was the largest amount in Malaysia’s history.
“God willing, next year, the government plans to increase the allocation for STR and Sara by RM3 billion or 30 per cent, bringing the total to RM13 billion,” he said.
Besides increasing the amount of aid annually, Anwar said the government is also actively addressing the rising cost of living through programmes such as Payung Rahmah across the country.
“Monitoring teams have been actively deployed to observe, oversee and take action against parties that arbitrarily raise prices,” he said.
Disaster preparedness and flood mitigation
With recent severe floods impacting several states, Anwar assured Malaysians of the government’s commitment to disaster preparedness and recovery efforts.
He pledged that flood mitigation projects in high-risk areas would continue despite their significant financial implications.
“The Madani government has assured that all efforts will continue in all states to ensure aid is delivered promptly and recovery and assistance operations are carried out as quickly as possible by all federal, state and local government agencies.
“Sustainable preparedness operations have been planned from the start to avoid severe impacts from such disasters.
“God willing, we will be able to overcome these challenges and protect more lives from being lost and properties from being damaged,” he said.
Malaysia Asean chairmanship
Looking ahead, Anwar underscored the significance of Malaysia chairing Asean in 2025.
Under the theme “Inclusivity and Sustainability,” he said Malaysia would champion equitable prosperity and address disparities across the region.
“This includes reducing disparities and addressing the challenges faced by marginalised, poor or underprivileged groups.
“This is our vision for Asean to enjoy and share prosperity equitably without leaving any group or region behind,” he said.
Unity and governance as core priorities
Anwar concluded his speech by urging Malaysians to strengthen national unity and governance.
He stressed the need for excellence, integrity and a collective effort to eradicate corruption, positioning Malaysia as a respected nation in the region and beyond.
“Before we expand into the region and international markets, the nation must be well-organised, governance must be improved and corruption must be eradicated.
“Only then will we earn respect as a sovereign, independent and responsible nation.
“This is a significant honour for our country and an opportunity to build a new chapter in addressing regional and global challenges, including key issues such as oppression, injustice and colonisation in Gaza and other areas,” he said.
