Kuala lumpur: The prolonged conflict in West Asia is expected to require a lengthy recovery period, but Malaysia remains in a relatively stable economic position to weather the challenges, Prime Minister Datuk Seri Anwar Ibrahim said. He noted that the ongoing situation has disrupted global supply chains, particularly in energy, although Malaysia has thus far managed to remain resilient.
According to BERNAMA News Agency, Anwar stated that when such disruptions occur, they inevitably impact global supply chains, especially in the energy sector, and Malaysia is no exception. Despite these challenges, Malaysia has maintained a stable economy, exemplified by the ability to keep the RON95 fuel price at RM1.99. He highlighted that this is significant given the rising oil prices and supply issues leading to queuing and rationing in some countries within the region. Anwar emphasized that any slight easing of the situation should not lead to complacency.
He further explained that recent developments have resulted in the conflict impacting countries not only within the region but globally, including Malaysia. Through discussions with leaders from Iran, Gulf countries, Saudi Arabia, Turkey, Egypt, and Indonesia, Anwar found consensus that the situation might deteriorate further before improvements are seen, requiring an extended recovery period.
Anwar stressed the importance of remaining vigilant and not underestimating the current challenges. The government is actively engaging the National Economic Action Council (MTEN), which includes credible figures, to address these issues. Special programs involving the Cabinet and dedicated committees have been organized to manage fuel consumption and ensure energy security.
The prime minister expressed gratitude for the planning by Malaysia's national oil company, Petronas, which has secured sufficient oil and gas supplies at least until May, benefiting both the citizens and the country. Additionally, he mentioned early governmental measures promoting a more moderate and prudent approach to Aidilfitri celebrations, encouraging society to avoid extravagance and excessive displays of wealth.
Anwar urged those in affluent positions to show concern and extend assistance, acknowledging that many Malaysians, including farmers, fishermen, and workers, continue to face economic pressures.