KUALA LUMPUR] MALAYSIAN Prime Minister Anwar Ibrahim on Friday (Oct 18) announced the country’s largest budget of RM421 billion (S$128.3 billion) for 2025, focusing on boosting economic growth while continuing to cut subsidies to reduce the fiscal deficit.

Malaysia will introduce a slew of new taxes, cut subsidies for a widely used fuel, and raise the minimum wage from next year, Prime Minister Anwar Ibrahim said on Friday as he announced a record budget spending plan of 421 billion ringgit ($98 billion).

Malaysia will introduce new taxes and revamp gasoline, education and healthcare subsidies next year as part of aggressive reforms to narrow the country's fiscal deficit.