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.

Malaysian Prime Minister Anwar Ibrahim is counting on petrol subsidy cuts and accelerating growth to help reduce the fiscal deficit even as he unveils his biggest annual spending plan yet on Friday. Most Read from BloombergInside the ‘Utopias’ of Mexico CityOne City’s Plan to Re-Link a Neighborhood That Robert Moses DividedCities Look to AI to Flag Residents’ Trash and Recycling MistakesChicago Should Consider Furloughs,