With $400 mln, Malaysia to aid households over food prices

The prime minister said on Wednesday that Malaysia will start giving low-income households a total of 1.74 billion ringgit ($395.19 million) in cash aid to help them deal with rising living and food costs.

Ismail Sabri Yaakob stated in a televised address that the nation may also enhance subsidies for cooking oil from the estimated 4 billion ringgit budgeted for this year.

Ismail Sabri stated that Malaysia will end subsidies for several bottled cooking oil goods on July 1 since the business misused the scheme and it encouraged smuggling.

But as it has done since 2007, the government would keep subsidizing 60,000 metric tonnes of cooking oil every month in the form of 1 kilogram (2.2 lb) packets, he added.

Following market distortions brought on by controls on food inflation, the government said on Tuesday that it will also raise the ceiling prices for poultry and eggs in July.

Ismail Sabri stated that authorities will give out an additional 630 million ringgit in financial aid on top of the current allotments to assist individuals in coping with rising living expenses, bringing the total payment to 1.74 billion ringgit.

Malaysia said earlier this month that the rise in government income brought on by higher commodity prices was inadequate to balance the anticipated increase in subsidy spending this year.

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