Malaysia Needs MYR1.9 Bln In 2023 To Implement Cooking Oil Subsidy Scheme-Minister
KUALA LUMPUR (Nov 1) -- Malaysia needs 1.9 billion ringgit ($397.9 million) this year to implement Cooking Oil Price Stabilization Scheme System, or ECOSS, the acting minister of domestic trade and cost of living said Wednesday.
The government had initially allotted 500 million ringgit to implement this scheme in 2023.
“Based on the current crude palm oil prices, this allocation could only accommodate subsidy payments until February 2023 for refining mills and packaging companies," Armizan Mohd Ali said in parliament.
Following an additional 400 million ringgit allocation, the ministry sought one billion ringgit more to pay all outstanding subsidy repayments to refining mills and packaging companies of which it received 350 million ringgit last week, Armizan said.
"The remaining portion of the additional allocation will be disbursed once the payments are completed, and we will strive to address this issue within our fiscal space," the minister said.