KUALA LUMPUR: Malaysia must restructure subsidies that had been benefitting the "super rich groups and conglomerates", said Prime Minister Datuk Seri Anwar Ibrahim.
He said subsidies should instead be targeted towards supporting the Bottom 40 (B40), Middle 40 (M40) income groups and small businesses that were badly affected in recent times as they were in dire need of assistance.
"For example, Tenaga Nasional Bhd (TNB) has almost 10 million users, but 10 per cent of the number, or one million of them, include conglomerates that enjoy over 50 per cent in electricity subsidies.
"Government agencies must draw up and develop a suitable channel to implement the targeted subsidies by taking into account the consumers and industries' needs, as well as ensuring smooth and effective implementation," said Anwar.
Anwar added that various methods in government interventions at consumer-level will be studied in keeping the prices of goods in check.
He said the National Action Council on Cost of Living (NACCOL) meeting, which he chaired earlier today, had discussed the matter at length.
He said several measures were recommended during the meeting.
"Currently, the supplies issue is the government's main focus as shortages will cause a negative impact (to the people).
"This matter will be presented to the cabinet for a decision tomorrow," he said in a statement today.
Anwar said the meeting was held to discuss issues raised during the special NACCOL meeting (on Nov 27), and he had given a two-week deadline for the related ministries to present comprehensive papers after they conduct engagement sessions with the relevant parties.