The government is preparing a series of targeted policy responses to cushion the impact of rising global supply pressures, following concerns highlighted by the World Bank over escalating energy, fertiliser and food costs.
Speaking during the televised Global Supply Crisis Briefing, Economy Minister Akmal Nasrullah Mohd Nasir said the National Economic Action Council (MTEN) had discussed the World Bank’s assessment that current global pressures are occurring in overlapping waves, with rising commodity prices creating spillover effects on production costs and household living expenses.
According to the World Bank’s assessment, global price increases remain concentrated on key commodities, particularly fuel, fertiliser and food, which continue to place pressure on supply chains and operating costs.
World Bank had outlined four key priorities for Malaysia, namely ensuring energy security, strengthening fiscal space, managing energy demand and delivering targeted assistance to households and businesses most affected by the crisis.
The recommendations also stressed the importance of maintaining uninterrupted supply for critical goods and ensuring financing support for vulnerable supply chain players.
Akmal said, among the measures currently being coordinated are tighter controls on the export of certain fuel products, supply guarantees for essential goods, quota management for purchases, energy-saving initiatives and closer engagement with industry players.
