Malaysia announces budget spending of $111b in 2026

Malaysia’s Prime Minister Anwar Ibrahim on Friday proposed a budget of 470 billion ringgit ($111 billion) for 2026, as the government vowed to pursue further fiscal reforms amid external uncertainties.

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The Southeast Asian country has maintained steady growth even though its exports have been hit by changes in US tariffs, but it needs to boost revenues to reduce its deficit and pursue the economic development goals unveiled in a five-year plan in July. Since taking power in 2022, Anwar has introduced measures to bolster the government's coffers, including a minimum wage hike, an expanded sales tax and the removing of petrol and diesel subsidies for some segments of the population.